Forensic Technologies Market Growth Analysis up to 2028
Research Reports
Dec 05, 2022
Forensic Technologies Market: Introduction
According to the report, the global forensic technologies market was valued at US$ 51.6 Bn in 2020 and is projected to expand at a CAGR of 13.2% from 2021 to 2028. The forensic technology refers to the scientific system of searching, investigating, retrieving, and analyzing the evidence gathered from the site of crime. Several procedures and equipment, such as data examination and charting tools, closed circuit televisions (CCTV), record management systems (RMS), license plate recognition (LPR) systems and DNA confirmation equipment, are utilized to conduct forensic investigations.
Advanced technologies, including alternative light photography, which utilize blue and orange light filters to measure the extent of damage on the skin, along with facial reconstruction and drug testing, are widely used as a part of forensic investigation.
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Increase in Crime Rate Drives Global Market
The rise in crime rates is one of the major factors fueling the growth of the global forensic technologies market. The sophistication and finesse in the crimes committed are responsible for high demand for advanced forensic technologies for investigating and solving cases across various industries, including banking, healthcare, and telecommunications. The surge in cases of cybercrimes has provided a major boost to digital forensic technologies, which are utilized to respond to incidents of procurement fraud, white-collar crimes, and IP infringement.
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Chemical Analysis Segment to Dominate Global Market
In terms of service, the global forensic technologies market has been classified into DNA profiling, biometric or fingerprint analysis, chemical analysis, firearm analysis, and others (computer forensics, network forensics, and cloud forensics). The DNA profiling segment has been split into PCR, Y-STR, RFLP, and mitochondrial DNA. The chemical analysis segment has been bifurcated into mass spectrometry and chromatography spectroscopy.
The chemical analysis segment accounted for the largest share of the global forensic technologies market in 2020. This can be attributed to recent technological advancements, such as GC/MS system for analysis of drugs or toxicology. The DNA analysis segment is anticipated to expand at a better-than-average CAGR during the forecast period, owing to its ability to provide accurate and efficient results in short period of time at low cost. The Y-STR sub-segment is expected to grow at a rapid pace during the forecast period.
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Laboratory Forensics Segment to Lead Global Market
Based on location, the global forensic technologies market has been bifurcated into laboratory forensics (LIMS) and portable forensics (FaaS). The laboratory forensics segment accounted for considerable share of the global forensic technologies market in 2020. This can be attributed to effective and efficient results in laboratory settings, as samples can be analyzed without any contamination (most of the pieces of evidence at a crime scene tend to be contaminated). Moreover, technological advancements (adoption of laboratory information management system (LIMS) software to perform multiple tasks at a time) in laboratory settings are expected to augment the segment during the forecast period.
North America to be Key Market for Forensic Technologies
In terms of region, the global forensic technologies market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global forensic technologies market in 2020, followed by Europe. The adoption of forensics by private companies and law enforcement agencies in various industries, including healthcare, has increased in North America. This can be ascribed to the region’s large market share. The development of sophisticated and assistive healthcare infrastructure has led to improvement in the efficiency of forensic studies. This is projected to boost the growth of the market in North America.
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Competition Landscape
The global forensic technologies market is fragmented in terms of number of players. Key players in the global market include AB Sciex (Danaher Corporation), Eurofins Medigenomix GmbH, Forensics Consulting Solutions, Forensic Pathways, GE Healthcare Lifescience, LGC Limited, Neogen Corporation, NMS Labs, Pyramidal Technologies Ltd., SPEX Forensics, and Thermo Fisher Scientific, Inc. These companies employ strategies such as mergers & acquisitions, novel product development initiatives, and geographical expansion to increase their share and sustain the competition.
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