The growth of the forensic technology market is attributed to the growing technological advancements across the globe and increasing levels of awareness among consumers
Vancouver, Nov. 20, 2023 (GLOBE NEWSWIRE) — The global Forensic Technology Market will be worth USD 95.46 billion by 2032, according to a current analysis by Emergen Research. The market is driven by the growing rate of crime and increasing requirement the solutions of potentially dangerous crimes. Moreover, a growth in the number of government initiatives like funding to support R&D in forensic research which is further expected to drive the market growth throughout the forecasted period. Technological advancements utilized across the forensics industry like the idea of fingerprint testing, DNA profiling, and firearm analysis is expanding the horizon of applications of forensic technology in order to assess as well as analyze the criminal happenings on a global scale.
The fact that crime laboratory methods pose a crucial part in the functioning of the forensics sector although the market for forensic and related technology is smaller than that of biotechnology and pharmaceutical products. Technological advancements pertaining to forensics, like enhancement in the extraction of fingerprints from various types of metals in the form of gun cartridges and fragments, portable usage of color in order to identify chemical and biological weapons, DNA-profiling techniques, and sensing technologies. All the aforesaid application areas are focused on improving detection of explosives and drugs at various security checkpoints which also contributes significantly to the growth of the market.
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This report forecasts revenue growth at a global, regional, and country level and provides an analysis of the market trends in each of the sub-segments. The scope of the report can be defined as:
Scope of Research
|The market size value in 2019||USD 19.72 Billion|
|CAGR (2023 – 2032)||12.9%|
|The revenue forecast in 2032||USD 95.46 Billion|
|Base year for estimation||2022|
|Forecast period||2023 – 2032|
|Quantitative units||Revenue in USD Billion, and CAGR from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, Application, Region|
|Regional scope||North America; Europe; Asia Pacific; Central and South America; MEA|
|Country scope||U.S.; Canada; Mexico; U.K.; Germany; France; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; South Africa; Turkey|
|Key companies profiled||Forensics Pathways, Neogen Corporation, LGC Forensics, SPEX Forensics, Eurofins Scientific, Morpho Group, ThermoFisher Scientific, GE Healthcare, Agilent Technologies, NMS Labs|
|Customization scope||10 hrs of free customization and expert consultation|
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MAJOR COMPANIES and Market Share Analysis
The market for Forensic Technology is highly fragmented with a large number of small as well as medium-sized manufacturers, which account for a major global share of the market. The manufacturers involved in the Forensic Technology Market are desegregated across the value chain. Some of the prominent players in the Forensic Technology Market include:
- Agilent Technologies
- Eurofins Medigenomics Gmbh
- Forensic Fluids
In October 2019, Verogen Inc.’s cutting edge forensic DNA technology targeted towards especially for usage in forensic laboratories got its approval from FBI, US. The FBI deems it suitable to participate in various state, federal as well as municipal forensic laboratories.
Some Key Highlights from the Report
- In May 2020, UK based Renishaw launched inVia™ InSpect. It is the updated version of inVia confocal Raman microscope which is designed for utilization in forensic laboratories in order to trace chemicals and draw analysis.
- The diagnostic products pertaining to forensic DNA along with its testing and analysis services are anticipated to benefit majorly from the several high level measures by the government as well as local bodies to upgrade the legacy crime lab infrastructure.
- Over the years, hacking into various secure networks for illegal data compromises, like unauthorized usage of financial information, might lead to considerable downfall in businesses. This is likely to create a requirement for forensics technology, which extends to tools that are needed for collecting and analyzing electronic data for presenting it as evidence in a court of law, thereby creating an opportunity for growth of the market.
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Emergen Research has segmented the global Forensic Technology Market on the basis of type, application, and region:
- Type Outlook (Revenue, USD Billion; 2019-2032)
- Polymerase Chain Reaction (PCR)
- Capillary Electrophoresis
- Next Generation Sequencing
- Rapid DNA Analysis
- Automated Liquid Handling Technology
- Microarrays Arms
- Application Type Outlook (Revenue, USD Billion; 2019-2032)
- Law enforcement agencies
- Banking and financial institutions
- Regional Outlook (Revenue: USD Billion; 2019-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
- North America
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