Blockchain In Genomics market size, share, revenue, trends, and drivers for 2024-2033
The Business Research Company’s Blockchain In Genomics Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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LONDON, GREATER LONDON, UK, July 5, 2024 /EINPresswire.com/ — The blockchain in genomics market has experienced robust growth in recent years, expanding from $0.71 billion in 2023 to $0.84 billion in 2024 at a compound annual growth rate (CAGR) of 18.6%. The growth in the historic period can be attributed to rising developments in genomics, rising adoption of digital tools, digitization of healthcare services by patients, increasing interest in blockchain technologies and their capabilities, and rising awareness about the potential benefits of blockchain in genomics.
Strong Future Growth Anticipated
The blockchain in genomics market is projected to continue its strong growth, reaching $1.71 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to increasing demand for secure and efficient storage and retrieval of genomic data, growing adoption of blockchain-based solutions for genomic data sharing, rising investment in research and development activities in genomics, and increasing government investments in healthcare research and development.
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Growth driver of the blockchain in genomics market
The rising adoption of digital tools is expected to propel the growth of the blockchain in genomics market going forward. Digital adoption is the process of incorporating new digital tools and systems to improve work processes and achieve objectives. The global COVID-19 pandemic served as a significant catalyst for digital adoption, with lockdowns and social distancing measures, individuals and businesses were forced to rely on digital tools for communication, education, shopping, and entertainment. Digital tools, such as software, hardware, and online platforms, are used blockchain in genomics to enhance encryption and security for genomic data, ensuring confidentiality and protection.
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Major Players and Market Trends
Key players in the blockchain in genomics market include International Business Machines Corporation, Sharecare Inc., WuXi Nextcode Genomics Inc., Health Utility Network Inc., Chronicled Inc., Medicalchain Ltd., Akiri Inc., Futura Genetics LLC, Nebula Genomics Inc., Medicalchain SA, Digital DNAtix Ltd., EncrypGen Inc., Longenesis.
The growing demand for personalized medicine is expected to propel the growth of the blockchain in the genomics market going forward. Personalized medicine refers to a medical approach that tailors healthcare decisions and medical treatments to the individual characteristics of each patient. The increasing burden of chronic diseases such as cancer, heart disease, and diabetes, there’s a stronger need for targeted treatments that address the specific causes and progression of each patient’s condition. Blockchain in genomics is used in personalized medicine to ensure secure storage and sharing of genomic data, protecting individuals’ privacy while still allowing researchers and healthcare providers to access the necessary information for personalized treatments.
Segments:
1) By Service: Utility Tokens, Blockchain Platforms
2) By Business Model: Business-To-Business (B2B) Business Model, Business To Consumer (B2C) Business Model, Consumer-to-Business (C2B) Business Model
3) By Application: Automated Health Insurance, Pharmaceutical And Biotechnology Companies, Hospitals And Healthcare Providers, Research Institutes, Data Owners, Other End Users
Geographical Insights: North America Leading the Market
North America was the largest region in the blockchain in genomics market in 2023. Asia-Pacific is expected to be the fastest-growing region during the forecast period, driven by expanding healthcare facilities and increasing awareness of the benefits of blockchain in genomics.
Blockchain In Genomics Market Definition
Blockchain in genomics refers to the application of blockchain technology in the field of genomics, combining the decentralized and secure nature of blockchain with the storage, sharing, and analysis of genomic data. It provides a blockchain-based platform for individuals to securely store and share the genomic data.
The main services of blockchain in genomics market covered are utility tokens and blockchain platforms. Utility tokens in the context of cryptocurrency and blockchain refer to tokens that have a specific use and offer utility within a particular ecosystem. The business models involved are business-to-business (B2B) business model, business to consumer (B2C) business model, and consumer-to-business (C2B) business model which have applications such as data sharing and monetization, data storage and security automated health insurance for end users such as pharmaceutical and biotechnology companies, hospitals and healthcare providers research institutes, data owners, and others.
Blockchain In Genomics Global Market Report 2024 from TBRC covers the following information:
•Market size data for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Blockchain In Genomics Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on blockchain in genomics market size, blockchain in genomics market drivers and trends, blockchain in genomics market major players, competitors’ revenues, market positioning, and market growth across geographies. The blockchain in genomics market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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