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.

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.

Historical & Forecast Period

This study report represents analysis of each segment from 2023 to 2033 considering 2024 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2025 to 2033.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Forensic Technologies market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Forensic Technologies market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Forensic Technologies market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2033.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Forensic Technologies market?
• Which is the largest regional market for Forensic Technologies market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Forensic Technologies market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Forensic Technologies market worldwide?