What is Blockchain In Genomics?
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 market study is broken down 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. Research Analyst at AMA estimates 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 that are part of study coverage. Additionally, the Players which are also part of the research coverage are Shivom (United Kingdom) and Zenome (Russia).
AdvanceMarketAnalytics has segmented the market 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 . If we see Market by Target, the sub-segment i.e. B2B will boost the Blockchain In Genomics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Models, the sub-segment i.e. Token-economy will boost the Blockchain In Genomics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Pharmaceutical Companies will boost the Blockchain In Genomics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
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.
- Blockchain technology has emerged as a viable option to store/exchange genomic data
- 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.
- Launch of new blockchain-based platforms
- Innovations in technology, thus increasing customer satisfaction on a global level
- Lack of proper knowledge regarding the integration of blockchain in the health care industry
- Lack of resources and stakeholders about the enormous applications of the blockchain and its implementation.
Key Target AudienceBlockchain 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
About ApproachDuring this study the evaluation and validation of the market size is done through various sources including primary and secondary analysis. AMA Research & Media follows industrial and regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.
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