Forensic Technology Market Expected to Reach $22,905 Million by 2023

According to a new report published by Allied Market Research, titled, "Forensic Technology Market by Product and Service: Global Opportunity Analysis and Industry Forecast, 2014-2022," 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.

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Forensic technology involves the use of. 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.

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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.

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.

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 profiled in the report are 3M Company, Agilent Technologies Inc., Belkasoft, Eurofins Medigenomix Forensik GmbH, GE Healthcare, LGC Limited, MorphoTrust USA, NMS Labs, Thermo Fisher Scientific Inc., and Ultra Electronics Holdings plc.

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