The DNA & RNA banking services market is anticipated to reach $9.29 Billion By 2028, registering a CAGR of 5.3% from 2021 to 2028. Increasing cases of cancer subsequently rise in the activities related to cancer research is expected to drive significant growth for the market. In addition to this, a major advancement in the field of medical science and technology along with a rise in adoption for personalized medicine are supporting the overall growth of the market. Moreover, increasing investments and funding to expand the DNA and RNA banking services are expected to further augment the market growth.
In 2020, the drug discovery market segment of DNA & RNA banking services held the largest share. This high market share is attributed to research on biomarker discovery, scientific progressions in clinical research, and the rising need for drug discovery processes. These banking services support the entire therapy monitoring, disease prevention, and appropriate diagnosis with proper follow-ups.
Key Highlights of DNA & RNA Banking Services Market:
- Based on service, the storage service segment accounted for the largest share in the market and is expected to add more value to it during the forecast period. Reliable storage of DNA and RNA is a critical factor in the stable functioning of biobanks. It is highly crucial to store biological samples in temperature-controlled storage.
- In terms of specimen type, the blood segment dominated the DNA & RNA banking services market and is predicted to grow with the same trend during the forecast period. It is the most preferred specimen type used during non-invasive biomarker-based cancer studies.
- By application, the drug discovery and clinical research segment contributed the largest revenue share and the current trend suggesting that it will emerge as the fastest-growing segment during the forecast period. DNA & RNA banking services play a key role in the clinical research processes and new drug discovery.
- Based on end-use, the academic research segment held the majority of market share, owing to the growing preference for tailored therapies, personalized medicine, and biomarker therapies. Increased research and development activities are supporting the growth of this segment.
- The therapeutics segment is projected to witness a lucrative market growth over the DNA & RNA banking services study period. This is primarily due to large-scale government-sponsored immunization programs and a surge in infectious diseases, over the past decade. In addition, the increasing demand for storage is expected to propel market growth for DNA & RNA banking services.
Market participants operating in the DNA & RNA banking services industry include EasyDNA, 23andMe, Inc., GoodCell, ProteoGenex, LGC Biosearch Technologies, DNA Genotek Inc., US Biolab Corporation, Inc., Thermo Fisher Scientific, Inc., deCODE genetics, Infinity Biologix, Brooks Life Sciences, and PreventionGenetics.
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Regional Analysis :
North America led the market for DNA & RNA banking services and is anticipated to dominate the market in the coming years. An increasing number of biobanks coupled with rising efforts from the government on proper storage of blood, tissue, and other forms of specimens are contributing to the exponential growth of the market in this region. On the other hand, the regional market in the Asia Pacific is expected to exhibit rapid growth during the forecast period, on account of increasing awareness among leading stakeholders regarding the concept of bio-banking boosted by awareness programs and conferences.
Polaris Market Research has segmented the DNA & RNA banking services market report on the basis of service type, specimen type, application, end use, and region:
DNA & RNA Banking Services, Service Type Outlook (Revenue – USD Million, 2016 – 2028)
- Transportation Service
- Processing Service
- Storage Service
- Quality Control Service
- Data Storage
DNA & RNA Banking Services, Specimen Type Outlook (Revenue – USD Million, 2016 – 2028)
- Buccal Swabs & Hair Follicles
DNA & RNA Banking Services, Application Outlook (Revenue – USD Million, 2016 – 2028)
- Drug Discovery & Clinical Research
- Clinical Diagnostics
- Other Applications
DNA & RNA Banking Services, End Use Outlook (Revenue – USD Million, 2016 – 2028)
- Academic Research
- Pharmaceutical & Biotechnology Companies
- Hospitals & Diagnostic Centers
DNA & RNA Banking Services, by Regional Outlook (Revenue – USD Million, 2016 – 2028)
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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