Surge in criminal and terrorist activities & need for more efficient solutions to investigate crime & online fraud is driving forensic technology market growth
NEW YORK, NY, UNITED STATES, January 21, 2022 /EINPresswire.com/ — 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.
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.
The COVID-19 impact:
The forensic technology market is expected to gain some level of support in terms of growth an increased demand due to the COVID-19 pandemic and outbreak, and as a result of an investigation being conducted into details of origin and outbreak.
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The pharma and healthcare industry is rapidly expanding in terms of revenue over the last few years and is expected to register significant revenue growth over the forecast period of 2028. Rapid advancements in the healthcare sector, rapid growth in the medical and healthcare sectors, availability of latest equipment and tools, rising healthcare expenditure and improvements in healthcare infrastructures are some key factors driving global market revenue growth. In addition to this, increasing investments in research and development activities, rising prevalence of various diseases and dearth of medications and hospitals during the ongoing COVID-19 pandemic are boosting market growth. Increasing number of funds by public and private sectors, rising adoption of point-of-care diagnosis and home settings, high demand for precision medicine and ongoing research on drug discovery are also expected to fuel market growth going ahead.
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The report sheds light on the competitive landscape of the global Forensic Technology market and details about each market player, global position, financial standing, license agreement, and product and service portfolio along with business expansion plan. Major players are investing in research and development activities to develop and launch new products and services and are also focusing on adopting key strategies such as mergers and acquisitions, partnerships, joint ventures and collaborations to strengthen their market position and enhance their product base.
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.
• Key participants include 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.
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For the purpose of this report, Reports and Data has segmented the global forensic technology market on the basis of technology, services, application, and region:
Technology Outlook (Revenue, USD Billion; 2017-2027)
• Capillary Electrophoresis
• Polymerase Chain Reaction (PCR)
• Rapid DNA Analysis
• Next-Generation Sequencing
• Automated Liquid Handling Technology
Services Outlook (Revenue, USD Billion; 2017-2027)
• Chemical Analysis
• DNA Profiling
• Firearms Identification
• Biometric Analysis
Application Outlook (Revenue, USD Billion; 2017-2027)
• Biodefense & Biosurveillance
• Judicial/Law Enforcement
Regional analysis covers:
• North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of APAC
• Latin America
o Rest of LATAM
• Middle East & Africa
o Saudi Arabia
o Rest of MEA
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