Forensic Technology Services in the US - Industry Market Research Report

Cold Case: Industry Growth is Expected to Increase at a Slower Pace due to Lower Crime Rates

The Forensic Technology Services industry provides various forensic services used in criminal investigations. Industry forensic crime labs primarily receive requests from criminal justice agencies. State, county and municipal governments represent the market of industry revenue. Since government agencies are essentially the primary market for services, many industry forensic crime labs rely heavily on tax revenue and robust crime budgets for agencies to outsource work to them. Favorable domestic economic conditions, such as rising per capita disposable income, resulted in increased tax revenue over the past five years. Over the five years to 2023, revenue has grown at an estimated CAGR of 3.7% to $4.2 billion, including stagnant growth in 2023, when profit is expected to jump to 9.6% of revenue, up from 9.3% in 2018. Companies in this industry provide database forensics and testing services, such as biometrics, fingerprinting and DNA testing. Other testing services include forensic biology, forensic toxicology immunoassay (drug testing), testing for controlled substances and ballistics testing using analytical instruments. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.