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Ability of Blockchain Technology to Improve Data Management in Genomics to Fuel Blockchain in Genomic Data Management Market

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Published on : Oct 24, 2019

A report titled “Global Blockchain in Genomic Data Management Market Size, Status and Forecast 2019-2025” has been recently added to the ever-expanding library of ResearchMoz.us. The report will help readers understand the latest trends and developments in the global blockchain in genomic data management market. The market is projected to register a stellar growth during the forecast period. Blockchain technology helps in efficient data management in genomic, which is a prominent factor expected to boost the adoption of the technique. 

The blockchain in genomic data management is relatively a niche concept and, hence, at present there are a handful of players which are operating in the global blockchain in genomic data management market. Some of the prominent players operating in the market are EncrypGen, LunaDNA, GnoMine, and Nebula Genomics. These players are relying on intense research and development activities to concretize their foothold in the global blockchain in genomic data management market. 

Personalization of Medication offered by Blockchain to Boost Prospects 

Genomics involves the study of the vast and complex dataset and any change or misinterpretation of data could hamper the results of the study. In such scenarios, blockchain offers a trusted platform to carry data transactions. The technology is projected to provide relief researchers and pharmaceutical companies dealing in genomics by simplifying data interpretation. One of the major factors benefiting the blockchain in genomic data management market is the personalization of drugs/therapies. With the help of this, it will be possible for the researchers to develop medicine based on the unique patient condition. Hence there is a wide scope of blockchain in genomics. 

Nevertheless, lack of availability of secure data management resources in genomics is preventing secure storage, seamless exchange of information, and a reliable transaction. Further, the industry is at its nascent stage and hence non-availability of necessary tools and technologies to effectively perform the analysis are some other challenges faced by the players. 

To overcome this, players are investing in the research and developments of the use cases of blockchain technology in genomics. Along with this, several advantages such as decentralized information cryptocurrencies and storing/exchange genomic data offered by blockchain technology are opening lucrative growth avenues in the market. Additionally, peer-to-peer transactions offered by the blockchain technology in the genomic data management is offering desired data security to the players. Hence there is no need for third party tool to track data exchange. The enhanced data security offered by blockchain is expected to fuel the blockchain in genomic data management market.
In addition to this, blockchain in genomic data management could help in the easy access of genomic data sets. This will help improve information procurement process for research related to personalized drugs/therapy. This is the reason several pharmaceuticals companies have already started investing in the blockchain technology for genomic data management.

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Geographically, the blockchain in genomic data management market is classified into North America, Europe, Asia Pacific, and the Middle East and Africa. Among these, North America is witnessing early adoption of advanced technology in the region.