Blockchain in Genomic Data Management Market

Blockchain in Genomic Data Management Market Overview

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 the 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.

Recent Developments in Blockchain in Genomics Data Management  Market:

Several recent developments have taken place in the field of blockchain in genomic data management. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.

• In July 2023, Solve.Care announced the launch of a blockchain based Care.Trials network, a patient matching service for clinical trials. 
• In April 2023, PharmaLedger introduced electronic product information (ePI) on blockchain product. This product will allow the patient to scan a barcode on the medicine box to access the product information, replacing the leaflets currently seen in the package.

Scope of the Report

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.