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Forensic Technology Market to Incur Steady Growth $22,905 million by 2023 | CAGR 13.4%

02-04-2020 02:58 PM CET | Health & Medicine

Press release from: Allied Market Research

Forensic Technology Market

Forensic Technology Market

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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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.

The major companies profiles Are:

o 3M Company
o Agilent Technologies Inc.
o Belkasoft
o Eurofins Medigenomix Forensik GmbH
o GE Healthcare
o LGC Limited
o MorphoTrust USA
o NMS Labs
o Thermo Fisher Scientific Inc.
o Ultra Electronics Holdings plc.

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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.

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Key Findings of the Forensic Technology Market:

o The services segment is expected to grow at a significant CAGR of 15.4%, during the forecast period.
o The chemical analysis segment accounted for more than one-fourth share of the global forensic technologies by services market in 2016.
o Biometric devices accounted for nearly two-fifths share of the global forensic technologies market by product in 2016.
o France and Germany collectively contributed for nearly one-third share of the European forensic technology market in 2016.
o 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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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client's insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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