Forensic Technology Market Trend- High Focus on Upgrading Crime Laboratories
Increasing number of crimes of illicit activities across the globe, rising demand for advanced technologies for solving crimes, and high focus on developing and launching novel products are expected to drive global Forensic Technology market growth.
According to Emergen Research, the global forensic technology market size was USD 19.72 billion in 2019 and is expected to reach USD 52.04 billion in 2027 and register a steady revenue CAGR of 12.9% during the forecast period, 2020-2027.
Forensic technology is used for investigating, searching, identifying, retrieving, and analyzing facts surrounding a crime. Forensic technology experts use the most advanced technological solutions and systems for processing samples and collecting evidence for crime investigation and prosecutions. Some of the commonly used devices and equipment are record management systems, license plate recognition, DNA confirmation equipment, and closed-circuit televisions. Factors such as growing demand for advanced forensic technologies in healthcare, law enforcement agencies, banking, and financial institutions, and telecom, rising incidence of procurement fraud, IP infringement, and white-collar crimes across the globe, and increasing need for efficient solutions for investigating crime are expected to drive global market growth. In addition, favorable government policies and rising funds by public and private organizations for forensic research are other factors expected to fuel market growth going ahead.
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However, factors such as lack of accurate results, low awareness about advanced technologies such as capillary electrophoresis, next-generation sequencing, and automated liquid handling technology, especially in developing and underdeveloped countries can hamper global market growth during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
PCR Segment to Account for Largest Revenue Share:
The PCR segment is expected to account for largest revenue share between 2020 and 2027 owing to rising number of samples for quick and accurate analysis, rapid advancements in PCR technology, growing adoption of PCR for illicit drug analysis and toxicology studies, and high preference for PCR due to low risk of cross-contamination, high accuracy and less consumption of sample.
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Law Enforcement Agencies Segment To Register Rapid Revenue CAGR:
The law enforcement agencies segment is expected to register rapid revenue CAGR over the forecast period owing to increasing prevalence of crime and illicit activities across the globe, rising government initiatives, and rapid adoption of large spectrum techniques for gathering precise information.
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market during the forecast period owing to increasing cases of murder, rape, intentional homicide, and other illicit activities across the region, rapid adoption of forensics by public, private companies, and law enforcement agencies, and rising investments in forensic research.
Major Companies in the Market Include:
- Eurofins Scientific
- Agilent Technologies
- NMS Lab
- LGC Group
- LGC Limited
- Thermo Fisher Scientific
- Micro Systemation
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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)
- Capillary Electrophoresis
- Next Generation Sequencing
- Rapid DNA Analysis
- Automated Liquid Handling Technology
- Microarrays Arms
Application Type Outlook (Revenue, USD Billion; 2017-2027)
- Law enforcement agencies
- Banking and financial institutions
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
- South Africa
- Rest of MEA
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