Forensic Technologies Market

Market Synopsis:

Global Forensic Technologies Market is valued at USD 16500.34 Million in 2022 and is projected to reach a value of USD 37480.99 Million by 2030 at a Compound Annual Growth Rate (CAGR) of 10.80% over the forecast period.

Forensic science has perceived tremendous progress in its technologies which has increased its demand and application in the market. Forensic Technologies offer reliable and effective results which are increasing its demand for resolving many disputes which are expected to drive the growth of the Forensic Technologies market in upcoming years. The Forensic Technologies market is expected to witness significant growth due to its several factors such as interpretation, identification, and assessment of important evidence collected from the site of crime. The growth of the market is primarily attributed to increasing crime rates and finesse in crime which is projected to boost the demand for the Forensic Technologies market to solve such cases. Furthermore, the rising incidences of cybercrimes have provided a boost to the digital Forensic Technologies that are used for retorting the incidences for procurement of fraud, IP infringement, and white-collar crimes during the forecast period. In addition, the adoption of several government policies and the funds to support forensic research and development is projected to have a positive impact on the growth of the Forensic Technologies market in the upcoming years. The increasing backlog of cases demanding forensic aid and the cases outsourcing resulting by the government are the factors expected to provide growth opportunities for the forensic market during the forecast period. Although, the regulatory restrictions for these technologies are the factor limiting the growth of the forensic market during the forecast period.

Market Segmentation:

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The DNA Testing Segment is Projected to Grow at the Highest CAGR During the Forecast Period:

On the basis of services, the DNA testing segment is anticipated to grow at the highest CAGR during the forecast period. The growth of the DNA testing segment is mainly attributed to the ability to provide efficient and accurate results within a short period of time and at a low cost. Moreover, based on the DNA testing, the Y-STR segment is projected to enhance at a high value in the upcoming years. Furthermore, the increasing advanced technology in the forensic industry is expected to boost the demand for DNA testing in the coming years.

North America is Expected to Dominate the Global Forensic Technologies Market:

The growth of North America is mainly attributed to rising in the adoption of new technologies and the rapidly increasing violent crime in the developed countries of North America such as the United States and Canada. According to the statistics provided by the FBI, murder rates in the United States analyzed are 10.8% in 2020. Furthermore, the government of various regions/countries are making various laws and strict restrictions for this technology which is limiting the growth of the market but the effective results of Forensic Technologies are driving the market growth in North America. Experts in North America are continuously working on the research and development of forensic science which is projected to increase the demand for Forensic Technologies in the years to come.

The Asia Pacific is projected to grow at a significant rate in the Forensic Technologies market during the forecast period. This growth is due to the increasing lunches of forensic laboratories in the Asia Pacific region. For instance, the global biotechnology company, life technologies introduced the first private DNA forensics laboratory in India, which reduces the burden on the existing forensic laboratories.

Competitive Landscape:

The forensic market is highly fragmented in nature due to the presence of key players in the Forensic Technologies market. Some of the key players on the market are Agilent Technologies, GE Healthcare, LGC, Promega, IDEMIA, Canon, Thermo Fisher Scientific, Bio-Rad Laboratories, Shimadzu Corp, NetBio, SCIEX, Forensic Fluids Laboratories, NMS Labs, Eurofins Medigenomix GmbH, Forensic Pathways and Pyramidal Technologies Ltd..

Forensic Technologies Market is Segmented as Follows: