Blockchain in Genomic Data Management: Market Landscape and Competitive Insights, 2018-2030

It is Estimated that, by 2025, Around 15% of the World’s Population will Have had Their Genomes Sequenced, Resulting in the Generation of Several Zettabytes of Data

The success of the Human Genome Project resulted in the generation of large volumes of genomic data, which is extensively used in biotechnology and medical research. Further, advancements in high throughput gene sequencing technologies have enabled scientists to expedite the genome sequencing process, and achieve significant cost benefits as well. In fact, it is estimated that, by 2025, around 15% of the world’s population will have had their genomes sequenced, resulting in the generation of several zettabytes of data. However, currently, there are not many reliable and secure data management resources that offer secure storage, seamless exchange of information, and a reliable transaction platform, for large volumes of genomic and clinical data. Therefore, at this stage, it has become important to develop and establish the necessary tools and technologies to effectively help with the processing and analysis of the aforementioned information and for making it easily accessible to practicing physicians, scientists, pharmaceutical companies and other stakeholders.

The blockchain technology has emerged as a viable option to store/exchange genomic data. The decentralized information management model used in blockchains has demonstrated significant benefits in banking and the fintech industry. Moreover, cryptocurrencies, which are based on the blockchain technology, are considered to be a powerful tool for peer-to-peer transactions without involving a third party to track the exchange. In the field of genomics, blockchain can act as a trusted means of carrying out transactions between data owners and data users (research groups/pharmaceutical companies). Moreover, such platforms enable easy access to genomic datasets, thereby, significantly improving the information procurement process for research studies related to personalized drugs/therapies. As a result, many companies have undertaken initiatives to promote the use of blockchain technology for genomic data management. In fact, the growing importance of blockchain for managing genetic information and using it in healthcare decision-making is also evident in the number of tweets (~1,750) posted on the social media platform, Twitter, in the recent years. In the past few years, recent activities in this domain, such as the establishment of strategic partnerships (involving pharmaceutical players and relevant government bodies) and investments by venture capital/other stakeholders, indicate that the concept of using blockchain platforms for the storage and management of genetic information is gaining traction in the healthcare industry. We believe that such efforts are likely to boost the overall growth of this market in the coming years.

The ‘Blockchain in Genomic Data Management: Market Landscape and Competitive Insights, 2018-2030’ report features an extensive study on the industry players that are offering blockchain platforms for the storage and management of genomic data. Amongst other elements, the report features:

• An overview of the current status of the market with respect to companies providing blockchain platforms, along with information on year of establishment, geographical location, company size, type of business model used, types of services offered to data owners and data users (pharmaceutical companies/research institutes), proprietary blockchain platforms and utility tokens, and end-users (pharmaceutical companies, research institutes, genomic data providers (patients and healthy individuals), software developers, and insurers).
  
• Tabulated profiles of all the players engaged in this field, featuring a brief overview of the company, and details on funding (if available), types of service(s) offered, proprietary blockchain platforms and utility tokens, key historical milestones, information on partnership(s) (if available), recent development(s) and roadmaps/future plans (if available).
  
• An analysis of the prevalent and emerging trends related to this domain as represented on the social media platform, Twitter, highlighting the most frequently talked about utility tokens, active players, and influential authors. It includes an insightful sentiment analysis, summarizing the impact/influence of various tweets posted on the platform.
  
• A comparative analysis of the needs of different stakeholders (pharmaceutical companies, research institutes, patients, healthy individuals, insurers and government agencies) in this industry.
  
• A detailed analysis highlighting the various business models and go-to-market strategies adopted by companies involved in this space. It features details on the various channels adopted/being adopted by companies to raise awareness and promote the use of their proprietary products/services.
  
• An informative bubble analysis, highlighting the market capitalization of the utility tokens of different companies engaged in this domain, based on total maximum supply, circulating supply and token price.
  
• A list of recent use cases of blockchain platforms, by pharmaceutical companies, highlighting the ways in which such tools/services have been used to manage and analyze genomic data.
  
• An insightful opportunity analysis, featuring an estimation of the existing market size; based on multiple parameters, we have also provided an informed estimate on the potential growth opportunities for companies engaged in this domain over the period 2018-2030.
  
• An analysis of various developments/recent trends related to companies offering blockchain platforms for genomic data management, offering insights on [A] instances wherein companies have raised funds to support their respective initiatives, [B] partnership and collaborations established within the industry, [C] other initiatives undertaken by different companies, [D] recent global events (summits, conferences, and annual meetings), and [E] views expressed/opinions of selected key opinion leaders/industry experts on social media platforms, such as YouTube.
  

The opinions and insights presented in this study were also influenced by discussions conducted with several stakeholders in this domain. The report features detailed transcripts of interviews held with the following individuals:

• David Koepsell (Chief Executive Officer, EncrypGen)
  
• Jake Dreier (Director of Growth and Operations, SimplyVital Health)
  
• Aldo de Pape (Chief Executive Officer, Genomes.io) and Louis Gooden (Analyst, Genomes.io)
  

All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this report are in USD unless otherwise specified.

Example Highlights:

• The current market landscape is relatively niche with a limited number of companies offering blockchain platforms for genomic data management. Of the total number of players involved, more than 35% are based in North America, primarily in the US. Examples of players based in this region include (in alphabetical order, no specific selection criteria) EncrypGen, GnoMine, LunaDNA, and Nebula Genomics. It is worth highlighting that companies are also based in developing regions, such as Brazil, India, Israel, Russia, Singapore, and South Korea.
  
• Majority of the companies (86%) are involved in offering services primarily to pharmaceutical players 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.
  
• All the companies engaged in this domain offer genomic data sharing/transfer service to both data owners and data buyers. In addition, companies also claim to offer services, such as genomic data storage (87%), full data anonymity (87%), incentives for sharing their genomic data (87%), full genome sequencing (53%) and genetic counseling (27%), exclusively to data owners. Further, the services offered to data buyers include access to genomic datasets and genomic data analysis.
  
• An analysis of over 1,750 tweets on social media platforms, and the opinions expressed by industry experts highlight the unaddressed concerns related to genomic data management; these include privacy issues, unsafe transactions, and lack of safety/reliability related to stored genomic data. It is worth mentioning that these challenges can be addressed via exchanging data on blockchain platforms. A comprehensive sentiment analysis of the tweets demonstrated that 85% were positive, suggesting that, at this stage, stakeholders are optimistic regarding the future potential of blockchain platforms for managing genomic data.
  
• In order to enhance the adoption of blockchain platforms in genomic data management, stakeholders in the industry are exploring a variety of innovative marketing strategies. The most popular marketing strategies that are being implemented include the use of social media platforms to spread awareness related to blockchain platforms, online media and increasing participation in global events, such as conferences, to gain the required visibility in the market.
  
• The overall coin market capitalization is currently estimated to be around USD 400 million-USD 750 million, based on total maximum supply, circulation supply, and the price (in USD) of the utility tokens of different companies engaged in this domain. Considering that such platforms are readily adopted within the healthcare industry, the aforementioned value is anticipated to significantly increase in the long term.
  
• Overall, the market for genomic data management using blockchain platforms is expected to grow at an annualized rate of 43.5% between 2018 and 2030. While the current opportunity is higher for applications related to the development of personalized medicines, its scope in other application areas (such as advanced genetic testing services and identification of genotypic markers to enable better diagnosis) is anticipated to grow at a relatively faster rate in the forecast period.