Large volumes of genomic data have been generated by the Human Genome Project, which is extensively used by medical and biotechnology research scientists. Also, the improvements in high throughput gene sequencing are helping to accelerate the genome sequencing process at a lower cost. The generation of zettabytes of genome data will be generated in next decade however there is no secured and trusted data management resource that provides seamless data exchange, sharing, and trustworthy storage solution for zettabytes of genomic data. Therefore, it becomes important to develop the technology platform which can handle such large and sensitive data volumes and can be easily accessible to clinicians, physicians, scientists, biopharmaceutical companies, and other stakeholders.
The blockchain technology is the most viable option to store, manage, and exchange genomic data. The blockchain uses decentralized information management model, which has proved beneficial to banking and the fintech areas. Cryptocurrencies are one of the biggest achievement for blockchain. It is a significant tool for peer-to-peer transactions without involving a third element to track the exchange process. Biopharmaceutical and genomic research companies can use blockchain to process transactions of genomic data and payment between genomic data providers and their customers. Also, it will further help them in decision-making. Furthermore, recent developments in this domain are showing a promising future for blockchain in healthcare and biotechnology. Developments such as the strategic partnerships between biopharmaceutical players and universities or government organizations and also rising investments by a private investor and venture capitalists.
The blockchain in genomic data management market is anticipated to grow in the forecast period owing to driving factors such as rising investments by private players and venture capitalists, rising developments in genomics, rising integration of genomics data into clinical workflows, and advancements in targeted and personalized healthcare.The global blockchain in genomic data management market is segmented on the service type and application. Based on service type, the market is segmented as B2B Business Model, B2C Business Model, and C2B Business Model. On the basis of application, the global blockchain in genomic data management market is segmented in to Research Institutes, Pharmaceutical Companies, Data Owners, and Others.
Key developments in the blockchain in genomic data management market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players.
Below mentioned is the list of few companies engaged in the blockchain in genomic data management :-ENCRYPGEN INCORPORATED, DNATIX LTD, SHIVOM VENTURES LIMITED, GENEBLOCKCHAIN, LLC., NEBULA GENOMICS, GENOMES.IO, 23ANDME, INC., IIF MANAGEMENT COMPANY LLC. (ILLUMINA, INC.) 10X GENOMICS, ZENOME
The market payers from blockchain in genomic data management market are anticipated to lucrative growth opportunities in the future with the rising demand for blockchain in genomic data management market in the global market The global blockchain in genomic data management market is segmented on the service type and application. Based on service type, the market is segmented as B2B Business Model, B2C Business Model, and C2B Business Model. On the basis of application, the global blockchain in genomic data management market is segmented in to Research Institutes, Pharmaceutical Companies, Data Owners, and Others.