Growing use of blockchain technology in clinical workflow of genomic data and surging need for unique genomic data security are some of the key factors expected to boost market revenue growth
According to Emergen Research, the global blockchain in genomics market size was USD 24.5 million in 2019 and is expected to reach USD 1,258.3 million in 2027 and register a revenue CAGR of 65.8% during the forecast period, 2020-2027.
Market Dynamics:
Significant growth of the global blockchain in genomics market revenue is primarily attributed to factors such as increasing implementation of blockchain technology in the clinical workflow of genomic data, growing need for privacy and security of unique genomic data, rising adoption of digital healthcare services, and rapid digitalization in the healthcare sector. Blockchain in genomics enables the storage, management, and processing of genomic data transaction between genomic data providers and their customers.
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Rising prevalence of genetic disorders worldwide, increasing genomic research & development activities, increased government investments in the healthcare industry, and emergence of cutting-edge blockchain technologies are among the other key factors driving the global blockchain in genomics market revenue growth. For instance, leading personal genomics company, Nebula Genomics, Inc., launched its new blockchain-based DNA sequencing technology in September 2019. Reportedly, the company looked to build on its market position with the new launch.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Business to Customer (B2C) Segment to Lead in Terms of Revenue Growth:
Business to customer (B2C) segment is expected to dominate other business model segments in terms of revenue growth in the global blockchain in genomics market over the forecast period. Blockchain in genomics is enabling B2C companies to make digital currency transfers and streamline transaction and processing of unique genomic data in safe and secure ways. Increasing adoption of the technology by the B2C companies is a key factor expected to fuel the growth of this segment.
Data Sharing and Monetization Segment Accounted for Largest Revenue Share:
Based on application, data sharing and monetization segment accounted for the largest revenue share of 44.9% in the global blockchain in genomics market in 2019. The peer-to-peer network framework of blockchain technology enables businesses to obtain and exchange data confidentially. Rapid adoption of the blockchain technology for data sharing and monetization is a key factor contributing to revenue growth of this segment.
North America Accounted for a Significantly Large Revenue Share in 2019:
Among regional markets, the North America blockchain in genomics market held the largest revenue share in the global market in 2019 due to many favorable factors. Rapid adoption of blockchain technology in genomics, growing need for security of unique genomic data, rise in genomic research & development activities, and increasing government funding for healthcare R&D programs are among the major factors contributing to the regional market revenue growth. Presence of state-of-the-art healthcare infrastructure and leading market players in the region, such as LunaDNA, GenoBank.io Inc., Nebula Genomics, Inc., and Longenesis Ltd., is another major factor driving the North America market revenue growth.
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Major Companies in the Global Blockchain in Genomics Market Include:
- io Inc.
- Nebula Genomics, Inc.
- SimplyVital Health, Inc.
- io Ltd.
- LunaDNA, LLC
- Encrypgen Incorporated
- Digital DNAtix Ltd.
- Longenesis Ltd.
- WuXi Nextcode Genomics
- Shivom Ventures Limited
For the purpose of this report, Emergen Research has segmented the global blockchain in genomics market based on service type, business model, application, end-use, and region:
Service Type Outlook (Revenue, USD Million; 2017-2027)
- Utility
- Platforms
Business Model Outlook (Revenue, USD Million; 2017-2027)
- Business to Customer (B2C)
- Business to Business (B2B)
- Customer to Business (C2B)
Application Outlook (Revenue, USD Million; 2017-2027)
- Data Storage & Security
- Data Sharing and Monetization
- Automated Health Insurance
End-use Outlook (Revenue, USD Million; 2017-2027)
- Hospitals
- Pharmaceutical and Biotechnology Companies
- Research Institutes
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Region Outlook (Revenue, USD Million; 2018–2028)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- France
- K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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