June 08, 2021
According to a research report titled ‘Global DNA & RNA Banking Services Market Market Size Study, by Type (Transportation ,Service, Processing Service, Storage Service, Quality Control Service, Data Storage, Others), Specimen Type (Blood, Buccal Swabs & Hair Follicles, Others) Application (Therapeutics, Drug Discovery & Clinical Research, Clinical Diagnostics, Other Applications) End Use(Academic Research, Pharmaceutical & Biotechnology Companies, Hospitals & Diagnostic Centers, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global DNA & RNA banking services market was valued at USD 5.77 billion in 2019 and is expected to reach USD 8.83 billion by 2027, registering a CAGR of 5.46% throughout.
Report findings state that prevalence of cancer cases, rising geriatric population, accelerated investments in urgent care, and strategic partnerships between hospitals and urgent care providers are stimulating worldwide DNA & RNA banking services market growth.
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The National Cancer Institute in the U.S. reported that the annual rate of new cancer cases during 2013-2017 was 442.4 per 100,000 men and women, while the cancer mortality rate stood at 158.3 per 100,000 men and women per year.
Furthermore, rising demand & adoption of DNA & RNA banking services to facilitate research on genomics and medicines is anticipated to create ample growth opportunities for businesses operating in the industry.
For those unversed, DNA & RNA banking service is a type of bio repository that stores human samples for the purpose of research and for treating diseases that require immediate care.
Despite the positive industry outlook, high cost of infrastructure development is expected to impede the growth of global DNA & RNA banking services market in the ensuing years.
From a regional frame of reference, Europe accounted for a substantial market share in the recent past. This can be ascribed to rising geriatric population, availability of prompt & affordable urgent care services, and presence of well-established healthcare infrastructure in the region.
Meanwhile, Asia-Pacific market is projected to register a healthy compound annual growth over the forecast period, owing to low cost of research & development.
Key contenders in global DNA & RNA banking services market are Brooks Automation Inc. (Brooks Life Science Systems), Amgen Inc., Infinity BiologiX LLC, US Biolab Corp. Inc., ProteoGenex Inc., LifeVault Bio Inc., 23andMe Inc., OraSure Technologies Inc., Thermo Fisher Scientific Inc., and EasyDNA.