Covina, Feb. 05, 2024 (GLOBE NEWSWIRE) -- “According to the recent research study, the Blockchain in Genomics Market size was valued at about USD 36.3 Million in 2024 and expected to grow at CAGR of 59.6% to extend a value of USD 2558.3 Million by 2034.”
What is Blockchain in Genomics?
- Market Overview:
Blockchain in genomics refers to the integration of blockchain technology into the field of genomics, which focuses on studying the structure, function, evolution, and mapping of genomes. Blockchain technology, originally developed as the underlying infrastructure for cryptocurrencies like Bitcoin, offers a decentralized and secure way to record and verify transactions across a network of computers.
Get Access to Free Sample Research Report with Latest Industry Insights:
https://www.prophecymarketinsights.com/market_insight/Insight/request-sample/3751
*Note: PMI Sample Report includes,
- Overview & introduction of market study
- Revenue and CAGR of market
- Drivers & Restrains factors of market
- Major key players in market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent development/news of market
- Opportunities & Challenges of Market
Top Leading Players in Blockchain in Genomics Market:
- Encrypgen Incorporated
- Digital DNAtix Ltd.
- Genomes.io
- Genobank.io Inc.
- Longenesis
- Nebula Genomics, Inc.
- LunaDNA, LLC
- Shivom Ventures Limited
- WuXi Nextcode Genomics, Inc
- SimplyVital Health, Inc.
- Zenome.io, Ltd.
Blockchain technology can be used in genomics in a few different ways:
- Data Security and Privacy: Genomic data is highly sensitive and contains personal information. Blockchain can provide secure storage and transmission of genomic data, ensuring privacy and data integrity.
- Data Sharing and Collaboration: Blockchain enables secure and transparent sharing of genomic data among researchers, clinicians, and patients. It can facilitate collaborations while maintaining control over data access and usage rights.
- Data Traceability and Auditability: Blockchain's immutable nature ensures that once data is recorded, it cannot be altered or deleted without consensus from the network. This feature enhances the traceability and auditability of genomic data, which is crucial for research and regulatory compliance.
- Incentivizing Data Sharing: Blockchain-based platforms can introduce tokenomics and incentive mechanisms to encourage individuals to share their genomic data for research purposes while ensuring that they retain ownership and control over their data.
Download PDF Brochure:
https://www.prophecymarketinsights.com/market_insight/Insight/request-pdf/3751
- Market Dynamics:
Driving Factors:
- Data security and privacy are becoming more and more important issues as a result of the massive amount of genetic data being produced. Adoption in the genomics business is fueled by Blockchain technology's decentralized and secure method of managing and storing genomic data.
- Blockchain provides an immutable ledger that ensures transparency and traceability of genomic data transactions. This feature is crucial for maintaining data integrity and building trust among stakeholders, including researchers, clinicians, and patients.
- Blockchain facilitates secure and efficient sharing of genomic data among different stakeholders, enabling collaborative research efforts and accelerating discoveries in genomics and personalized medicine.
- Compliance with data protection regulations such as GDPR and HIPAA is a significant driver for the adoption of Blockchain in genomics. Blockchain technology helps organizations adhere to regulatory requirements by ensuring secure data storage, access control, and auditability.
- The integration of Blockchain with other emerging technologies such as AI (Artificial Intelligence) and IoT (Internet of Things) opens up new possibilities for innovative applications in genomics, including precision medicine, drug discovery, and healthcare analytics.
Restrain Factors:
- Scalability
- Interoperability
- Cost and Complexity
Emerging Trends and Opportunities in Blockchain in Genomics Market:
- Blockchain technology enables the secure storage, sharing, and analysis of genomic data, facilitating advancements in precision medicine. By leveraging blockchain, researchers and clinicians can access comprehensive genomic datasets to develop personalized treatment plans tailored to individual patients' genetic profiles.
- The emergence of decentralized genomic data marketplaces powered by blockchain presents new opportunities for individuals to monetize their genomic data while maintaining control over its usage.
- Interoperability and standardization initiatives are gaining traction to address the fragmentation and siloed nature of genomic data. Blockchain technology can play a crucial role in establishing interoperable data ecosystems by providing a secure and transparent framework for data exchange and integration across different healthcare systems, research institutions, and data repositories.
- Blockchain-powered platforms streamline the conduct of clinical trials by ensuring the integrity, transparency, and traceability of trial data.
Challenges of Blockchain in Genomics Market:
- One of the primary challenges facing Blockchain in genomics is scalability. Blockchain networks, especially public ones like Bitcoin and Ethereum, have limitations in terms of transaction throughput and data storage capacity.
- While Blockchain offers inherent security features such as encryption and immutability, ensuring the privacy and security of genomic data remains a critical concern. Vulnerabilities in smart contracts, private keys, and data storage mechanisms can expose sensitive genomic information to unauthorized access, tampering, or breaches.
- Implementing Blockchain solutions in the genomics market involves upfront costs and technical complexity associated with infrastructure setup, development, and maintenance. Limited financial resources, technical expertise, and scalability concerns may deter organizations from investing in Blockchain technology.
Report scope:
| Attribute | Details |
| Market Size 2024 | US$ 36.3 Million |
| Projected Market Size 2034 | US$ 2558.3 Million |
| CAGR Growth Rate | 59.6% |
| Base year for estimation | 2023 |
| Forecast period | 2024 – 2034 |
| Market representation | Revenue in USD Million & CAGR from 2024 to 2034 |
| Market Segmentation | By Business Model - B2B Business Model, B2C Business Model, and C2B Business Model By Service - Utility Tokens and Blockchain Platforms By Application - Data Sharing & Monetization, Data Storage & Security, and Automated Health Insurance |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Key highlights of the Blockchain in Genomics Market:
- Blockchain technology offers secure and immutable storage of genomic data, enhancing privacy protection and data security for patients, researchers, and healthcare providers.
- As blockchain technology is transparent and decentralized, it ensures data integrity throughout its lifecycle and provides verifiable records of genetic data exchanges, which instills trust among stakeholders.
- Blockchain makes it easier for scientists, doctors, and patients to share genomic data safely and easily. This promotes cross-institutional cooperation, cooperative research projects, and data-driven insights.
- The emergence of decentralized genomic data marketplaces powered by blockchain enables individuals to monetize their genomic data while maintaining control over its usage and sharing permissions.
- Collaborative initiatives and partnerships among academia, industry, government agencies, and patient advocacy groups drive innovation and knowledge sharing in the blockchain in genomics market, fostering cross-disciplinary collaborations and accelerating scientific discoveries.
- Integration of Blockchain with AI, machine learning, and IoT technologies unlocks new opportunities for data-driven insights, predictive modeling, and real-time monitoring in genomics research, diagnostics, and healthcare delivery.
Detailed Segmentation:
Blockchain in Genomics Market, By Business Model,
-
- B2B Business Model
- B2C Business Model
- C2B Business Model
Blockchain in Genomics Market, By Service,
-
- Utility Tokens
- Blockchain Platforms
Blockchain in Genomics Market, By Application,
-
- Data Sharing & Monetization
- Data Storage & Security
- Automated Health Insurance
Blockchain in Genomics Market, By Region,
-
- North America
-
- U.S.
- Canada
-
- Europe
-
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
-
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
-
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
-
- Middle East & Africa
-
- GCC
- Israel
- South Africa
- Rest of Middle East
-
- North America
Any query or customization before buying:
https://www.prophecymarketinsights.com/market_insight/Insight/request-customization/3751
Explore More Insights:
- Remote Healthcare Market - Trends, Analysis and Forecast till 2034
- Healthcare Cyber Security Market – Trends, Analysis and Forecast till 2034
- Digital Biomarkers Market - Trends, Analysis and Forecast till 2034
Blog: www.prophecyjournals.com
Follow us on:
LinkedIn | Twitter | Facebook |YouTube
