The global forensic technology market was valued at
$9,458 million in 2015, and is projected to reach $22,905 million by 2023, growing at a CAGR of 13.4% from
2017 to 2023. Biometric devices segment held more than one-third share of the
total market in 2016.
Forensic technology involves the use
of data/sample collected from the crime scene.The market has witnessed
significant growth in the recent past due to development of new types of
technologies to solve crimes.
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Advent of new technologies such as
alternative light photography, ballistic photography and DNA sequencer and rise
in incidence of crime are the key factors that drive the market growth. In
addition, rise in government initiatives to support forensic research such as
funding availability are anticipated to fuel the demand for forensic
technologies globally. However, lack of results obtained from these
technologies restrict the market growth.
The drug analysis service segment
generated the maximum revenue, accounting for more than one-fourth of the
global forensic technology market in 2016. However, DNA profiling segment is
estimated to exhibit the highest growth rate of 17.1% during the forecast
period.
Asia-Pacific is projected to grow at
the highest CAGR of 14.8% during the forecast period, owing to surge in crimes
such as homicide, sexual harassment, and thefts. In addition, technological
advancements to develop cost-effective technologies such as automated
fingerprint identification, alternative light photography, and link analysis
software present lucrative opportunities for market players in the near future.
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The Major Key Players Are:
·
3M Company
·
Agilent Technologies Inc.
·
Belkasoft
·
Eurofins Medigenomix Forensik Gmbh
·
GE Healthcare
·
LGC Limited
·
MorphoTrust USA
·
NMS Labs
·
Thermo Fisher Scientific Inc.
·
Ultra Electronics Holdings plc.
Key Findings of the Forensic Technology
Market:
- The
services segment is expected to grow at a significant CAGR of 15.4%, during
the forecast period.
- The
chemical analysis segment accounted for more than one-fourth share of the
global forensic technologies by services market in 2016.
- Biometric
devices accounted for nearly two-fifths share of the global forensic
technologies market by product in 2016.
- France
and Germany collectively contributed for nearly one-third share of the
European forensic technology market in 2016.
- Japan
is the major shareholder in the Asia-Pacific forensic technology market,
accounting for more than one-fourth share in 2016.
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