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.
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.
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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.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
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.
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
Application Outlook (Revenue, USD Billion; 2017-2027)
- Biodefense & Biosurveillance
- Judicial/Law Enforcement
- Pharmacogenetics
- 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 Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Forensic Technology market over the forecast period?
- What are the major factors driving the growth of the Global Forensic Technology Market?
- What are the key challenges impacting the global Forensic Technology market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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