New York, NY, March 23, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Forensic Technologies Market by Service Type (DNA Profiling, Chemical Analysis, Biometric/ Fingerprint Analysis, Firearm Analysis and Others), and by application for Pharmacogenetics, Biodefense and Biosurveillance, Judicial/Law Enforcement and Others: Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2023”. According to the report, global forensic technologies market was valued at approximately USD 24.17 billion in 2017 and is expected to generate revenue of around USD 46.74 billion by end of 2023, growing at a CAGR of around 11.47% between 2017 and 2023.
Forensic technology is used for identification, interpretation, and assessment of substantial evidence gathered from the site of the crime. Forensic technology has witnessed tremendous developments in its technologies which in turn have increased its application as well as demand in the market. This technology provides effective and reliable results and is employed for resolving many disputes. The increasing eminence of DNA testing is contributing greatly to the development of this market. The major factor limiting the growth in this market is the regulatory constraints for these technologies. The growth opportunities in this market are increasing due to increasing backlog of cases requiring forensic aid and outsourcing of case results by the governments.
Browse through 47 Tables & 18 Figures spread over 110 Pages and in-depth TOC on "Global Forensic Technologies Market 2017: Industry Size, Share, Analysis and Forecast till 2022”.
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Also, the market is driven by increasing investments by various public and private organizations for forensic research. For instance, the Debbie Smith DNA Backlog Grant Program provides funds to local as well as state governments to reduce the backlog of untested and unanalyzed DNA evidence. The primary purposes served by this grant include conducting an analysis of biological samples under applicable legal authority, improving the capacity of the state as well as local laboratories to conduct DNA analyses, and ensure streamlined analysis. In addition, the Katie Sepich Enhanced DNA Collection Act of 2012 amended the Debbie Smith Grant program to assign funds for the fiscal year 2013 to 2015 to meet costs associated with the collection of DNA samples from criminal suspects.
The forensic technologies market is segmented on the basis of service type into DNA profiling, chemical analysis, biometric/ fingerprint analysis, firearm analysis and others. Chemical analysis captured considerable share in the services segment in 2016. Chemical analysis has a wide array of applications such as toxicology studies, fire debris analysis, bloodstain pattern analysis, serology, alcohol testing, fingerprinting, and analysis of trace evidence, which is presumed to provide an upsurge to the segment.
Browse the full "Forensic Technologies Market by Service Type (DNA Profiling, Chemical Analysis, Biometric/ Fingerprint Analysis, Firearm Analysis and Others), and by Application for Pharmacogenetics, Biodefense and Biosurveillance, Judicial/Law Enforcement and Others: Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2023" report at https://www.zionmarketresearch.com/report/forensic-technologies-market
North America is the most profitable region in the global forensic technologies market, owing to high adoption rate of new technology and rapid rise in violent crime in the developed country of the U.S. According to the statistics provided by FBI, murder rates in the country rose nearly 10.7% in the U.S. in 2015 as compared to 2014.
Europe is the second largest regional market and is expected to show significant growth in the years to come. For instance, in 2014, National Institute of Justice (NIJ) and National Science Foundation (NSF) jointly initiated an Industry/ University Cooperative Research Center to improve university and industry collaboration in forensic science R&D and education. Moreover, NIJ has established a partnership with the National Science Foundation (NSF) and the National Institute of Standards and Technology (NIST) to promote innovation in forensic science. In addition, NIJ funds forensic science projects to promote fundamental forensic science research.
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The Asia-Pacific market is projected to have the highest CAGR during the forecast period. This exponential growth can be attributed to rising investments in human identification application across this region. In addition, an exponential rise in the number of criminal activities in emerging economies such as India and China has raised the need to adopt various technologies for DNA identification for expedited conviction.
Latin America and the Middle East and Africa are anticipated to exhibit high growth rates as the government across the emerging economies are making efforts to replicate the path of their developed counterparts. These efforts can go a long way in consolidating the position of the emerging economies towards the deployment of forensic technologies. Thus, all the aforementioned parameters are expected to propel the market growth for forensic technologies globally.
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Some of the key players in forensic technologies market include AB Sciex (Danaher Corporation), Eurofins Medigenomix GmbH, Forensics Consulting Solutions, Forensic Pathways, GE Healthcare Lifescience, LGC Limited, Neogen Corporation, NMS Labs, Agilent Technologies, SPEX Forensics, and Others. For instance, in March 2017, Agilent Technologies launched research grade Triple Quadrupole LC/MS System. This product launch was undertaken to expand their offerings and venture into various research applications such as forensic toxicology, environmental testing, clinical research, and peptide quantitation.
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This report segments the global forensic technologies market as follows:
Global Forensic Technologies Market: Service-Type Segment Analysis
- DNA Profiling
- Chemical Analysis
- Biometric/ Fingerprint Analysis
- Firearm Analysis
- Others
Global Forensic Technologies Market: Application Segment Analysis
- Pharmacogenetics
- Biodefense and Biosurveillance
- Judicial/Law Enforcement
- Others
Global Forensic Technologies Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East & Africa
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