What is Blockchain In Genomics Market Scope?
Over the past few years, a number of companies have been formed to realize this goal and further develop blockchain for genomic data storage, sharing, and analysis. In doing so, these companies aim to improve genomic data access to the users themselves, as well as researchers, drug developers, and healthcare providers. Blockchain technology promises to transform data distribution via major advancements in data security and storage. Blockchain essentially connects digital accounts using cryptography, enabling verifiable transactions that can be openly shared on a highly secure, decentralized network. It is a Blockchain in genomics stores, manages, and processes the transaction of genomic data between genomic data providers and its customers. Additionally, the major factor driving the market is utility and demand to secure such transactions comprising of unique genomic data. However, the market is expected to be restrained due to the lack of understanding of the utility of blockchain in genomics and high maintenance costs.
The Blockchain In Genomics market study is being classified by Type (Public, Federated and Private), by Application (Clinical Trials, IP Management, Drug Discovery, Data storage and security and Others) and major geographies with country level break-up.
The companies are exploring the market by adopting expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global Blockchain In Genomics market throughout the predicted period.
Merck(United States), Murrieta Genomics (United States), Ripe Technology, etc (United States), Nebula Genomics(United States), DNAtix (United States), Longenesis (China), Luna DNA (United States), EncrypGen(United States), GSK (United Kingdom), Pfizer(United States) and Genobank.io(United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Shivom (United Kingdom) and Zenome (Russia).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Blockchain In Genomics market by Type, Application and Region.
On the basis of geography, the market of Blockchain In Genomics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In September 2019 Nebula Genomics United States-based firm has introduced its new Blockchain-Based DNA Sequencing it helps the customer without the need for customers to reveal their personal information. To accomplish this, Nebula developed and executed a blockchain-based product that enables transparent and controllable data sharing, and offers an option to conduct pseudo-anonymous payments using cryptocurrencies.
Influencing Market Trend
- Blockchain technology has emerged as a viable option to store/exchange genomic data
Market Drivers
- Demand to secure such transactions comprising of unique genomic data.
- Pharma companies are mainly the ones carrying out the transaction of genomic data contributing to its leading position in the market.
- Rising investment by private players and venture capitalist help to boost the blockchain in genomic data management market growth.
Opportunities
- Launch of new blockchain-based platforms
- Innovations in technology, thus increasing customer satisfaction on a global level
Restraints
- Lack of proper knowledge regarding the integration of blockchain in the health care industry
Challenges
- Lack of resources and stakeholders about the enormous applications of the blockchain and its implementation.
Key Target Audience
Blockchain in genomics service providers, vendors and other stakeholders, Government bodies such as regulating authorities and policy makers, Organizations, forums and alliances related to blockchain in genomics and Market research and consulting firms
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