Forensic Technologies Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 To 2029

Industry Outlook

The global forensic technologies market held US$ 4,932.3 Mn in 2020 and is expected to grow at compound annual growth rate (CAGR) of 8.4% during the forecast period from 2021 to 2029. Some of the most significant factors driving the growth of global forensic technologies market are growing crime rates worldwide, increasing government measures to prevent terrorist attacks and demand for portable and quick forensic technologies at the site of crime. The market is simultaneously driven by technological advancements and applications in DNA testing, fingerprint tracing and ballistic surveillance. Growing cases of cybercrimes have made both private and public sectors vulnerable to attacks. The capability of forensic technologies have developed leading to drop in prices of forensic analysis and expanded use of forensic services. Moreover, enhanced computer data and mobile device recovery, improved fingerprint recovery, real-time DNA sequencers for DNA identification and sensing technologies to improve drugs and explosive detection are the driving the demand for forensic technologies market. Portability of DNA profiling technologies for crime scenes, and development of facial recognition, biometrics and scanning are other factors that have increased practical application, reduced per unit costs of forensic application and enhanced market penetration of the forensic technologies market.

Technological advancements to drive the Forensics Technologies Market

The forensic sector is the one of the most growing business sector of the modern economy owing to technological changes and growing social demands. In 2020, polymerase chain reaction held the largest share in the global forensic technologies market owing to growth in DNA testing. For instance, DNA testing has led to initiation of Innocence Project in the U.S., which resulted in acquitting of 350 innocent Americas in 2020. Capillary electrophoresis is expected to exhibit fastest growth rate during the forecast period due to benefit such as increased resolution, higher speed, minimal consumption of sample, ease in handling and reduced risk of contamination.

North America Dominated the Global Forensic Technologies Market

In 2020, North America held the largest share in the global forensic technologies market owing to growing crime rates in the region, increased need for forensic research and access to latest technologically advanced forensic techniques. U.S. accounted for the lion’s share in North America. There has been an increase in the forensic laboratories in the country. For instance, the number of forensic laboratories rose from 300 in 1999 to 475 in 2020 owing to the growing demand for forensic analysis. Moreover, market experts suggest that the rate of digital crimes such as data espionage, cyber-based terrorism, computer intrusions, hacking, malware, and others are relatively higher in the Americas region. Europe is the second largest region in the global forensic technologies market, whereas Asia Pacific is projected to grow at fastest rate owing to growing crime rates in India, China other Asian countries. There is a growing demand for forensic investigation in telecom, power, oil and gas, railways and airports due to terrorism and increasing crimes in the region.

Historical & Forecast Period

This research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segments calculated for the forecast period from 2021 to 2029.

Market is studied in order to understand the current dynamics and future trends in the global forensic technologies market. The study includes market size and forecast for all considered segments presented in the report for the period from 2019 to 2029, along with respective compound annual growth rate (CAGRs) for the forecast period from 2021 to 2029, considering 2020 as the base year. The key players currently engaged in forensic technologies market include Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., SPEX Forensics, Eurofins Scientific, LGC Forensics among others. The companies are engaged in launch of DNA testing products and chemical analysis products for forensic investigation. In September 2021, Thermo Fisher Scientific launched single quadruple mass spectrometry for LC-MS routine analysis.

Key questions answered in this report

• How the global forensic technologies market will perform during the forecast period from 2021 to 2029?
• What are the latest trends in the forensic technologies market and valuable opportunities for key players?
• Who are the leading players in the global forensic technologies market?
• Which is the leading/and fastest region in the global forensic technologies market?
• What are drivers and restrains governing the global forensic technologies market?

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