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.

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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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Forensic Technologies Market Reaches New Heights with Utilization of Advanced Technology

As technology penetrates practically all walks of life, it is no surprise that solving crimes is driven by modern technologies and methods. Today scientists use retinal scanning, DNA tests, mass spectrometry, high-performance liquid chromatography, and other advanced technologies to reconstruct crimes and accidents. In the entire operative, right from the collection of evidence at crime site to presentation of investigated results in courts of law, forensic technology has dramatically improved the quality and precision of criminal investigations.

Of the several investigating methodologies, DNA profiling is extensively used and is expected to rise at a CAGR of 11% for the 2013-2019 period. DNA profiling is significant for crime investigations that are otherwise impossible to crack due to insufficient non-DNA-based evidence. Currently, DNA profiling is rising in demand rapidly, as law enforcement agencies are considerably dependent on this for criminal investigation.

Standardization of Processes to Lower Forensic Technologies Market Value in North America and Europe

Transparency Market Research states that the global forensic technologies market will expand at a CAGR of 12.4% between 2013 and 2019. This will result in the market’s valuation reaching US$17.7 bn by 2019, increasing from US$8.3 bn in 2012.

In terms of geography, North America and Europe are the leading markets for forensic technologies. In 2012, the global market was dominated by North America, which was closely followed by Europe, which resulted in the two regions accounting the majority share in the global market. This is because forensic technologies such as biometrics/fingerprints, DNA profiling, and firearms identification are a standard part of the criminal investigation procedure in these regions and are carried out through automated systems. Further standardization of processes will result in reduced expenditure on end-to-end crime analysis and a decline in the value of forensic services in these regions.

Adoption of Technology-based Criminal Investigation Rising in Asia Pacific, RoW Forensic Technologies Markets

By the end of 2019, Asia Pacific and Rest of the World are expected to collectively hold a share of close to 60% in the global market. In these regions, several countries have initiated DNA database programs on a mass scale to be prepared for future eventualities. For instance, the Dubai police is investing heavily on building forensic technologies/services infrastructure and for purchasing hi-tech forensic equipment and supplies. Thus, the Middle East market will render attractive growth opportunities for forensic equipment providers. A multitude of other favorable factors will propel the growth of the forensic technologies/services market in these regions; hence, Asia Pacific and Rest of the World will garner a significant share in the global forensic technologies market going forward.

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Top players that are involved in forensic technologies market globally are NMS Labs Inc., Spex Forensics, GE Healthcare Life Sciences, Pyramidal Technologies Ltd., LGC Forensics, and Eurofins Medigenomix GmbH.