Forensic Technologies Market: Introduction
According to the report, the global forensic technologies market was valued at US$ 51.6 Bn in 2020 and is projected to expand at a CAGR of 13.2% from 2021 to 2028. The forensic technology refers to the scientific system of searching, investigating, retrieving, and analyzing the evidence gathered from the site of crime. Several procedures and equipment, such as data examination and charting tools, closed circuit televisions (CCTV), record management systems (RMS), license plate recognition (LPR) systems and DNA confirmation equipment, are utilized to conduct forensic investigations.
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Advanced technologies, including alternative light photography, which utilize blue and orange light filters to measure the extent of damage on the skin, along with facial reconstruction and drug testing, are widely used as a part of forensic investigation.
Increase in Crime Rate Drives Global Market
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Chemical Analysis Segment to Dominate Global Market
In terms of service, the global forensic technologies market has been classified into DNA profiling, biometric or fingerprint analysis, chemical analysis, firearm analysis, and others (computer forensics, network forensics, and cloud forensics). The DNA profiling segment has been split into PCR, Y-STR, RFLP, and mitochondrial DNA. The chemical analysis segment has been bifurcated into mass spectrometry and chromatography spectroscopy.
The chemical analysis segment accounted for the largest share of the global forensic technologies market in 2020. This can be attributed to recent technological advancements, such as GC/MS system for analysis of drugs or toxicology. The DNA analysis segment is anticipated to expand at a better-than-average CAGR during the forecast period, owing to its ability to provide accurate and efficient results in short period of time at low cost. The Y-STR sub-segment is expected to grow at a rapid pace during the forecast period.
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Laboratory Forensics Segment to Lead Global Market
North America to be Key Market for Forensic Technologies
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Competition Landscape
The global forensic technologies market is fragmented in terms of number of players. Key players in the global market include AB Sciex (Danaher Corporation), Eurofins Medigenomix GmbH, Forensics Consulting Solutions, Forensic Pathways, GE Healthcare Lifescience, LGC Limited, Neogen Corporation, NMS Labs, Pyramidal Technologies Ltd., SPEX Forensics, and Thermo Fisher Scientific, Inc. These companies employ strategies such as mergers & acquisitions, novel product development initiatives, and geographical expansion to increase their share and sustain the competition.
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