Forensic Technologies Market to Gain Value of US$ 87.4 Bn by 2028, States TMR Study

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Nov 14, 2022, 06:30 ET

Surge in the number of crimes occurring worldwide is expected to lead to the global forensic technologies market develop at a CAGR of 13.2% during 2021-2028
Increase in the application of forensics solutions in North America is prognosticated to help in the regional market growth during the forecast period

WILMINGTON, Del., Nov. 14, 2022 /PRNewswire/ -- A research report by Transparency Market Research (TMR) states that the global forensic technologies market is estimated to reach a value of US$ 87.4 Bn by the end of 2028. Besides, analysts at TMR find that the market for forensic technologies is expected to advance at a CAGR of 13.2% during the forecast period, from 2021 to 2028.

The analysis report for forensic technologies market by TMR notes that players are likely to gain profitable prospects in North America during the forecast period. The growth of the North America market is ascribed to many factors such as a rise in the adoption of forensics by private organizations from various industries such as the healthcare industry as well as law enforcement agencies from the region.

Major players are using the strategies of coordinated efforts, acquisitions, and mergers in order to develop next-gen products as well as distribution channels. Moreover, several companies are focusing on research collaborations and new product launches, notes the forensic technology global market review by TMR. Such efforts are helping companies to maintain their prominent positions in the market, which in turn, are driving the expansion of the market for forensic technologies.

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Forensic Technologies Market: Key Findings

The analysts of a TMR study find that the DNA analysis segment of the market is expected to show growth at significant pace during the assessment period. The segment growth is ascribed to rise in the demand for DNA analysis technology owing to its cost-effectiveness as well as ability to offer precise and efficient outcomes in minimum time. This aside, the Y Chromosome Short Tandem Repeat (Y-STR) sub-segment of the market is likely to expand at notable pace during the forecast period, states a TMR study that sheds light on the trends in market of forensic technologies.
The laboratory forensics location segment of the market shows promising growth prospects due to many advantages. Carrying out different tests in laboratory settings can help in achieving highly efficient and effective outcomes, as the analysis of samples can be performed with no contamination since the possibility of majority of the evidence pieces at a crime scene of being contaminated is higher. This aside, rise in the focus of major service providers on the adoption of advanced technologies including laboratory information management software (LIMS) in order to carry out manifold tasks at a time in laboratory settings is driving the market expansion, note analysts at TMR.
Technicians and scientists working in crime laboratories of many developed nations such as the U.S. are focusing on the development of cutting-edge technologies that can be helpful in saving the innocent from imprisonment and bringing criminals to justice. Such factors are likely to drive the market growth in the forthcoming years, states an assessment by TMR.

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Forensic Technologies Market: Growth Boosters

Increase in the application of forensics solutions globally is prognosticated to fuel the market growth during the forecast period
Rise in the occurrence of crime incidents and surge in the demand for chemical analysis globally are projected to lead to rapid growth of the forensic technologies market size

Forensic Technologies Market: Key Players

Some of the key players profiled in the report are:

Eurofins Medigenomix GmbH
AB Sciex ( Danaher Corporation)
Forensic Pathways
Forensics Consulting Solutions
LGC Limited
GE Healthcare Lifescience
NMS Labs
Neogen Corporation
SPEX Forensics
Pyramidal Technologies Ltd.
Thermo Fisher Scientific, Inc.

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Forensic Technologies Market Segmentation

Service

DNA Profiling

PCR
Y-STR
RFLP
Mitochondrial DNA
Others

Chemical Analysis

Mass Spectrometry
Chromatography
Spectroscopy
Others

Biometric/Fingerprint Analysis
Firearm Analysis
Others (Computer Forensics, Network Forensics, Cloud Forensics, etc.)

Location

Laboratory Forensics (LIMS)
Portable Forensics (FaaS)

Region

North America
Latin America
Europe
Latin America
Middle East & Africa

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