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The global forensic technology market is forecast to reach a market size of USD 50.41 Billion by 2027
NEW YORK CITY, NY, UNITED STATES, August 10, 2022 /EINPresswire.com / -- 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.
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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.
Government initiatives to support forensic research is also supporting growth of the market. However, the technology is not always correct, and uncertain accuracy of results could be a factor that will hamper adoption in emerging countries.
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.
Competitive Landscape:
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product & service portfolio. The Forensic Technology market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.
Leading companies operating in the 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.
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
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
Regional Outlook:
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
Italy
France
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
U.A.E.
South Africa
Rest of MEA
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About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, TouchPoints, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provide our clients with the ability to secure an edge over their respective competitors.
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