The global blockchain in genomics market was valued at $15.7 million in 2018 and is projected to grow over $3.88 billion by 2029. The market is expected to grow at a significant compound annual growth rate (CAGR) of 66.42%, during the forecast period 2019-2029. The growth of the market is aided primarily by the prominent development in the underlying end-use sub-segments.
While data aggregators such as 23andMe, MyHeritage, and AncestryDNA have been synonymous with providing valuable insights to consumers with respect to their genetic composition, the industry requires an understanding revolves around the fact that only consumers reserve the right to share and monetize their genetic data. As a result, there has been an insurgence of companies employing blockchain to store, exchange, and secure genetic data resulting from an increasing number of sequencing activities. While blockchain is providing tremendous opportunities for growth in the genomics industry, consequently advancing the precision medicine gamut, skepticism continues to plague the associated potential that this technology consists.
According to Nitish Singh, Lead Analyst at BIS Research, “North America is currently the leading contributor to the global blockchain in genomics market, with a share of approximately 61.81% in the global market value in 2018. This region is anticipated to grow at a double digit CAGR during the forecast period 2019-2029 and to continue dominating the global market in 2029 as well. However, the Asia-Pacific region is expected to grow at a significant CAGR during the forecast period 2019-2029. The Europe region also contributed a significant share of 20.14% in the global market in 2018 and is anticipated to grow at a CAGR of 68.83% during the forecast period from 2019-2029.”