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.

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