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Wednesday, 14 December 2016
Global Forensic Technologies Market to Rise at 12.4% CAGR from 2013 to 2019
The global forensic technologies market comprises numerous top players. The segment of DNA profiling in the forensic technologies market is the most dominant segment. The global DNA profiling market is proliferated by the presence of top players such as Bio-Rad, F.Hoffmann La-Roche, and Serva Electrophoresis GmbH, as per Transparency Market Research.
The global forensic technologies market will touch US$17.7 bn by 2019, exhibiting a healthy 12.40% CAGR between 2013 and 2019. In terms of types of forensic technologies/services, the market is segmented into forensic technologies/services delivered namely, DNA profiling, biometrics/fingerprints analysis, chemical (drugs/explosives/toxicology) analysis and firearms identification and analysis. These are used for different purposes such as chemicals (drugs/explosives/toxicology) can be evaluated by emission spectroscopy/spectrophotometry, spectrometry, and chromatography. In addition, DNA profiles are forensically evaluated by DNA chip technology, mtDNA profiling, short tandem repeat (STR), and polymerase chain reaction (PCR) method, among others.
Numerous Technological Initiatives to Bolster North America Forensic Technologies Market
In terms of geography, both Europe and North America held a huge share in the past due to the rising crime rates trailed by numerous technological initiatives being taken toward improving DNA profiling methodology in these regions. However in the coming years, the regions of Asia Pacific and Rest of the World (RoW) together are predicted to hold a share of around 60% by 2019. Hence, the overall market for forensic technologies and services in Asia Pacific is predicted to rise at a whopping 31% CAGR and will account for US$3,891 mn by 2019. On the other hand, RoW is poised to rise at a remarkable CAGR of 35% from 2013 to 2019.
The global forensic technologies market is poised to rise due to the increasing rate of crime globally. The increased level of crime will require an increased employment of forensic services/technologies. In addition, the level of sophistication has increased in crime over the past few years. This type of sophistication in crime is predicted to raise the popularity of new services and technologies that accurately evaluate the newer types of crime. The advent of these new technologies in the global forensic technologies market will further provide impetus to the development of the market, states a TMR analyst.
Decreased Government Spending to Emerge as Roadblock in Market Growth
On the other hand, the market is being hampered by the decreased spending of governments on forensic service and technologies. This happens due to the economy downfall in regions which result in budgetary cuts by governments and thus stop reimbursement and funding of publicly or government funded forensic labs. In addition, a number of regulatory constraints will also imped the growth of the global forensic technologies market
Nonetheless, the rising compliance costs for publicly/government funded forensic labs is a key opportunity seen in the global forensic technologies market” says a TMR analyst.
This information is based on the findings of a report published by Transparency Market Research titled, “Forensic Technologies Market (Physical Crime Forensics, Laboratory Forensics, Portable Forensics, Forensic Tools and Products) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.”
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