22-Mar-2018 | Zion Market Research
Zion Market Research has published a new report titled “Forensic Technologies Market by Service Type (DNA Profiling, Chemical Analysis, Biometric/ Fingerprint Analysis, Firearm Analysis and Others), and by application for Pharmacogenetics, Biodefense and Biosurveillance, Judicial/Law Enforcement and Others: Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2023”. According to the report, global forensic technologies market was valued at approximately USD 24.17 billion in 2017 and is expected to generate revenue of around USD 46.74 billion by end of 2023, growing at a CAGR of around 11.47% between 2017 and 2023.
Forensic technology is used for identification, interpretation, and assessment of substantial evidence gathered from the site of the crime. Forensic technology has witnessed tremendous developments in its technologies which in turn have increased its application as well as demand in the market. This technology provides effective and reliable results and is employed for resolving many disputes. The increasing eminence of DNA testing is contributing greatly to the development of this market. The major factor limiting the growth in this market is the regulatory constraints for these technologies. The growth opportunities in this market are increasing due to increasing backlog of cases requiring forensic aid and outsourcing of case results by the governments.
Browse the full "Forensic Technologies Market by Service Type (DNA Profiling, Chemical Analysis, Biometric/ Fingerprint Analysis, Firearm Analysis and Others), and by Application for Pharmacogenetics, Biodefense and Biosurveillance, Judicial/Law Enforcement and Others: Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2023" report at https://www.zionmarketresearch.com/report/forensic-technologies-market
Also, the market is driven by increasing investments by various public and private organizations for forensic research. For instance, the Debbie Smith DNA Backlog Grant Program provides funds to local as well as state governments to reduce the backlog of untested and unanalyzed DNA evidence. The primary purposes served by this grant include conducting an analysis of biological samples under applicable legal authority, improving the capacity of the state as well as local laboratories to conduct DNA analyses, and ensure streamlined analysis. In addition, the Katie Sepich Enhanced DNA Collection Act of 2012 amended the Debbie Smith Grant program to assign funds for the fiscal year 2013 to 2015 to meet costs associated with the collection of DNA samples from criminal suspects.
The forensic technologies market is segmented on the basis of service type into DNA profiling, chemical analysis, biometric/ fingerprint analysis, firearm analysis and others. Chemical analysis captured considerable share in the services segment in 2016. Chemical analysis has a wide array of applications such as toxicology studies, fire debris analysis, bloodstain pattern analysis, serology, alcohol testing, fingerprinting, and analysis of trace evidence, which is presumed to provide an upsurge to the segment.
Pharmacogenetics, biodefense and biosurveillance, judicial/law enforcement and others are the key application segments of the global forensic technologies market. Judicial/law enforcement captured the largest share in the application segment in 2016. Consistent efforts by government authorities across the globe to create DNA databases are serving as a key growth contributing factor. The DNA Identification Act 1994 in the U.S. provided the FBI authority to develop a national DNA database to assist in solving backlog criminal cases, which has resulted in a significant upsurge in the adoption of forensics in the administration of justice.
North America, Europe, Asia-Pacific, Latin America and Middle East & Africa are key regional segments of global forensic technologies market. North America accounted for the largest share of the market owing to the increasing rate of violent crimes across this region. There has been a significant increase in the adoption of forensics by private companies and law enforcement agencies amongst various sectors including healthcare in this region, thereby attracting a higher share. Development of sophisticated and supportive healthcare infrastructure has led to improvement in efficiency of forensic studies and is anticipated to boost the market in this region.
Some of the key players in forensic technologies market include AB Sciex (Danaher Corporation), Eurofins Medigenomix GmbH, Forensics Consulting Solutions, Forensic Pathways, GE Healthcare Lifescience, LGC Limited, Neogen Corporation, NMS Labs, Agilent Technologies, SPEX Forensics, and Others. For instance, in March 2017, Agilent Technologies launched research grade Triple Quadrupole LC/MS System. This product launch was undertaken to expand their offerings and venture into various research applications such as forensic toxicology, environmental testing, clinical research, and peptide quantitation.
This report segments the global forensic technologies market as follows:
Global Forensic Technologies Market: Service-Type Segment Analysis
Global Forensic Technologies Market: Application Segment Analysis
Global Forensic Technologies Market: Regional Segment Analysis
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