The global Deoxyribonucleic Acid (DNA) and Ribonucleic Acid (RNA) banking services market size was USD 1.44 Billion in 2022 and is expected to register a revenue CAGR of 9% over the forecast period, according to the latest report by Reports and Data.
DNA and RNA banking services are used to preserve genetic material that may be used for analysis, research, and therapeutics. DNA stores and transmits genetic data, whereas RNA acts as a relay between ribosomes and DNA and produces proteins for the body. DNA and RNA have a correlative connection.
Another factor boosting market revenue growth is the increased prevalence of chronic disorders including cancer, diabetes, and cardiovascular diseases. The increased prevalence of these disorders is driving up the need for genetic testing and sequencing, which in turn is driving up the need for DNA and RNA services. Also, the usage of these services is expanding as personalized medicine, which analyzes genetic information to give patients with individualized therapies, gains popularity.
Advancements in technology and declining costs of genetic testing and sequencing have led to a growing number of individuals opting for genetic testing. This allows them to gain insight into their risk for certain diseases and make informed decisions about their healthcare.
Furthermore, the growing demand for DNA and RNA banking services in R&D projects is likely to fuel market revenue growth. DNA and RNA banking services are used by researchers to save genetic material for use in future research initiatives.
Additionally, the development of advanced technology for DNA and RNA banking is expected to drive the revenue growth of the market. The advancement of automated sample processing and storage technologies has made DNA and RNA banking services faster and more efficient, which is increasing the demand for these services.
The National Institutes of Health reports that there are over 10 million stored biobanked specimens in the U.S. alone, which include both DNA and RNA samples sourced from clinical studies, cancer research, and non-disease specific collections.
The U.S. Department of Health and Human Services estimates that approximately 80% of biobanks in the U.S. store both DNA and RNA samples.
For the collection, storage, and use of human biological resources for research, the U.S. Department of Health and Human Services (HHS) has set rules. These rules specify criteria for data security, data access, and informed permission.
The Human Tissue Act of 2004 in the United Kingdom specifies the proper procedures for obtaining, preserving, utilizing, and discarding human tissue samples. It also offers instructions on how to use personal data that has been anonymized or pseudonymized in relation to those samples.
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Some of the prominent players profiled in the global DNA and RNA banking services market include Thermo Fisher Scientific, BioStorage Technologies Inc., Life Technologies, BGI Group, DNA Genotek, Hamilton Company, Integrated DNA Technologies, Promega Corporation, Qiagen N.V., and Tecan Group Ltd.
Some Key Highlights from the Report
- The transportation segment held the largest revenue share in the global DNA and RNA banking services market in 2022. This is mainly due to the growing demand for secure and safe transportation services to transfer biological samples from collection sites to laboratories or storage spaces. These transportation services ensure the samples' integrity during transit by using specialized trucks and trained staff to handle biological samples. Additionally, transportation services provide real-time tracking and monitoring of samples to ensure that they reach their destination on time.
- The academic research segment is expected to experience the fastest revenue growth rate in the global DNA and RNA banking services market during the forecast period. This is because of the increasing demand for personalized and precision medicine. Researchers require a large number of DNA and RNA samples, and banks offer an efficient way for them to obtain these samples for various experiments and investigations.
- The North American market held the largest revenue share in the global DNA and RNA banking services market in 2022, primarily due to several factors. Firstly, the region has a high prevalence of chronic diseases, and there are increasing investments in research and development, as well as a growing awareness about personalized medicine. Additionally, there is a high number of biobanks and research institutes, and the region benefits from advanced healthcare infrastructure. These factors are expected to continue driving revenue growth in the market. Moreover, the adoption of advanced technologies, such as automation and artificial intelligence, in the healthcare sector is also expected to contribute to market revenue growth in this region.
- Thermo Fisher Scientific released the Applied Biosystems QuantStudio 6 and 7 Pro Real-Time PCR Systems on 20 September 2021. These systems are specifically designed for genotyping, gene expression analysis, and digital PCR applications.
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For the purpose of this report, Reports and Data has segmented the global DNA and RNA banking services market on the basis of Service Type Outlook, Specimen Type Outlook, Application Outlook, End-use Outlook, and Regional Outlook:
Service Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Transportation
- Processing
- Storage
- Quality Control
- Data Storage
- Others
Specimen Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Blood
- Buccal Swabs & Hair Follicles
- Others
Application Outlook (Revenue, USD Billion; 2022 - 2032)
- Therapeutics
- Drug Discovery & Clinical Research
- Clinical Diagnostics
- Others
End-use Outlook (Revenue, USD Billion; 2022 - 2032)
- Academic Research
- Pharmaceutical & Biotechnology Companies
- Hospitals & Diagnostic Centers
- Others
Regional Outlook (Revenue, USD Billion; 2022-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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