According to a new market intelligence report by BIS Research titled “Global Blockchain in Genomics Market – Analysis and Forecast, 2018-2029,” the global blockchain in genomics market was valued at $15.7 million in 2018 and is projected to grow over $3.88 billion by 2029. The market is expected to grow at a significant compound annual growth rate (CAGR) of 66.42%, during the forecast period 2019-2029. The growth of the market is aided primarily by the prominent development in the underlying end-use sub-segments.
With genomic data touted as being the major impetus behind the increasing transition toward precision medicine, high-throughput sequencing (HTS) technologies have evolved rapidly, resulting in becoming the most powerful tools available for biological research. However, the volume of data being currently generated by these platforms is enormous. This is leading to a scenario wherein computational analyses represent the biggest bottleneck. With petabytes of data being generated on a global level with increasing sequencing activities, this number is soon to reach exabytes of data, demanding modern solutions that lean toward utilizing professional infrastructures with the capability of bearing such loads.
While data aggregators such as 23andMe, MyHeritage, and AncestryDNA have been synonymous with providing valuable insights to consumers with respect to their genetic composition, the industry requires an understanding revolves around the fact that only consumers reserve the right to share and monetize their genetic data. As a result, there has been an insurgence of companies employing blockchain to store, exchange, and secure genetic data resulting from an increasing number of sequencing activities. While blockchain is providing tremendous opportunities for growth in the genomics industry, consequently advancing the precision medicine gamut, skepticism continues to plague the associated potential that this technology consists.
According to Nitish Singh, Lead Analyst at BIS Research, “North America is currently the leading contributor to the global blockchain in genomics market, with a share of approximately 61.81% in the global market value in 2018. This region is anticipated to grow at a double digit CAGR during the forecast period 2019-2029 and to continue dominating the global market in 2029 as well. However, the Asia-Pacific region is expected to grow at a significant CAGR during the forecast period 2019-2029. The Europeregion also contributed a significant share of 20.14% in the global market in 2018 and is anticipated to grow at a CAGR of 68.83% during the forecast period from 2019-2029.”
- Data sharing and monetization is expected to witness a robust CAGR during the forecast period 2019-2029. However, the data storage and security application segment is anticipated to experience the fastest growth during the forecast period 2019-2029.
- Pharmaceutical and biotechnology companies is expected to continue to dominate the global blockchain in genomics market throughout 2029, contributing a share of approximately 49.09% of the market in 2018 and 43.80% in 2029 . However, research institutes segment is expected to grow at the highest CAGR during the forecast period 2019-2029, owing to the end-use segment becoming the epicenter of genomic data generation.
This market intelligence report provides a multi-dimensional view of the global blockchain in genomics market with the help of key factors driving the market, restraints that can possibly inhibit the overall growth of the market, and the current growth opportunities that are going to shape the future trajectory of the market expansion.
The competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches and approvals, partnerships, collaborations, business expansions, as well as mergers and acquisitions, among others. The research report provides a comprehensive analysis of the product sales, manufacturers, service providers, and trend analysis by segment, and growth share analysis by region. Additionally, the report provides a comprehensive attractive analysis and opportunity analysis for the entire global blockchain in genomics market for 2018 and 2029.
This report is a meticulous compilation of research on more than 25 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 10 leading companies, market participants, and vendors. The report also comprises 11 detailed company profiles including several key players, such as Digital DNAtix Ltd., ENCRYPGEN INCORPORATED, Genobank.io Inc., Genomes.io, Longenesis, LunaDNA, LLC, Nebula Genomics, Inc., Shivom Ventures Limited, SimplyVital Health, Inc., WuXi Nextcode Genomics, Inc., and Zenome.io Ltd.
Key Questions Answered in the Report
- What was the revenue generated by the market in 2018? What is the expected revenue for 2029?
- What are the major market drivers, challenges, and opportunities in the global blockchain in genomics market?
- What are the underlying structures resulting in the emerging trends within the global market?
- What are the key regulatory implications in the global blockchain in genomics market?
- What is the revenue expected to be generated by each segment of the market for the forecast period 2019-2029, on the basis of:
- Who are the leading market players with significant offerings in the global blockchain in genomics market?
- What are the key development strategies which are implemented by the major players in order to exist in the competitive market?
- What are the major knowledge gaps in the market? How are emerging businesses tackling these gaps to enhance consumer adoption?
- Which companies are anticipated to be highly disruptive in the future and why?