Global Forensic Technologies Market: Snapshot
The global market for forensic technologies is prosperous, with a projected CAGR of 8.3% during the forecast period of 2017 to 2025. Some of the key factors augmenting the demand in the forensic technologies market are: increasing crime rate, government efforts to stay vigilant against growing acts of terrorism, sophistication of crime, and latent demand for portable forensic technologies and services at the crime scene for time-efficient results. On the other hand, high cost of the instruments and regulatory concerns are hindering the market from achieving its true potential. Nevertheless, the global forensic technologies market is estimated to be worth US$80.7 bn by 2025, substantially up from its evaluated valuation of US$39.6 bn in 2016.
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Chemical Analysis In-demand Services Segment, While DNA Profiling Gaining Fast
Based on services, the global forensic technologies market has been segmented into DNA profiling, chemical analysis, biometric or fingerprint analysis, firearm analysis, and others such as computer forensics, network forensics, and cloud forensics. The DNA profiling segment has been further sub-segmented into PCR, Y- STR, RFLP, and mitochondrial DNA, whereas chemical analysis segment has been bifurcated into mass spectrometry and chromatography spectroscopy. In 2016, the chemical analysis segment accounted for the most significant chunk of demand-share in the global forensic technologies market. This was a reflection of recent technological advancements, such as GC/MS system for analysis of drugs or toxicology. On the other hand, the DNA analysis segment is anticipated to expand at a better-than-average CAGR of during the forecast period, owing to its ability to provide accurate and efficient result in short period of time, with low cost. Based on DNA profiling, the Y-STR sub-segment is expected to expand at an impressive rate in the near future. However, the PCR sub-segment presents significant opportunities in North America, with high attractiveness index during the forecast period.
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By location, forensic technologies market is categorized into laboratory forensics (LIMS) and portable forensics (FaaS) segment. The laboratory forensics segment accounted for a considerable chunk of share of the global forensic technologies market in 2016. 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 a 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.
North America Emerges as Most Lucrative Region
North America is the most profitable region in the global forensic technologies market, owing to high adoption rate of new technology and rapid rise in violent crime in the developed country of the U.S. According to the statistics provided by FBI, murder rates in the country rose nearly 10.8% in the U.S. in 2015 as compared to 2014. The North America forensic technologies market has been estimated to be worth US$39.3 bn by 2025, which is nearly half of the projected global value. Europe is currently the second most lucrative region, although Asia Pacific and Latin America are anticipated to exhibit the best two growth rates.
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