Forensic Technology Market to Grow with a CAGR of 11.44% through 2028
Increasing medicolegal
investigations and technological advancement is expected to drive the Global Forensic
Technology Market growth in the forecast period, 2024-2028.
According to TechSci Research
report, “Forensic Technology Market - Industry
Size, Share, Trends, Opportunity, and Forecast, 2018–2028F”, the Global Forensic Technology Market stood
at USD 9.27 billion in 2022 and is anticipated to grow with a CAGR of 11.44% in
the forecast period, 2024-2028 and will reach 17.88 billion. The global market
for forensic technologies is experiencing significant growth due to several key
factors. Firstly, rising crime rates worldwide and advancements in forensic
sciences have led to increased demand for forensic technologies across various
industries. Forensic technology employs scientific methods to investigate and
solve crimes by analyzing evidence collected from crime scenes. The demand for
forensic technologies is particularly high due to the surge in criminal
activities such as fraud, cybercrime, and terrorism. For example, the increase
in terrorist operations in the Middle East has prompted the adoption of
stringent border security measures and the use of forensic technologies to
identify and prosecute perpetrators. Additionally, the rising adoption of
digital devices like smartphones and laptops has resulted in a rise in
cybercrime, creating a need for enhanced forensic tools to investigate and
resolve such cases.
The effectiveness and efficiency of forensic investigations
have significantly improved with the introduction of cutting-edge technologies
such as DNA analysis, fingerprint analysis, and ballistics analysis. The
incorporation of technologies like Artificial Intelligence (AI) and Machine
Learning (ML) in forensic sciences has further driven the demand for forensic
technology. Forensic technologies are finding rapid application in sectors such
as healthcare, banking and finance, and law enforcement. In the healthcare
sector, forensic technologies are widely employed to investigate allegations of
fraud, drug misuse, and medical negligence. Similarly, in banking and finance,
forensic technologies play a crucial role in detecting financial crimes such as
money laundering, fraud, and embezzlement. The market growth is primarily
driven by the increased incidence of crimes, including cybercrimes, against
women, and homicides. Furthermore, proactive initiatives undertaken by
government organizations, such as funding to support forensic research, are
expected to fuel the demand for forensic technology globally. Additionally, the
market has witnessed growth due to advancements and improved accuracy of DNA
testing tools. Moreover, the rise in pressure on investigating authorities to
clear backlog cases and the outsourcing of case results by governments of
various countries have contributed to the market growth. Furthermore,
government initiatives to control cybercrime have played a significant role in
driving market growth.
For instance, in November 2020, the UK government
launched the National Cyber Force (NCF) to address the growing problem of
cybercrime. However, it is important to note that the lack of accuracy in the
results obtained using these technologies may pose limitations to the market's
growth. Advanced technologies in forensic science have gained substantial
importance in recent years. Notable advancements include enhanced fingerprint
retrieval from metal objects, such as gun cartridges and various ammunition, as
well as the role of chemistry in identifying chemical and biological weapons.
Integration of various technologies has also improved the detection of drugs
and explosive materials at security checkpoints. Furthermore, portable DNA
profiling techniques at crime scenes have provided high accuracy in determining
the age of individuals related to crimes.
These technological advancements have
contributed to cost reductions in practical applications, enhancing the
affordability of forensic applications in various fields and subsequently
increasing their market penetration. The increasing use of DNA profiling and
fingerprint technologies has significantly raised the visibility of forensic
testing. Technological advancements, such as magnetic fingerprinting, automated
fingerprint identification, alternative light and ballistics photography, DNA
sequencing, laser ablation coupled plasma mass spectrometry, and alternative
light and ballistics, are anticipated to drive growth in the industry. For
instance, the state forensic labs in India have expanded their infrastructure
in response to the rising demand for DNA testing. These upgrades are expected
to enhance existing technologies, streamline case resolution processes, and
reduce associated costs. Moreover, they are projected to bolster the accuracy
and efficiency of DNA analysis, creating promising opportunities for growth.
However, certain factors pose
challenges to the growth of the forensic technology market. The high cost of
forensic technologies, shortage of skilled specialists, and limited
availability of these technologies in emerging nations are significant constraints.
Furthermore, legal and regulatory issues related to the use of forensic
technologies in investigations can also hinder market growth.
Browse over 26 market
data Figures spread through 91 Pages and an in-depth TOC on "Global
Forensic Technology Market”
The Global Forensic Technology
Market is segmented into type, services, application, regional distribution, and
company.
Based
on type, the capillary electrophoresis segment held the largest market share in
2022 due to its advantageous features. These include reduced risk of
cross-contamination, faster analysis, minimal sample consumption, online
detection, improved resolution, and user-friendly techniques. Moreover, this
technique facilitates quantification and rapid profiling of anionic species
present in explosives and poisons. The broad utilization of capillary
electrophoresis can be attributed to its micro sampling capabilities, ease of
sample preparation, and straightforward detection methods.
Based
on region, North America segment is expected to grow during the forecast
period. North America is projected to maintain a dominant position in the
global market for forensic technologies and services during the forecast
period. This is attributed to the rising incidence of violent crimes in the
region. For instance, according to a report by The Federal Bureau of
Investigation (FBI), the U.S. reported 16,214 murder cases and no cases of
negligent manslaughter in 2018. The Asia Pacific region is expected to
experience significant growth in the global market for forensic technologies
and services, driven by the increasing establishment of forensic laboratories
in this area.
Major companies
operating in Global Forensic Technology Market are:
- Agilent Technologies
- Ge Healthcare
- Thermo Fisher Scientific Inc.
- Nms Labs
- Eurofins Medigenomix GmbH
- Lgc Forensics
- Forensic Pathways
- Spex Forensics
- Forensic Fluids Laboratories
- Pyramidal Technologies Ltd.
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“There is a significant demand for forensic technologies
due to the increasing prevalence of criminal activities, including fraud,
cybercrime, and terrorism. For example, the rise in terrorist operations in the
Middle East has necessitated the adoption of stringent border security
legislation and the use of forensic technologies to identify and prosecute
perpetrators. Additionally, the growing adoption of digital devices, such as
smartphones and laptops, has resulted in an increase in cybercrime, creating a
need for enhanced forensic tools to investigate and resolve such cases. The key
driver behind the market expansion is the recent surge in global violent
crimes. This trend has been observed in recent times. Additionally, the rising
incidents of homicide, robbery, sexual assault, and murder are secondary
factors fueling the demand for forensics, thus contributing to the market
expansion. Notably, North and South America have accounted for a significant
portion of the increase in crime rates in recent years, followed by Africa and
Asia. This presents a promising opportunity for future expansion.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Forensic Technology
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028 Segmented By Type (PCR, Capillary
Electrophoresis, Next Generation
Sequencing, Microarrays, Others), By Services [Deoxyribonucleic acid (DNA)
Profiling, Chemical Analysis, Biometric Analysis, Digital Forensics, and
Others], By Application (Law Enforcement, Pharmacogenetics, Biodefense &
Bio surveillance, and Others), By Region and Competition”, has evaluated the future growth
potential of Global Forensic Technology Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Forensic Technology Market.
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