According to the business intelligence 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, global DNA & RNA banking services market was assessed at USD 5.77 billion in 2019 and is anticipated to accrue USD 8.83 billion by 2027, expanding at 5.46% CAGR between 2020-2027.

 

Growing incidences of cancer worldwide, surging geriatric population with higher health susceptibility, and rising investments in urgent care are key factors spurring global DNA & RNA banking services industry growth.

 

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According to the National Cancer Institute of U.S.A., cancer mortality rate was 158.3 per 100,000 women and men each year between 2013-2017. Meanwhile, yearly rate of new cases reported was 442.4 per 100,000 men and women in that period.

 

For the unaware, DNA & RNA banking services refers to a bio repository that stores human samples for research purposes, including medicines and genomics. They are also helpful in treating illnesses and diseases that require immediate care.

 

Strategic collaborations between urgent care providers and hospitals will also aid industry proliferation. On the other hand, high infrastructure development costs is poised to hinder global DNA & RNA banking services market expansion.

 

Based on service type, the industry is bifurcated into data storage, transportation service, storage service, processing service, quality control service, and others. As per application scope, the business sphere is classified into therapeutics, clinical diagnostics, drug discovery & clinical research, and others. Moving on to end user spectrum, the industry is split into pharmaceutical & biotechnology companies, academic research, hospitals & diagnostic centers, and others.

 

From regional frame of reference, Europe held majority of worldwide DNA & RNA banking services industry share in the recent past, due to well-developed healthcare infrastructure, increasing geriatric population, and affordability & promptness of urgent care services. Meanwhile, Asia Pacific market is anticipated to showcase significant expansion between 2020-2027, owing to decreased cost of research & development.

 

Key players profiled in the report are Brooks Life Sciences Inc., EasyDNA, OraSure Technologies Inc., Amgen Inc., 23&Me Inc., ProteoGenex Inc., Infinity BiologiX LLC, Thermo Fisher Scientific Inc., US Biolab Corporation Inc., and GoodCell.