Forensic Technology Market Demand, Industry Benefits, Scope, Regional Analysis and Forecast 2021-2028 – KSU

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Forensic technology involves the use of data / samples collected from the crime scene. The market has experienced significant growth in the recent past due to the development of new types of technologies for solving crimes.

The global forensic technology market was valued at $ 9,458 million in 2015 and is expected to reach $ 22,905 million by 2023, with a CAGR of 13.4% from 2017 to 2023. The Biometric Device Segment held more than a third of the total market in 2016.

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COVID-19 scenario-

  • The Covid-19 pandemic, followed by the lockdown, affected several manufacturing industries.
  • The prolonged lockdown has resulted in a disruption in the supply chain and rising commodity prices.
  • However, as the world recovers from the pandemic, the market is expected to get back on track.

The advent of new technologies such as alternative light photography, ballistic photography and DNA sequencer and increasing incidence of crime are the key factors for the growth of the market. In addition, increased government initiatives to support forensic research, such as the availability of funding, are expected to fuel the demand for forensic technologies globally. However, the lack of results obtained from these technologies restricts the growth of the market.

The drug analysis services segment generated the maximum revenue, accounting for over a quarter of the global forensic technology market in 2016. However, the DNA profiling segment is expected to show the highest growth rate by 17.1% over the forecast period.

Asia Pacific is expected to grow at the highest CAGR of 14.8% over the forecast period, due to the spike in crimes such as homicide, sexual harassment and theft. 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.

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The main key players are:

  • 3M Company
  • Agilent Technologies Inc.
  • Belkasoft
  • Eurofins Medigenomix Forensik Gmbh
  • GE Healthcare
  • LGC Limited
  • MorphoTrust United States
  • NMS Laboratories
  • Thermo Fisher Scientific Inc.
  • Ultra Electronics Holdings plc.

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