Market Evaluation and Opportunities
The Precision Medicine Marketing is Growing Strongly
According to Emergen Research’s report in 2022, the global precision medicine market size was estimated to be USD 57.69 Billion in 2021 and is projected to experience a rapid revenue CAGR of 11.5% during the forecast period.
There are some factors that are essential to driving the growth of the precision medicine market, including advancement in cancer biology, increased adoption of gene therapy globally, rising use of big data analytics in precision medicine in developed countries, and patient involvement in personal healthcare. Precision Medicine is an innovative approach to disease prevention and treatment that takes into account people's genetic, environmental & lifestyle factors. Precision Medicine's goal is to target the right treatments to the right patients at the right time. Precision medicine's focused treatments, especially for cancer, have been proven to have fewer adverse effects and faster recoveries compared to standard medicine.
Exciting Opportunities for The Advancement of Genomics
As reported by Emergen Research in 2020, there was a rising demand for data protection with the prevalent application of blockchain technology. Moreover, the extensive adoption in the medical practice of genomic data is projected to drive exponential growth of the market in the forecast period. Specifically, the market size is estimated to reach USD 1,258.3 Million by 2027 at a CAGR of 65.8%.
In addition, according to this report, here are some highlighted numbers showing the potential of this particular sector:
In the segment of how blockchain in genomics is applied, Data Sharing and Monetization accounted for the largest market share of 44.9% in 2019. Blockchain technology allows both providers/ sellers and consumers to connect in a monetized manner with personal details being exchanged and obtained confidentially.
In terms of revenue, the Pharmaceutical and Biotechnology sector is projected to grow at a rate of 66.1% and dominate the market in the period of 2019 to 2027.
The Emergence of DeSci Movement to Disrupt The Centralized Space
Decentralized Science (DeSci) lies where two prevalent trends intersect: 1) scientists’ efforts to change the processes of research funding and knowledge sharing, and 2) efforts to shift ownership and dependence away from intermediaries within the crypto-focused movement.
Furthermore, DeSci entails an enclosed loop of ‘assets’ being shared, exchanged, and transformed into valuable inputs for the establishment of self-sustaining scientific ecosystems.
It was not until 2021 that an explosion of new projects paved the way for this movement to become more popular, including the first Open Science NFT selling; the consecutive rise of research groups auctioning NFTs; the establishment of various science-focused decentralized autonomous organizations (DAOs); and a DeSci panel discussion (2)
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