Pune, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Forensic Technology Market Size Analysis:
“According to SNS Insider Research, The Forensic Technology Market Size was valued at USD 4.50 Billion in 2023 and is expected to reach USD 10.80 Billion by 2032 and grow at a CAGR of 9.07% over the forecast period 2024-2032.”
Forensic technology has been increasingly used in a wide range of application areas, which is one of the most important factors that promote the demand for tools and systems required by this field. For environmental forensics, the U.S. Environmental Protection Agency (EPA) announces that forensic methods have become increasingly important in travels under this concept to detect pollutants and clean up polluted sites for subsequent scientific research. The use of forensic technologies has increased and is now necessary to help reveal sources of contamination and aid in the formulation and application of appropriate environmental protection approaches. This use of forensic sciences helps to assure compliance with environmental laws and assists in the investigation of incidents that may impact human health or damage biological resources.
There is also significant work happening in the automotive and healthcare fields concerning forensic technology. Accident reconstruction technologies and electronic data recorders are considered advanced forensic tools by the National Highway Traffic Safety Administration (NHTSA) which have been deemed essential to advancing vehicle safety and; the accuracy of crash investigations. The Centers for Disease Control and Prevention (CDC) also notes the value of forensics in pathogen tracing/spillback efforts when combatting infectious diseases. The changing role of forensic technology is illustrated by these applications, and they show how it can be a supply-side force in markets as diverse as this one.
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Major Players Analysis Listed in this Report are:
- Eurofins Medigenomix GmbH
- Agilent Technologies
- NMS Labs
- Thermo Fisher Scientific, Inc.
- Forensic Fluids Laboratories
- Forensic Pathways
- SPEX Forensics
- LGC Forensics
- Pyramidal Technologies Ltd
- GE Healthcare
- Other Players
Forensic Technology Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 4.50 Billion |
| Market Size by 2032 | US$ 10.80 Billion |
| CAGR | CAGR of 9.07% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | •The Increasing Incidence of Crimes, Including Cybercrimes, Terrorism, and Organized Crime, is A Significant Driver for The Forensic Technology Market. •The Expanding Applications of Forensic Technology Across Various Fields, Including Environmental Forensics, Automotive Forensics, And Healthcare, are Contributing to Market Growth. |
Segmentation Dynamics
The location section includes lab forensics and portable forensics technology. Laboratory forensics technology held the largest share of 71% in 2023 due to the availability of large testing instruments built for a significant amount of analysis. Various laws have been approved to maintain the quality, and accuracy of forensic labs for better results. Laboratory equipment, on the other hand, is cost-effective and has gained a huge acceptance among forensic experts, this manifests favorably over them.
The portable technology is slated to grow 11.01% from the period of 2023 and 2032 These are handheld & portable devices that help in on-site operation and are also used extensively in road-accident cases, and the detection of alcohol /drug intoxication. In addition, such portable testing devices assist in lowering the number of pending criminal cases at laboratories.
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Forensic Technology Market Key Segmentation:
By Type
- Polymerase Chain Reaction (PCR)
- Capillary Electrophoresis
- Next Generation Sequencing (NGS)
- Rapid DNA Analysis
- Automated Liquid Handling Technology
- Microarrays
- Others
By Service
- DNA Profiling
- Chemical Analysis
- Biometric Analysis
- Firearms Identification
- Others
By Application
- Pharmacogenetics
- Biodefense & Bio surveillance
- Judicial/Law Enforcement
- Others
By Location
- Laboratory Forensics Technology
- Portable Forensics Technology
Regional Insights
North America held the largest share of the forensic equipment market in 2023, with 36% size as the prevalence of crime cases is higher leading to an increase in the number & variety of forensics analyses which bolsters demand. Forensic services are gaining an increasing foothold across law enforcement agencies and in the private sector of multiple industries including healthcare. Similarly, the advancements in advanced techniques for forensic science and healthcare infrastructure support have also contributed to enhanced performance of forensic analysis in the region making it an advantageous market that is expected to see growth over future years.
Recent Developments
- The Power Plex 35GY system was launched in January 2023 by Promega Corporation, a kit that expands the capabilities for forensic laboratories to solve even more difficult cases-primarily sexual assaults.
- Thermo Fisher to the market in June 2023 also releases the LC-MS system for forensic toxicology, responding to new challenges posed by emerging illicit drug trends.
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Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Forensic Technology Market Segmentation, By Type
8. Forensic Technology Market Segmentation, By Service
9. Forensic Technology Market Segmentation, By Application
10. Forensic Technology Market Segmentation, By Location
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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