The global forensic technologies market was worth US$ 3,939.6 million in 2017 and is expected to grow at an 8.4% compound annual growth rate (CAGR) from 2018 to 2026. Some of the most significant factors driving the growth of the global forensic technologies market are growing crime rates worldwide, increasing government measures to prevent terrorist attacks, and demand for portable and quick forensic technologies at the scene of a crime. The market is simultaneously driven by technological advancements and applications in DNA testing, fingerprint tracing, and ballistic surveillance.
Growing cases of cybercrime have made both the private and public sectors vulnerable to attacks. The capabilities of forensic technologies have developed, leading to a drop in the price of forensic analysis and expanded use of forensic services. Moreover, enhanced computer data and mobile device recovery, improved fingerprint recovery, real-time DNA sequencers for DNA identification, and sensing technologies to improve drugs and explosive detection are driving the demand for forensic technologies.
The portability of DNA profiling technologies for crime scenes and the development of facial recognition, biometrics, and scanning are other factors that have increased practical application, reduced per-unit costs of the forensic application, and enhanced market penetration of the forensic technologies market.
Market Synopsis
Forensics Technologies Market to be Driven by Technological Advancements
The forensic sector is one of the fastest-growing business sectors in the modern economy, owing to technological changes and growing social demands. In 2017, polymerase chain reaction held the largest share in the global forensic technologies market owing to growth in DNA testing.
For instance, DNA testing has led to the initiation of the Innocence Project in the U.S., which resulted in the acquittal of 350 innocent Americans in 2017. Capillary electrophoresis is expected to exhibit the fastest growth rate during the forecast period due to benefits such as increased resolution, higher speed, minimal consumption of sample, ease in handling, and reduced risk of contamination.
North America Dominated the Global Forensic Technologies Market
In 2017, North America held the largest share of the global forensic technologies market owing to growing crime rates in the region, an increased need for forensic research, and access to the latest technologically advanced forensic techniques. The U.S. accounted for the lion’s share in North America. There has been an increase in the number of forensic laboratories in the country. For instance, the number of forensic laboratories rose from 300 in 1999 to 475 in 2017, owing to the growing demand for forensic analysis.
Moreover, market experts suggest that the rate of digital crimes such as data espionage, cyber-based terrorism, computer intrusions, hacking, malware, and others is relatively higher in the Americas region. Europe is the second-largest region in the global forensic technologies market, whereas Asia-Pacific is projected to grow at the fastest rate owing to growing crime rates in India, China, and other Asian countries. There is a growing demand for forensic investigation in telecom, power, oil and gas, railways, and airports due to terrorism and increasing crimes in the region.
Periods of History and Forecast
This research report presents the analysis of each segment from 2016 to 2026, considering 2017as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments was calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
The Forensic Technologies market report provides quantitative analysis as well as current market trends. The market is segmented based on technology type, application type, and geography.
The market is studied in order to understand the current dynamics and future trends in the global forensic technologies market. The study includes market size and forecasts for all considered segments presented in the report for the period from 2016 to 2026, along with respective compound annual growth rates (CAGRs) for the forecast period from 2018 to 2026, considering 2017 as the base year.
The key players currently engaged in the forensic technologies market include Thermo Fisher Scientific, Inc.; Agilent Technologies, Inc.; SPEX Forensics; Eurofins Scientific; and LGC Forensics, among others. The companies are engaged in the launch of DNA testing products and chemical analysis products for forensic investigation. In September 2018, Thermo Fisher Scientific launched single-quadruple mass spectrometry for LC-MS routine analysis.
Key questions are answered in this report.
How will the global market for forensic technologies perform during the forecast period from 2018 to 2026?
What are the latest trends in the forensic technology market and valuable opportunities for key players?
Who are the leading players in the global forensic technologies market?
Which region leads and grows the most in the global forensic technologies market?
What are the drivers and restraints governing the global market for forensic technologies?
Frequently Asked Question:
The market for Forensic Technologies Market is expected to reach USD$ 3,939.6 Mn in 2026.
The Forensic Technologies Market is expected to see significant CAGR growth over the coming years, at 8.4%.
The report is forecasted from 2018 -2026.
The base year of this report is 2017.
Thermo Fisher Scientific, Inc.; Agilent Technologies, Inc.; SPEX Forensics; Eurofins Scientific; and LGC Forensics. are some of the major players in the global market.
