Blockchain in Genomics Global Market Report 2024

The blockchain in genomics market size has grown rapidly in recent years. It will grow from $0.71 billion in 2023 to $0.84 billion in 2024 at a compound annual growth rate (CAGR) of 18.6%. The growth observed in the historical period can be attributed to several factors, including the increasing developments in genomics, a rising adoption of digital tools in healthcare, the digitization of healthcare services by patients, a growing interest in blockchain technologies and their capabilities, and an increasing awareness about the potential benefits of applying blockchain in the field of genomics.

The blockchain in genomics market size is expected to see rapid growth in the next few years. It will grow to $1.71 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The anticipated growth in the forecast period can be attributed to various factors, including the increasing demand for secure and efficient storage and retrieval of genomic data, a 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. Key trends expected in the forecast period encompass advancements in blockchain-based technologies for genomic data storage and retrieval, continuous technological advancements, innovative development in the field, increased investment and funding, and the integration of blockchain in bioinformatics.

The increasing adoption of digital tools is set to drive the expansion of the blockchain in genomics market in the coming years. Digital adoption, characterized by the integration of new digital tools and systems to enhance work processes and achieve objectives, has gained momentum, particularly accelerated by the global COVID-19 pandemic. With lockdowns and social distancing measures in place, individuals and businesses increasingly relied on digital tools for communication, education, shopping, and entertainment. In the realm of blockchain in genomics, digital tools such as software, hardware, and online platforms play a crucial role in bolstering encryption and security for genomic data. This ensures the confidentiality and protection of sensitive genetic information. For instance, a survey conducted by Rock Health Inc. in February 2023 revealed that approximately 80% of US adults have utilized telemedicine services, marking an 8% increase from 2021. This trend underscores the rising demand for digital health solutions, consequently propelling the growth of the blockchain in the genomics market.

The burgeoning demand for personalized medicine is poised to fuel the expansion of the blockchain in genomics market. Personalized medicine, characterized by tailoring healthcare decisions and treatments to individual patient characteristics, is gaining prominence due to the increasing burden of chronic diseases such as cancer, heart disease, and diabetes. There is a growing need for targeted treatments that address the specific causes and progression of each patient's condition. In the realm of blockchain in genomics, this demand for personalized medicine drives the need for secure storage and sharing of genomic data. Blockchain technology ensures the protection of individuals' privacy while enabling researchers and healthcare providers to access essential information for personalized treatments. For instance, in 2022, the Food and Drug Administration’s Center for Drug Evaluation and Research (CDER) approved 37 new molecular entities (NMEs), with approximately 34% classified as personalized medicines by the Personalized Medicine Coalition (PMC). This underscores the growing significance of personalized medicine in driving the growth of the blockchain in the genomics market.

In August 2021, ProPhase Labs, a prominent provider of biotech, genomics, therapeutics, and diagnostics based in the United States, finalized the acquisition of Nebula Genomics for $14.6 million. This strategic move positions ProPhase for enhanced capabilities in serving the genomics and diagnostics sectors. By integrating Nebula's expertise in whole genome sequencing services with ProPhase's existing clinical diagnostic testing offerings, the company aims to provide comprehensive solutions to its clients. Nebula Genomics, also based in the US, is renowned for its specialization in blockchain genomics and whole-genome sequencing services.

Major companies operating in the blockchain in genomics market report are 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, Guardtime AS, ProCredEx LLC, Embleema Inc., Patientory Inc., Shivom Ventures Limited, BurstIQ LLC, Genobank.io Inc., LunaDNA LLC, SimplyVital Health Inc., Zenome.io Ltd., Coral Health Research & Discovery Inc., FarmaTrust Holdings Limited.

North America was the largest region in the blockchain in genomics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain in genomics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the blockchain in genomics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Blockchain in genomics refers to the application of blockchain technology in the genomics field, integrating the decentralized and secure characteristics of blockchain with the storage, sharing, and analysis of genomic data. This application creates a blockchain-based platform that allows individuals to securely store and share their genomic data.

The main services within the blockchain in genomics market include utility tokens and blockchain platforms. In the context of cryptocurrency and blockchain, utility tokens are tokens with a specific use and offer utility within a particular ecosystem. The business models involved in this market encompass business-to-business (B2B), business-to-consumer (B2C), and consumer-to-business (C2B) models. These models find applications such as data sharing and monetization, data storage and security, and automated health insurance. The end users of blockchain in genomics include pharmaceutical and biotechnology companies, hospitals and healthcare providers, research institutes, data owners, and other stakeholders in the genomics ecosystem.

The blockchain in genomics market research report is one of a series of new reports that provides blockchain in genomics market statistics, including biochemical industry global market size, regional shares, competitors with blockchain in genomics market share, detailed blockchain in genomics market segments, market trends, and opportunities, and any further data you may need to thrive in blockchain in genomics industry. This blockchain in genomics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The blockchain in genomics market includes revenues earned by entities by providing services such as data sharing and monetization, data security and privacy and data access and management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The blockchain in genomics market also consists of sales of genomic supply chain tracking systems, secure storage systems, internet of things (IoT) devices, and mobile devices. Values in this market are ‘factory gate’ values, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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