The concept of precision medicine is the core of healthcare industry today. The study of genomic data is the push toward the smooth transition and increased adoption of precision medicine along with high-throughput sequencing (HTS) technologies. Owing to the push by genomic data both Precision medicine and HTS are evolving as powerful tools that are available for biological research.

The study of genomic sequencing generates massive amount of data, which is further analyzed. However, the massive amount of data generated and the lack of availability of advanced tools for data analysis are the two major bottlenecks in the process. With the number of sequencing activities increasing tremendously, the amount of data is soon to reach exabytes of data. This huge amount of data will demand modern solutions that lean toward utilizing professional infrastructure, which can bear such load.

According to the recently published market intelligence by BIS Research, titled Global Blockchain in Genomics Market – Analysis and Forecast, 2019-2029, the market generated a revenue of $15.7 million in 2018 and is projected to grow at a CAGR of 66.24% during the forecast period. The market is expected to reach of $3.8 billion in 2029.

The market is primarily influenced by factors such as surge in the demand for direct-to-consumer genetic testing, increasing importance of bio-cybersecurity, and reducing cost due to increasing technological advancements along with the initiatives taken by governments for enforcing genetic data safety.

As per the report by BIS Research, it has been analyzed that the surge in the demand for direct-to-consumer genetic testing is expected to have a high impact on the market during the initial first two years of the forecast period. The impact is expected to remain medium to high post that time period. The impact of other two factors - low cost and importance of bio-cybersecurity – are also projected to remain medium-high and high during the first two years of the forecast periods and post that, respectively.

The implementation of genetic data safety is the only factor which is expected to have low-medium impact during the initial years of the forecast period. However, it is expected to have medium-high impact post the initial years.

However, it has been noticed that factors such as lack of awareness and understanding, massive increase in carbon footprint, and enormous cost in maintaining sensitive genomic data are impeding the growth of the market. Each of these factors is expected to have a high impact on the market during the first two years of the forecast period. However, the impact for each of these factors are expected to reach medium to low by the end of forecast period.

Blockchain technology has remarkable potential in transforming the complete landscape of genomics. With an immensely growing genetic testing industry at the forefront of radicalizing the global precision medicine phenomenon, the entire healthcare industry is about to unlock true potential of blockchain for managing genomic data.

The future potential of the market is associated with the healthcare data giants, including Microsoft, Google, and IBM, among others. Presently, blockchain technology is still in a nascent stage. It, however, brings with itself a potential of delivering a credible decentralized system for managing and exchanging sensitive genomic data. It is considered that the genomics market is anticipating a colossal disruption. Further, with the blockchain technologies increasingly proceeding toward proof-of-work stages, it is ultimately going to drive the growth in adoption and utilization of genomics by companies and consumers both.

Request for a Sample - https://bisresearch.com/requestsample?id=759&type=download