Forensic Technology Market Demand, Industry Benefits, Scope, Regional Analysis

Forensic


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Forensic technology involves the use of data/sample collected from the crime scene. The market has witnessed significant growth in the recent past due to development of new types of technologies to solve crimes.

The global forensic technology market was valued at $9,458 million in 2015, and is projected to reach $22,905 million by 2023, growing at a CAGR of 13.4% from 2017 to 2023. Biometric devices segment held more than one-third share of the total market in 2016.

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COVID-19 scenario-

  • The Covid-19 pandemic and followed by lockdown has affected several manufacturing industries.
  • The prolonged lockdown resulted in a disrupted supply chain and increased the prices of raw materials.
  • However, as the world has been recovering from the pandemic, the market is estimated to get back on track.

Advent of new technologies such as alternative light photography, ballistic photography and DNA sequencer and rise in incidence of crime are the key factors that drive the market growth. In addition, rise in government initiatives to support forensic research such as funding availability are anticipated to fuel the demand for forensic technologies globally. However, lack of results obtained from these technologies restrict the market growth.

The drug analysis service segment generated the maximum revenue, accounting for more than one-fourth of the global forensic technology market in 2016. However, DNA profiling segment is estimated to exhibit the highest growth rate of 17.1% during the forecast period.

Asia-Pacific is projected to grow at the highest CAGR of 14.8% during the forecast period, owing to surge in crimes such as homicide, sexual harassment, and thefts. In addition, technological advancements to develop cost-effective technologies such as automated fingerprint identification, alternative light photography, and link analysis software present lucrative opportunities for market players in the near future.

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The Major Key Players Are:

  • 3M Company
  • Agilent Technologies Inc.
  • Belkasoft
  • Eurofins Medigenomix Forensik Gmbh
  • GE Healthcare
  • LGC Limited
  • MorphoTrust USA
  • NMS Labs
  • Thermo Fisher Scientific Inc.
  • Ultra Electronics Holdings plc.

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