The global Blockchain in Genomics Market is forecasted to be worth USD 1,258.3 Million by 2027, according to a current analysis by Emergen Research. Due to the growing demand for data protection for distinctive genomic data, the global blockchain in the genomics market is anticipated to expand exponentially. In addition, increased adoption of genetic information in the medical practice is anticipated to further drive market growth over the forecasted timeframe. Moreover, private entities and venture capitalists’ rising funding is anticipated to augment the market growth shortly. The high cost of maintenance is likely to hinder the market growth over the forecasted timeframe.
The report takes a closer look at the historical and current market scenarios to accurately predict the global blockchain in genomics market outlook over the forecast duration (2020-2027). Researchers have taken a holistic approach towards the global market analysis and highlighted the factors that influence the overall growth of the market. The study involves the use of efficient analytical tools like SWOT analysis and Porter’s Five Forces to inspect the strengths, weaknesses, opportunities, and threats associated with the growth of the various market segments. The report provides crucial details, such as the market shares of the key players, which help the reader attain a comprehensive outlook of the blockchain in genomics market.
Some Key Highlights from the Report:
- In September 2019, Nebula Genomics, Inc. launched blockchain-based DNA sequencing. With the introduction of blockchain-based DNA sequencing, the firm will enhance its market position.
- Over the forecast timeline, the utility segment is anticipated to lead the market. It offers a form of digital coupon that can be easily traded in the future for discounted fees or exclusive exposure to a service.
- The segment of Business to Business (B2B) is expected to lead the market with a CAGR of 66.0%. The company’s adoption of blockchain technology’s main benefits entail the unparalleled standards of safety, privacy, and productivity it offers.
- In the forecast timeframe, the data sharing and monetization segment are projected to dominate the market. Both sellers and buyers are allowed to connect in a monetized way with personal data with Blockchain technology.
- In the forecast period, the segment of Pharmaceutical and Biotechnology will dominate the market. There are a wide variety of feasible implementations in the pharmaceutical and biotechnology industry, like enabling patients, doctors, insurers, and pharmaceutical firms to access health records.
Competitive Outlook:
The global blockchain in genomics market is highly consolidated due to the presence of a large number of companies across this industry. These companies are known to make hefty investments in research and development projects. Also, they control a considerable portion of the overall market share, thus limiting the entry of new players into the sector. The global blockchain in genomics market report studies the prudent tactics undertaken by the leading market players, such as partnerships and collaborations, mergers & acquisitions, new product launches, and joint ventures.
Some of the key participants in this industry include:
GenoBank.io Inc, Nebula Genomics, Inc., SimplyVital Health, Inc., Zenome.io Ltd., LunaDNA, LLC, Encrypgen Incorporated, Digital DNAtix Ltd, Longenesis Ltd, WuXi Nextcode Genomics, and Shivom Ventures Limited, among others.
Key regions covered in the report:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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The blockchain in genomics research report also includes an insightful study of the prominent players of the industry along with their business overview, strategic planning, and business expansion plans adopted by them. This assists the readers and business owners in formulating strategic expansion and investment plans. The report focuses on mergers and acquisitions, joint ventures, collaborations, partnerships, corporate and government deals, and others. The report also talks about the expansions these prominent players are vying for in the key regions of the market. The report focuses on the detailed analysis of the technological and product developments undertaken by these companies.
The report considers the following timeline for market estimations:
- Historical Years: 2016 – 2018
- Base Year: 2019
- Estimated Year: 2027
- Forecast Years: 2020 – 2027
Questions addressed in the report:
- What is the estimated market growth rate throughout the forecast period?
- Which end-use industry is expected to witness the highest demand for blockchain in genomics in the near future?
- What is the regulatory framework governing the application of blockchain in genomics in the food industry?
- Which manufacturing processes are utilized for the production of blockchain in genomics?
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