Surge in criminal and terrorist activities and need for more efficient solutions to investigate crime and online fraud is driving forensic technology market growth.
The global forensic technology market is forecast to reach a market size of USD 50.41 Billion by 2027 and register a rapid revenue growth rate over the next seven years, according to a new report by Reports and Data. The forensic technology market continues to register major growth owing to increasing demand and usage of advanced technologies to solve crimes. High demand for these solutions is also due to upsurge in sophisticated crimes and illicit activities in recent years, which have been resulting in increased growth of the forensic technology market.
Advancements in technologies and forensic equipment such as magnetic fingerprinting, DNA sequences, and integrated ballistic systems is also propelling market growth. Forensics is proving to be highly advantages, and enhanced fingerprint recovery enables lifting prints from weapons, guns, bomb and cartridge fragments, and serves to conclude investigations of a range of crimes. The growing terrorism threat globally has also served to increase adoption of forensic technology in recent years.
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Further key findings from the report suggest
- Next-generation sequencing segment is witnessing increased revenue growth due to its ability to identify humans by degraded blood samples and its usage in paternity tests. It also reduces bias and errors, which will propel the demand for these solutions, and in turn support revenue growth of this segment during the forecast period.
- DNA profiling is used to identify the origin of DNA at a crime scene and reveal biological relationships. There is high demand for DNA profiling in law enforcement agencies to secure the correct convict and exonerate the innocent. Growing need and use of DNA profiling is expected to drive growth of this segment over the forecast period.
- Pharmacogenetics is gaining importance in forensics to investigate the cause of death when autopsy provides no result, and to check the response of drugs in different genetic variations. Increase in demand for detailed reports for judicial purposes is expected to further drive revenue growth of this segment.
- North America accounted for largest revenue share in 2019 due to increased adoption of forensics technology and solutions across public and private companies. Development of more advanced healthcare equipment by major players in the market in the region is also boosting growth of the forensic technology market.
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Competitive landscape:
The report also sheds light on leading players in the market with details about their global position, revenue contribution, financial standing, product portfolio and license agreement. The global Forensic Technology market is extremely competitive and comprise global and regional market players. These players are focused on adopting various strategies such as mergers and acquisitions, collaborations, and government partnerships, research and development activities and introducing novel products to strengthen their market position. Some of the key players operating in the global market are
GE Healthcare, Thermo Fisher Scientific, Agilent Technologies, Eurofins Scientific, Forensic Fluids Laboratories, Neogen Corporation, SPEX Forensics, NMS Labs, Morpho Group, and LGC Forensics, among others.
Further the research report offers details about 5 major regions covered in the global Forensic Technology market.
Regional analysis covers:
- North America
- S.
- Canada
- Mexico
- Europe
- Russia
- K.
- Germany
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- A.E.
- Israel
- Rest of MEA
Forensic Technology Market Segmentation:
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Capillary Electrophoresis
- Polymerase Chain Reaction (PCR)
- Rapid DNA Analysis
- Next-Generation Sequencing
- Microarrays
- Automated Liquid Handling Technology
- Others
Services Outlook (Revenue, USD Billion; 2017-2027)
- Chemical Analysis
- DNA Profiling
- Firearms Identification
- Biometric Analysis
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Biodefense Biosurveillance
- Judicial/Law Enforcement
- Pharmacogenetics
- Others
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