The Forensic Technology Market is expected to be valued at USD 52.04 Billion by 2027 from USD 19.72 Billion in 2019, registering a CAGR of 12.9% through the forecast period. To achieve excellent forensic science benchmarks, governments worldwide are undertaking numerous initiatives to make it a vital aspect in ensuring public safety. This is expanding the scope of the market. A major factor bolstering the market growth is the partnership between the National Institute of Standards and Technology (NIST) and the National Institute of Justice (NIJ) for the generation of novel and innovative techniques to augment the workflow using advanced forensic technologies.
The industry’s prominent players have collaborated to form the Industry/University Cooperative Research Centers Program to increase the efficiency of the research and development processes in the field of forensic science, chiefly in the market and academic institutions. The program emphasizes the development of technologies to preserve and handle DNA and other biological sample evidence. Moreover, the increasing efforts of the organizations to optimize the interoperability of the DNA fingerprinting identification systems and develop standards for practical solutions to regulate criminal cases is adding to the market growth.
Furthermore, the increasing frequency of violent crimes, growing demand for forensic testing in homicides, robbery, and sexual violence across the globe are adding traction to the market growth. The soaring investment from the public and private organizations to expand the scope of forensic research is primarily bolstering the market growth.
Key Highlights from the Report:
- The Polymerase Chain Reaction (PCR) sub-segment occupied a substantial market share in 2019 and is expected to command the market growth in the forecast timeframe. This can be ascribed to the growing penetration rate of forensic technology in various areas of applications, such as illicit drug analysis, toxicology, and ballistics studies.
- The law enforcement agencies sub-segment is predicted to register a significantly high CAGR of 13.3% over the projected years ascribed to the augmenting number of government initiatives working towards improving the workflow and clear logjams of criminal cases requiring strong evidence.
- North America occupied the largest percentage of the market in 2019, accounting for a 41.8% share of the global industry landscape, and is estimated to retain its dominance. This can be ascribed to the surging number of criminal activities, the soaring adoption of forensic technology by private corporations and law enforcement agencies, and a rapid progression in healthcare facilities.
- The Asia Pacific market is poised to expand at a high CAGR of 13.9% in the projected timeline owing to the surging frequency of investments to advance the application areas of human identification and the increasing crime rate across emerging APAC countries.
- Prominent competitors in the market include 3M, Agilent Technologies, Eurofins Scientific, NMS Lab, Micro Systemation, LGC Group, LGC Limited, Cytiva, and Thermo Fisher Scientific, among others.
- Thermo Fisher Scientific, Inc. introduced SEqStudio Genetic Analyzer, a technologically improved and forensic lab qualified technology, in November 2019. The technology has been developed to refine the human identification system and validate the workflow in forensic DNA laboratories.
For the purpose of this report, Emergen Research has segmented the Global Forensic Technology Market on the basis of type, application, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Polymerase Chain Reaction (PCR)
- Next-Generation Sequencing
- Capillary Electrophoresis
- Automated Liquid Handling Technology
- Rapid DNA Analysis
- Microarrays Arms
Application Outlook (Revenue, USD Billion; 2017-2027)
- Banking and financial institutions
- Law enforcement agencies
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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