Global Forensic Technologies Market to Rise at 12.4% CAGR from 2013 to 2019

Forensic technologies are used for the identification, analysis and evaluation of physical evidence gathered from the crime scene. The collected and analyzed forensic evidence is in turn used in criminal law to prove the guilt or innocence of the defendant. It is oft-quoted in crime/law enforcement fields that, “a zero crime rate is a hypothetical situation”. Consequently the forensic technologies/services witness a near-perennial demand (although the growth rate may vary depending on all other variables/factors).

The United Nations (UN), European Union (EU) and Bureau of Justice Statistics (BJS), U.S., have collectively classified physical crime into: Drug offences (includes the illegal possession, cultivation, production, supplying, transportation, importing, exporting and financing of drug operations); Homicide (includes intentional killing of a person/s, including murder, manslaughter, euthanasia and infanticide); Violent crime (physical assault, robbery (stealing by force or threat of force) and sexual offences (including rape and sexual assault)); Property crime (includes domestic burglary and theft of a motor vehicle).

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Forensic technologies are used in the identification, interpretation, and evaluation of evidence gathered from the scene of crime. The application of various forensic technologies has increased with time as forensic science undergoes major developments. The use of advanced DNA profiling techniques such as miniaturization and microchips in identifying suspects in various forms of violent and non-violent crimes and in analyzing relics and skeletal remains has greatly supported the forensic technologies market.

The global forensic technologies market has been studied on the basis of location, service, and geography.

By location, the market is bifurcated into portable and laboratory forensic technologies.

By service, the market for forensic technologies has been divided into biometrics and fingerprint analysis, firearms identification and analysis, DNA profiling, chemical analysis, and forensic supplies and equipment. The segment of chemical analysis includes an assessment of explosives, drugs, and toxic substances. The segment of DNA profiling dominated the overall market for forensic technologies by service and is anticipated to expand at a healthy 11% CAGR from 2013 to 2019. The growing demand for DNA profiling in crime-solving and its demand from law enforcement agencies has greatly driven this segment. Biometrics also holds a significant share in the forensic technologies market and is likely to witness strong growth in the near future.

Based on geography, the global forensic technologies market has been categorized into North America, Europe, Asia Pacific, and Rest of the World. North America presently dominates the overall market, followed by Europe. The use of advanced and standardized forensic technologies in various applications has been driving both these regional markets. However, Asia Pacific and RoW are anticipated to gain significant market share by the end of the forecast period. Driven by the cheaper availability of various forensic technologies, these two segments are projected to acquire a joint share of 60% by 2019.

There has been a growing demand to improve the potential, efficiency, and value of forensics, a factor that has been significantly inspiring the constant development of forensic technologies. Transparency Market Research, in a report titled “Forensic Technologies Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,” studies the emergence of this market and its performance over the years. The forensic technologies market is anticipated to expand at a healthy 12.4% CAGR from 2013 to 2019, rising from a value of US$8.3 bn in 2012 to US$17.7 bn by 2019.

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The report highlights the prominent players competing in the global forensic technologies market and evaluates them based on attributes such as company overview, business strategies, product portfolio, and financial standing. Eurofins Medigenomix Gmbh, SPEX Forensics, Pyramidal Technologies Ltd., GE Healthcare Life Sciences, NMS Labs, Inc., and LGC Forensics are some of the key companies in the forensic technologies market. A SWOT analysis conducted by analysts sheds light on the strengths, weaknesses, opportunities, and threats of these companies, giving clients sharp and actionable insight into their competitors.

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This release was published on openPR.