Blockchain in Genomic Data Management: Market Landscape and Competitive Insights, 2018-2030
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.
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.
1. The current market landscape is relatively niche with a limited number of companies offering blockchain platforms for genomic data management. Of the total number of players involved, more than 35% are based in North America, primarily in the US. Examples of players based in this region include (in alphabetical order, no specific selection criteria) EncrypGen, GnoMine, LunaDNA and Nebula Genomics. It is worth highlighting that companies are also based in developing regions, such as Brazil, India, Israel, Russia, Singapore and South Korea.
2. Majority of the companies (86%) are involved in offering services primarily to pharmaceutical players and research institutes. In addition, the companies also offer genomic data management through blockchain platforms to other key stakeholders such as data owners, software developers and insurers.
3. All the companies engaged in this domain offer genomic data sharing / transfer service to both data owners and data buyers. In addition, companies also claim to offer services, such as genomic data storage (87%), full data anonymity (87%), incentives for sharing their genomic data (87%), full genome sequencing (53%) and genetic counselling (27%), exclusively to data owners. Further, the services offered to data buyers include access to genomic datasets and genomic data analysis.
4. An analysis of over 1,750 tweets on social media platforms, and the opinions expressed by industry experts, highlight the unaddressed concerns related to genomic data management; these include privacy issues, unsafe transactions, and lack of safety / reliability related to stored genomic data. It is worth mentioning that these challenges can be addressed via exchanging data on blockchain platforms. A comprehensive sentiment analysis of the tweets demonstrated that 85% were positive, suggesting that, at this stage, stakeholders are optimistic regarding the future potential of blockchain platforms for managing genomic data.
5. In order to enhance the adoption of blockchain platforms in genomic data management, stakeholders in the industry are exploring a variety of innovative marketing strategies. The most popular marketing strategies that are being implemented include the use of social media platforms to spread awareness related to blockchain platforms, online media and increasing participation in global events, such as conferences, to gain the required visibility in the market.
6. The overall coin market capitalization is currently estimated to be around USD 400 million-USD 750 million, based on total maximum supply, circulation supply, and the price (in USD) of the utility tokens of different companies engaged in this domain. Considering that such platforms are readily adopted within the healthcare industry, the aforementioned value is anticipated to significantly increase in the long term.
7. Overall, the market for genomic data management using blockchain platforms is expected to grow at an annualized rate of 43.5% between 2018 and 2030. While the current opportunity is higher for applications related to the development of personalized medicines, its scope in other application areas (such as advanced genetic testing services and identification of genotypic markers to enable better diagnosis) is anticipated to grow at a relatively faster rate in the forecast period.
The research, analysis and insights presented in this report are backed by a deep understanding of insights gathered from both secondary and primary sources. For all our projects, we conduct interviews with experts in the area (academia, industry and other associations) to solicit their opinions on emerging trends in the market. This is primarily useful for us to draw out our own opinion on how the market will evolve across different regions and technology segments. Where possible, the available data has been checked for accuracy from multiple sources of information.
The secondary sources of information include:
News releases from company websites
Government policy documents
Industry analysts’ views
While the focus has been on forecasting the market till 2030, the report also provides our independent view on various non-commercial trends emerging in the industry. This opinion is solely based on our knowledge, research and understanding of the relevant market gathered from various secondary and primary sources of information.
Chapter 2 is an executive summary of the insights captured in our research. It offers a high-level view on the likely evolution of the blockchain technology in genomic data management market in the short to mid-term and long-term.
Chapter 3 is an introductory chapter that provides a brief overview of the concept of blockchain technology and its applications in various sectors, with a detailed discussion on the applications and the challenges related to the use of blockchain technology in the healthcare industry. The chapter includes a discussion on the historical evolution in the area of genetic sequencing and genetic testing and provides information on the growing importance of sharing / storing / analyzing genomic information through blockchain platforms. Further, it presents a brief overview of the cryptocurrencies and utility tokens, process of token distribution events and the role of compression tools for analyzing huge volume of genomic data. The chapter also highlights the various advantages and limitations associated with the use of blockchain platforms for managing / analyzing genomic data.
Chapter 4 includes a comprehensive market landscape analysis of companies offering blockchain platforms for the storage and management of genomic data. The chapter features analysis of these players on the basis of their year of establishment, geographical location, company size, type of business model used, types of services offered (such as genomic data protection / storage, full genomic sequencing, genetic counselling, genomic data analysis and others), proprietary blockchain platforms and utility tokens, and end-users (pharmaceutical companies, research institutes, genomic data providers (patients and healthy individuals), software developers, and insurers.
Chapter 5 provides tabulated profiles of all the players engaged in this field. Each profile features details on company headquarters, year of establishment, number of employees, key executives, 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).
Chapter 6 provides insights on the popularity of blockchain platforms, related to the storage and management of genomic data, on the social media platform, Twitter. The section highlights the quarterly distribution of tweets posted in the time period January 2015-August 2018, and the most significant events responsible for increase in the volume of tweets each year. Additionally, the chapter showcases the most frequently mentioned keywords, most talked about utility tokens, and active players, on the social media platform. It elucidates the most prolific contributors and presents a bubble analysis of the most influential contributors related to this domain on Twitter. The chapter also presents an insightful sentiment analysis, summarizing the impact / influence of various tweets posted on the platform.
Chapter 7 presents information on the needs of different stakeholders (pharmaceutical companies, research institutes, patients, healthy individuals, insurers and government agencies) in this industry. The chapter qualitatively assesses the needs of each stakeholder group and the relative importance of their expectations within this domain.
Chapter 8 features a detailed case study highlighting the go-to-market strategies adopted by companies engaged in this space. It presents insightful information on important marketing strategies, such as inbound marketing through social media platforms and online / print media, promotional activities through official websites, and business models used by various players in the market.
Chapter 9 provides an insightful bubble analysis, highlighting the market capitalization of the companies engaged in this domain, based on their proprietary utility tokens. For the purpose of this analysis, we considered several relevant parameters, including total maximum supply, circulation supply, and token price (in USD), of each of the aforementioned utility tokens.
Chapter 10 provides a comprehensive 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. In addition, the chapter presents an insightful opportunity analysis, featuring an estimation of the existing market size; based on multiple parameters, we have provided an informed estimate on the potential growth opportunities for companies engaged in this domain over the period 2018-2030.
Chapter 11 highlights a detailed assessment of various developments / recent trends related to companies offering blockchain platforms for genomic data management. This analysis presented in this chapter were focused on understanding the applications and challenges associated with the use of blockchain platforms for genomic data management and the future opportunity for these business models within the healthcare industry. The analysis offer 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.
Chapter 12 is a collection of executive insights of the discussions that were held with key stakeholders in this market. The chapter provides a brief overview of the companies and details of interviews held with David Koepsell (Chief Executive Officer, EncrypGen), Jake Dreier (Director of Growth and Operations, SimplyVital Health) and Aldo de Pape (Chief Executive Officer, Genomes.io) and Louis Gooden (Analyst, Genomes.io).
Chapter 13 is an appendix, which provides tabulated data and numbers for all the figures provided in the report.
Chapter 14 is an appendix, which contains the list of companies and organizations mentioned in the report.
LIST OF COMPANIES AND ORGANIZATIONS
The following companies / institutes / government bodies and organizations have been mentioned in this report.
3. Anorak Ventures
4. ARCH Venture Partners
6. Biologix Group
8. Boost VC
9. Bridge Link Capital
11. CollinStar Capital
12. Ironside Capital
14. Discovery Capital Management
19. Enigma Technologies
20. Fenbushi Capital
21. F-Prime Capital Partners
22. Gene BlockChain
24. Genetic Technologies
25. Gene Whisper
29. GreatPoint Ventures
30. Health Wizz
31. Heartbeat Labs
32. Hemi Ventures
33. Hemisphere Ventures
34. Hikma Ventures
35. Hoperidge Capital
36. Illumina Ventures
37. Khosla Ventures
45. Mirae Asset
46. Nebula Genomics
48. SimplyVital Health
51. Toro Risk Consulting Group
52. Veritas Technologies
53. Windham Venture Partners
54. WuXi NextCODE Genomics
55. X Genomics
56. YEI Innovation Fund