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Forensic Technologies Market Expected to Reach US$ 80,716.5 Mn in 2025

11-17-2017 10:47 AM CET | Health & Medicine

Press release from: Transparency Market Research

Forensic Technologies Market Expected to Reach US$ 80,716.5 Mn

According to the report, the forensic technologies market was valued at US$ 39,580.5 Mn in 2016 and is estimated to reach US$ 80,716.2 Mn in 2025 at a CAGR of 8.3% from 2017 to 2025. Forensic technology used for investigation and identification of facts surrounding a crime. Forensic technology deals with the application of scientific knowledge and methodology to legal problems and criminal investigations. Forensic technology incorporates different field of science, including anthropology, biology, chemistry, engineering, genetics, medicine, pathology, phonetics, psychiatry, and toxicology. With advances in forensic technology, law enforcement has more tools and resources at its disposal, making it harder for criminals to get away with their actions. As a result, the demand for forensics technology has only increased over time. The rapid growth of the forensic technologies is mainly driven by a blend of technological improvements DNA profiling such as ‘miniaturization’ and ‘microchip technologies.

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Mergers, collaborations and agreements are some business strategies that adopted by different organization to develop products and distribution channels that give boost to the market. Moreover rapid rise in crime rates worldwide, and rise in demand for chemical analysis are likely to boost growth of the forensic technologies market. However, high cost of instruments and regulatory constraints is the primary factor that is anticipated to hinder the overall growth of the forensic technologies market.

The forensic technologies market by services has been segmented as DNA profiling, chemical analysis, biometric / fingerprint analysis, firearm analysis, and others (computer forensics, network forensics, cloud forensics, etc.).Further based on services, DNA profiling has been segmented into following type PCR,Y- STR, RFLP, mitochondrial DNA ,Others and chemical analysis has been segmented into mass spectrometry, chromatography spectroscopy and others.

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The chemical analysis segment accounted for largest share of the forensic technologies market in 2016. This is due to technological advancement (combination of gas chromatography and mass spectrometry i.e. GC/MS system) for analysis of drugs/toxicology would collective boost market demand. By location, forensic technologies market is categorized into laboratory forensics (LIMS) and portable forensics (FaaS) segment. The laboratory forensics accounted for major share of the forensic technologies market in 2016.

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This is attributable to effective and efficient results in laboratory settings, as samples can be analyzed without any contamination (most of the pieces of evidence at the crime scene tend to be contaminated). Moreover, technological advancements (adoption of laboratory information management system (LIMS) software to perform multiple tasks at a time) in laboratory settings are expected to augment the market during the forecast period Whereas the portable forensic segment is anticipated to expand at a high CAGR from 2017 to 2025 due technological advancements in detection of the offender/crime details at the crime scene.

Major players operating in the North America, Europe, Asia Pacific, Latin America and Middle East & Africa forensic technologies market includes SPEX Forensics, Eurofins Medigenomix GmbH, GE Healthcare Life Sciences, Neogen Corporation, Forensics Consulting Solutions, LLC, Forensic Pathway, SCIEX (Danaher Corporation),Thermo Fisher Scientific and others.

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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