X Genomics Will Build A Genetic Data Ecosystem and A Gene Sequencing Alliance
Data from BCC Research reveals that the market value of the global gene sequencing market has increased rapidly over the past 10 years. From $0.794 billion in 2007, it increased to $5.9 billion in 2015, with an average annual rate of 28.5%. It is anticipated to reach $13.8 billion in 2020, with a CAGR of 18.5%. However, for the time being, in the upstream of the gene sequencing industry, a few sequencing equipment enterprises have a monopoly over most sequencing equipment. While in the midstream and downstream, there are more than 10 enterprises working independently and respectively in each of the fields of gene data analysis, gene interpretation and tumor diagnosis, and their development has been slow and restricted.
X Genomics is faced with the challenges of the midstream and downstream enterprises and SMEs in the sequencing industry being unable to operate independently while complementarily, but we’re thrilled to make efforts to get that fixed. X Genomics aims to establish a Genome Sequencing Alliance to ecologically integrate these sequencing enterprises which have been long engaged in a certain area of gene sequencing, so that they can make full use of their respective advantages to generate more positive income to society. To make it happen, our team will safeguard the interests of all parties, especially the midstream enterprises and SMEs in the sequencing industry, while ensuring that the data within the alliance is open and shared in accordance with legal regulations and ethical practices, especially those concerning genetic data transactions and privacy.
For this purpose, our team puts its heart and soul into seeking the best solution to a gene ecology based on the status quo of the genetic industry, and finally figured out that blockchain technology is the best way to establish the Gene Sequencing Alliance. That’s because blockchain technology will enable genetic data to be stored in a decentralized fashion and shared with complete security without privacy concerns. With genetic data being transacted under a token mechanism, the midstream and downstream enterprises engaged in genetic sequencing, interpretation and analysis will in turn generate a maximum value to society, while enterprises and institutions engaged in scientific research, health management, and new drug research and development will be easily accessible to a large amount of genetic data without cost concerns, thus boosting genomics research and application.
Now, we are making greater efforts to establish the Gene Sequencing Alliance and seeking opportunities to build cooperative relationships with sequencing agencies around the world, with the ambition of creating a win-win ecosystem for gene sequencing. As more and more sequencing enterprises participate in X Genomics, we believe that the genetic data ecosystem will be further improved and the sequencing industry will soon usher in a flourishing and prosperous era.
