Wilmington, Delaware, United States, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global forensic technologies market is estimated to flourish at a CAGR of 13.2% from 2021 to 2028. Transparency Market Research projects that the overall sales revenue for forensic technologies is estimated to reach US$ 87.4 billion by the end of 2028.
The rise in environmental crimes, such as illegal logging and wildlife trafficking, has propelled the demand for forensic technologies. Advanced tools aid in tracing and prosecuting those responsible, aligning with global conservation efforts. The convergence of forensic technologies with healthcare is emerging, especially in personalized medicine. Forensic analysis of genetic data contributes to medical research, drug development, and understanding inherited diseases, presenting new market avenues.
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The expanding scope of forensic accounting, addressing financial crimes and fraud detection, is driving the adoption of specialized forensic technologies. This includes advanced data analytics tools for uncovering financial irregularities and ensuring corporate transparency.
Forensic Technologies Market: Competitive Landscape
The forensic technologies market thrives in a competitive landscape shaped by technological advancements, regulatory frameworks, and evolving crime trends. Key players like Thermo Fisher Scientific, Agilent Technologies, and PerkinElmer dominate with comprehensive portfolios spanning DNA profiling, toxicology, and digital forensics. Emerging contenders such as Forensic Pathways and NMS Labs carve niches in specialized services like cyber forensics and crime scene investigation.
Collaborations with research institutions and law enforcement agencies drive innovation and market penetration. Stringent legal requirements and rising crime rates globally fuel demand for sophisticated forensic solutions, intensifying competition and fostering a dynamic marketplace poised for further growth. Some prominent players are as follows:
- AB Sciex (Danaher Corporation)
- Eurofins Medigenomix GmbH
- Forensics Consulting Solutions
- Forensic Pathways
- GE Healthcare Lifescience
- LGC Limited
- Neogen Corporation
- NMS Labs
- Pyramidal Technologies Ltd.
- SPEX Forensics
- Thermo Fisher Scientific Inc.
Key Findings of the Market Report
- DNA Profiling emerges as the leading service segment in the forensic technologies market, with its precision, reliability, and versatility in criminal investigations.
- Portable Forensics (FaaS) is leading the forensic technologies market due to its agility and accessibility, enabling on-site investigations and rapid analysis.
- North America leads the global forensic technologies market with robust infrastructure, stringent regulations, and significant investments in research and development.
Forensic Technologies Market Growth Drivers & Trends
- Rapid progress in DNA profiling, digital forensics and AI-driven analytics fuels market growth, enhancing forensic investigation precision and efficiency.
- Escalating global crime rates drive demand for advanced forensic solutions, emphasizing the need for robust technologies in crime scene analysis and evidence processing.
- Stringent regulatory frameworks worldwide, focusing on judicial integrity and evidence admissibility, stimulate the adoption of cutting-edge forensic technologies for law enforcement and legal proceedings.
- Growing cyber threats necessitate innovative digital forensics tools to combat cybercrime, propelling the market forward as organizations prioritize securing digital evidence in an interconnected world.
- International collaborations between forensic laboratories, research institutions, and technology providers promote knowledge exchange and accelerate innovation, fostering a dynamic landscape in forensic technologies.
Global Forensic Technologies Market: Regional Profile
- North America leads the forefront with a robust forensic technology market, propelled by stringent law enforcement regulations, sophisticated infrastructure, and substantial investments in research and development. North America boasts key players like Thermo Fisher Scientific and Agilent Technologies, driving innovation in DNA profiling, digital forensics, and forensic toxicology.
- In Europe, stringent regulatory frameworks and a growing emphasis on crime prevention stimulate the adoption of advanced forensic technologies. Countries like the UK, Germany, and France exhibit significant investments in forensic research and infrastructure, supported by established players like PerkinElmer and Eurofins Scientific. A focus on DNA analysis, ballistics, and cyber forensics underscores its commitment to enhancing investigative capabilities and ensuring judicial integrity.
- In the Asia Pacific, rapid urbanization, evolving crime patterns, and increasing awareness of forensic science drive market expansion. Emerging economies like China and India witness surging demand for forensic technologies, fueled by rising crime rates and government initiatives to modernize law enforcement. Players such as Ever Fortune.AI in China and Shimadzu Corporation in Japan cater to regional needs, offering innovative solutions in forensic DNA analysis, drug testing, and digital forensics.
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Product Portfolio
- LGC Limited pioneers precision measurement solutions across industries, ensuring integrity and compliance. Their portfolio spans analytical testing, reference materials, and proficiency testing, empowering clients with reliable data for informed decisions. With a legacy of excellence, LGC remains a trusted partner in advancing global standards.
- Neogen Corporation leads in food and animal safety solutions worldwide. Offering innovative diagnostics and biosecurity products, Neogen safeguards public health and ensures quality throughout the food chain. Committed to advancing safety protocols, Neogen's comprehensive portfolio reflects its dedication to protecting consumers and enhancing industry standards.
Forensic Technologies Market: Key Segments
By Service
- DNA Profiling
- PCR
- Y- STR
- RFLP
- Mitochondrial DNA
- Others
- Chemical Analysis
- Mass Spectrometry
- Chromatography
- Spectroscopy
- Others
- Biometric/Fingerprint Analysis
- Firearm Analysis
- Others (Computer Forensics, Network Forensics, Cloud Forensics, etc.)
By Location
- Laboratory Forensics (LIMS)
- Portable Forensics (FaaS)
By Region
- North America
- Latin America
- Europe
- Latin America
- Middle East & Africa
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