Vancouver, British Columbia, Dec. 07, 2020 (GLOBE NEWSWIRE) — The Global Forensic Technology Market will be worth USD 52.04 billion by 2027, according to a current analysis by Emergen Research. The market is driven by the mounting crime rate and the increasing requirement for solutions to potentially dangerous crimes. Moreover, growth in the number of government initiatives like funding to support R&D in forensic research is further expected to drive the market growth throughout the forecast period. Technological advancements leveraged across the forensics industry like fingerprint testing, DNA profiling, and firearm analysis are expanding the horizon of applications of forensic technology in order to assess as well as analyze the criminal happenings on a global scale.
The fact that crime laboratory methods pose a crucial part in the functioning of the forensics sector, although the market for forensic and related technologies is smaller than that of biotechnology and pharmaceutical products. There have been several notable technological advancements in the field of forensics, like enhancement in the extraction of fingerprints from various types of metals in the form of gun cartridges and fragments, portable usage of color in order to identify chemical and biological weapons, DNA-profiling techniques, and sensing technologies. All the aforesaid application areas are focused on improving the detection of explosives and drugs at various security checkpoints, which also contributes significantly to the growth of the market.
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Key Highlights From The Report.
- In May 2020, U.K.-based Renishaw launched inVia™ InSpect. It is the updated version of the inVia confocal Raman microscope, which is designed for utilization in forensic laboratories in order to trace chemicals and draw analysis.
- Diagnostic products pertaining to forensic DNA, along with its testing and analysis services, are anticipated to benefit majorly from several high-level measures undertaken by governments as well as local bodies to upgrade the legacy crime lab infrastructure.
- Over the years, hacking into various secure networks for illegal data compromises, like unauthorized usage of financial information, might lead to a considerable downfall in businesses. This is likely to create a requirement for forensics technology, which extends to tools that are needed for collecting and analyzing electronic data for presenting it as evidence in the court of law, thereby creating an opportunity for the growth of the market.
- North America dominated the market in 2019 and is likely to continue its dominance in the forecast period. Crime rates have been increasing across the emerging economies in the MEA and LATAM regions, which is likely to boost the overall market growth of forensics technology.
- Key participants include ARI Medical Equipment Co., Ltd., Eurocolumbus s.r.l., General Electric Company, Gemss Co. Ltd., Hologic, Inc., Koninklijke Philips N.V., and OrthoScan, Inc, among others.
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Emergen Research has segmented the Global Forensic Technology Market based on type, application, and region:
- Type Outlook (Revenue: USD Billion; 2017-2027)
- Polymerase Chain Reaction (PCR)
- Capillary Electrophoresis
- Next Generation Sequencing
- Rapid DNA Analysis
- Automated Liquid Handling Technology
- Microarrays Arms
- Application Outlook (Revenue: USD Billion; 2017-2027)
- Law enforcement agencies
- Banking and financial institutions
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- Regional Outlook (Revenue: USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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