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Blockchain In Genomic Data Management Market Size And Forecast
Blockchain In Genomic Data Management Market size was valued at USD 39.98 Million in 2020 and is projected to reach USD 2067.52 Million by 2028, growing at a CAGR of 63.76% from 2021 to 2028.
Rising investment by private players and venture capitalists helps to boost the Blockchain In Genomic Data Management Market growth. Moreover, factors such as rising developments in genomics, rising adoption of digital tools, and digitization of healthcare services by patients fuel the market growth. The Global Blockchain In Genomic Data Management Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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Global Blockchain In Genomic Data Management Market Definition
Blockchain is a digitalized public ledger of transactions and data stored as blocks. Blockchain provides a decentralized network of distributable data that can be shared between interconnected database systems. Blockchain technology utilizes a timestamped immutable system of blocks containing data, making them accessible to anyone with a connected system, anywhere in the world, as long as they receive proper authorization. This technology allows users control over the distribution of their data, thereby protecting their privacy. Using asymmetric cryptography (Public Key Cryptography), users can encrypt their data for added security.
When selling or donating data, however, the receiver is granted a private key to decrypt the data, ensuring that no non-permitted third parties have access. Blockchain technology stores, manage and exchange genomic data. The blockchain utilizes a decentralized information management model that is beneficial for banking and financial areas. Blockchain is used in biopharmaceutical and genomic research companies to process the transactions of genomic data and payments between genomic data providers and their customers. It also provides help in decision-making. The blockchain platform allows data providers (users) and buyers to interact directly (pharma companies, research institutes).
Additionally, the cryptographic keys also maintain the anonymity of users during data exchange. These buyers may then use the sets of data to research genetic patterns in a specific population, allowing for the development of drugs and other therapies based on the genetic profiles analyzed. Blockchain reduces the risk of data modification and tampering by using cryptographic blocks, resulting in an authentic database for research and the creation of new diagnostics and treatment options for rare disorders. The best-known applications of this technology are Bitcoin and Ethereum. It creates a chain model that can be transparently tracked but cannot be broken. With a distributed timestamp system, blockchain permits operation without a central authority, preventing single-point-of-failure. Transactions may be carried out directly and safely among all participants in this network.
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Global Blockchain In Genomic Data Management Market Overview
Rising investment by private players and venture capitalists helps to boost the Blockchain In Genomic Data Management Market growth. Recent activities in this domain, such as the formation of strategic partnerships (involving pharmaceutical players and relevant government bodies) and venture capital/other stakeholder investments, indicate that the concept of using blockchain platforms for the storage and management of genetic information is gaining traction in the healthcare industry. such efforts will help the market’s overall growth in the coming years. Additionally, factors such as increasing developments in genomics, rising adoption of digital tools, and digitization of healthcare services by patients drive the market growth.
Today’s healthcare data management systems are concerned with data collection, data sharing, analysis expenses, data ownership, privacy, and security. The most important and significant aspect of this field is obtaining data. Data Cloud Architecture was designed to address the single point of failure problem by storing data in a secure and safe way. The blockchain has the potential to reduce the price of genomics and healthcare analysis. In contrast to how the existing systems work, if data owners can contact data buyers directly without going through an intermediary, both the analysis costs and the data owners’ income can be reduced. These statements apply to electronic healthcare apps as well.
Transactions are completed faster and more effectively using blockchain systems than with conventional processes. However, for large volumes of genomic and clinical data, there are few reliable and secure data management resources that would provide safe storage, seamless information exchange, and a reliable transaction platform. However, data security and privacy concerns are restraining factors for the Blockchain In Genomic Data Management Market. The security and privacy of personal data are very important. Bitcoin provides pseudo-anonymity, despite the fact that no system can give complete anonymity.
Another sensitive issue in genomics and healthcare is that people do not want to give their original data directly. For instance, by examining an individual’s entire genome data, the person may be identified, and information about his or her ancestors can be obtained. Instead of the original data, transactions in blockchain systems are saved with their hash values. Individuals also only share metadata, which is information about the data in general. Furthermore, innovative products and development in the medical device industry and the increase in the use of mobile smartphones are the major opportunities in front of this market.
Global Blockchain In Genomic Data Management Market Segmentation Analysis
The Global Blockchain In Genomic Data Management Market is Segmented on the basis of Service Type, Application, And Geography.
Blockchain In Genomic Data Management Market, By Service Type
- B2B Business Model
- B2C Business Model
- C2B Business Model
Based on Service Type, the market is segmented into B2B Business Model, B2C Business Model, and C2B Business Model. A business model is a company’s plan or strategy for selling a product or service and profiting from it. Each organization will develop its own methods used to conduct business. There is, however, a central model that includes the owners or shareholders, the organization, consumers, and employees. Blockchain can act as a virtual bank for B2B companies, moving money, accepting deposits, finalizing transactions, and more. This is in contrast to online banking, which is subject to regulation, monitoring, business hours, and other restrictions.
Blockchain In Genomic Data Management Market, By Application
- Pharmaceutical Companies
- Research Institutes
- Data Owners
- Others
Based on Application, the market is segmented into Pharmaceutical Companies, Research Institutes, Data Owners, and Others. The majority of companies are involved in offering services primarily to pharmaceutical companies and research institutes. In addition, the companies also offer genomic data management through blockchain platforms to other key stakeholders such as data owners, software developers, and insurers.
Blockchain In Genomic Data Management Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
On the basis of Geography, the Global Blockchain In Genomic Data Management Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. More than 35% of the total number of players are headquartered in North America, primarily in the United States. EncrypGen, GnoMine, LunaDNA, and Nebula Genomics are some of the players based in this region.
Key Players
The “Global Blockchain In Genomic Data Management Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as DNATIX LTD, NEBULA GENOMICS, GENOMES.IO, ENCRYPGEN INCORPORATED, SHIVOM VENTURES LTD., GENEBLOCKCHAIN, LLC., 23ANDME, INC., 10X GENOMICS, ZENOME, IIF Management CO. LLC.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD |
2017-2028 |
| BASE YEAR |
2020 |
| FORECAST PERIOD |
2021-2028 |
| HISTORICAL PERIOD |
2017-2019 |
| UNIT |
Value (USD Million) |
| KEY COMPANIES PROFILED |
DNATIX LTD, NEBULA GENOMICS, GENOMES.IO, ENCRYPGEN INCORPORATED, SHIVOM VENTURES LTD., GENEBLOCKCHAIN, LLC., 23ANDME, INC. |
| SEGMENTS COVERED |
|
| CUSTOMIZATION SCOPE |
Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
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