Wilmington, Delaware, United States, April 06, 2023 (GLOBE NEWSWIRE) -- According to Transparency Market Research, the global forensic technologies market was valued at USD 51.6 Bn in 2020 and is projected to reach USD 87.4 Bn by 2028 with CAGR of 13.2% from 2021 to 2028.
Rise in utilization of advanced forensic technologies by law enforcement agencies for evidence collection and analysis is expected to propel the market. Rapid increase in adoption of advanced computer forensics and surge in demand for modern machinery and equipment in laboratory forensics techniques are trends that are anticipated to accelerate market development.
To Remain Ahead of Your Competitors, Request for a Sample: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=819
Forensic Technologies Market Scope:
| Report Coverage | Details | |
| Market Revenue | USD 51.6 Bn in 2020 | |
| Estimated Value | USD 87.4 Bn by 2028 | |
| Growth Rate | 13.2% | |
| Forecast Period | 2021–2028 | |
| No. of Pages | 152 Pages | |
| Market Segmentation | By Service and Location | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | 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, Thermo Fisher Scientific | |
High utilization of DNA profiling, such as PCR and Y-STR, in the last few years has augmented the market value. Advancements in forensic toxicology driven by rising usage of novel immunoassays and hyphenated mass spectrometric techniques in crime investigations are expected to fuel the market.
Significant demand for advanced mass spectrometry (MS) is likely to offer substantial business opportunities for companies in the forensic technologies market. Advances in computer (digital) forensics is likely to broaden market outlook.
Competition Landscape
Collaborations between academia and the industry aimed at development of next-generation of forensic DNA technologies are expected to intensify level of competition in the forensic technologies market. Leading players are adopting merger & acquisition strategy to develop innovative products and gain a competitive edge over their peers. Companies are also undertaking license and collaboration agreements to secure distribution rights of innovative products to developed regions in a bid to increase market share.
Key players operating in the market are AB Sciex (Danaher Corporation), Eurofins Medigenomicx GmBH, Forensics Consulting Solutions, Forensic Pathways, GE Healthcare LifeSciences, LGC Limited, Neogen Corporation, NMS labs, SPEX Forensics, Pyramidal Technologies Ltd., and Thermo Fisher Scientific.
Share Your Precise Requirements for Customized Sample: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=819
Key Findings of Study
- Significant Rate of Adoption of DNA Profiling Technologies in Legal System: Based on service, the DNA profiling segment of the market is anticipated to expand at an above-average CAGR from 2021 to 2028. Consistent advancements in DNA sequencing technology have paved the way for the launch of advanced products that are adopted by forensic laboratories in several countries. Increase in development and launches of next-generation sequencing technologies is expected to fuel the segment. Rise in demand for DNA profiling kits with higher sensitivity and throughput is expected to offer ample opportunities for companies in the forensic technologies industry. Surge in usage of Y STR markers in forensic DNA analysis is expected to propel the DNA profiling segment.
- Continuous Advancements in Laboratory Forensics to Augment Market Size: Governments of several countries are focusing on strengthening laboratory forensics in order to promote utilization of more sensitive technologies that would help law enforcement agencies to lower DNA backlogs. Introduction of next-generation mass spectrometry approaches in forensics has boosted the laboratory forensic segment (a market segment based on location). Governments, especially in developed countries, are increasing grants to support forensic science infrastructure including crime laboratories that perform DNA analysis. For instance, the Department of Justice’s Office of Justice Programs (OJP) (U.S.) announced a grant of over US$ 210 Mn.
Key Drivers
- Growing role of forensic science in investigation of crimes by law enforcement agencies worldwide is a key market trend. Wide range of forensic technologies assist law enforcement personnel to enhance the conviction rate.
- Rise in number of digital crimes in several countries is expected to fuel the forensic technologies market. Rapid increase in the number of skilled forensic investigators in the last few decades is expected to strengthen usage of computer forensics in criminal justice system.
- Surge in demand for chemical analysis of crime-scene evidence in the face of rising numbers of crimes related to illegal drugs, fire accelerants, and explosives is likely to drive advancements in forensic technologies.
Regional Growth Dynamics
North America, currently, holds the leading share of the forensic technologies market. Significant rate of adoption of forensics in criminal justice system, especially in the U.S. in the last few decades, has propelled the market development in North America. Rise in financial assistance by U.S. government agencies for forensic science and development is expected to offer business growth opportunities for companies. Extensive R&D in toxicological analysis technology in forensics is anticipated to boost the forensic technologies industry in North America. Governments in the region are focusing on bolster funding for laboratory infrastructure, which would accelerate the market evolution in the near future.
Browse the Full Report with Facts and Figures of the Forensic Technologies Market at: https://www.transparencymarketresearch.com/checkout.php?rep_id=819<ype=S
Segmentation
By Service
- DNA Profiling
- PCR
- Y-STR
- RFLP
- Mitochondrial DNA
- Others
- Chemical Analysis
- Mass Spectrometry
- Chromatography
- Spectroscopy
- Others
- Biometric Fingerprint Analysis
- Firearm Analysis
- Others (Computer Forensics, Network Forensics, Cloud Forensics, etc.)
Regions
- North America
- Europe
- Latin America
- Middle East & Africa
- Asia Pacific
By Location
- Laboratory Forensics (LIMS)
- Portable Forensics (FaaS)
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
