Forensic Technology Market Size to hit $22.90 billion by 2023, Top Prominent Players: MorphoTrust USA, GE Healthcare

Rise in adoption of forensic technology to solve criminal cases is a major factor that drives the growth of the market. Technology such as DNA fingerprinting and profiling is employed in diverse cases such as in legal claims, missing person’s cases, identification for the military, and paternity and prenatal testing which is expected to boost the market growth.

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The global forensic technology market accounted for $9.46 billion in 2016 and is projected to garner $22.91 billion by 2023, registering at a CAGR of 13.4% during the period 2017–2023.

COVID-19 scenario-

1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.

2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.

3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.

Rise in crime rate across the world, technological advancements in forensic technology, and increase in funding for forensic research are the major factors that drive the global forensic technology market. However, lack of accuracy in results hampers the market. On the contrary, increase in government initiatives to prevent cybercrime is expected to create lucrative opportunities in the near future.

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The global forensic technology market is divided on the basis of product, service, and geography. Based on the product type, the market is segmented into DNA testing, biometric devices, digital forensics, and ballistic forensics. The biometric devices segment held the largest market share in 2016, contributing nearly two-fifths of the total market.

On the basis of service, the market is bifurcated into DNA profiling, fingerprinting analysis, drug analysis, and firearm analysis. The DNA profiling segment is projected to manifest the fastest CAGR of 17.1% during the study period. However, the drug analysis service segment held the maximum revenue in 2016, contributing more than one-fourth of the total market.

Based on geography, the market is divided into North America, LAMEA, Europe, and Asia-Pacific. The Asia-Pacific region is expected to manifest the fastest CAGR of 14.8% during the study period, owing to surge in crimes such as homicide, thefts, and sexual harassment. Moreover, the rapid technological developments to develop cost-effective technologies including alternative light photography, automated fingerprint identification, and link analysis software supplemented the growth of the market in the region. Moreover, France and Germany together accounted for nearly one-third of the total market in 2016. However, Japan held the largest share in the Asia-Pacific market, accounting for more than one-fourth revenue of the total market in 2016.

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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.

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