A recent report published by Infinium Global Research on forensic technology market provides in-depth analysis of segments and sub-segments in global as well as regional forensic technology market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional forensic technology market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global forensic technology market. According to the report, the global forensic technology market is projected to grow at a CAGR of 8.7% over the forecast period of 2018-2024. It is projected to reach USD 78.23 billion by the end of 2024.
The global market for forensic technology is driven by factors such as increasing crime rates worldwide, increasing funding for research activities and advancements in the technologies. On the other hand, the growth in this market is hampered by factors such as high cost associated with the instruments and increased volume of cybercrimes. Increased use of mobile forensic technologies is likely to present significant opportunities in this market over the forecast period.
The global market for forensic technology is further driven by rapid growth in the adoption of these technologies in the emerging markets of Asia-Pacific, as a result, the forensic technologies market in the Asia-Pacific region is projected to grow at a CAGR of 9.8% over the next six years which is higher than other regions. Currently, North America accounts for the largest market size in terms of revenue while Europe is the second largest market. Among the types of technologies, DNA profiling accounted for the largest market size over the past couple of years and it is projected to continue its dominance over the forecast period with demonstrating CAGR growth of 10% between 2018 and 2024.
The report on global forensic technology market covers segments such as, by type and by services. On the basis of by type, the global forensic technology market is categorized into DNA profiling, chemical analysis, finger print analysis, firearm system analysis and others. On the basis of services, the global forensic technology market is categorized into laboratory forensics (LIMS) and forensics as a service (FAAS).
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, Latin America and rest of the world. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-Pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of 9.8% over the period of 2018-2024.
The report provides profiles of the companies in the global forensic technology market such as Agilent Technologies, GE Healthcare, Morpho Group, Forensic Fluids Laboratories, ThermoFisherScientific, LGC Limited, SPEX Forensics, Eurofins Medigenomix GmbH, Neogen Corporation, and NMS Labs.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global forensic technology market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of forensic technology market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the forensic technology market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the forensic technology market to understand the present and future trends in this market and formulate their strategies accordingly.