Rise in criminal and terrorist activities and the need for more effective solutions to investigate online crime and fraud is driving the growth of the forensic technology market
NEW YORK, NY, USA, Jan. 21, 2022 /EINPresswire.com/ — The global forensic technology market is expected to reach a market size of USD 50.41 billion by 2027 and register a rapid growth rate revenue over the next seven years, according to a new report from Reports and Data. The forensic technology market continues to register significant growth due to the increasing demand and use of advanced technologies to solve crimes. The high demand for these solutions is also due to the surge in sophisticated crimes and illicit activities in recent years, which has resulted in increased growth in the forensic technology market.
Advancements in forensic technologies and equipment such as magnetic fingerprints, DNA sequences, and integrated ballistic systems are also propelling the growth of the market. Forensics proves to be very advantageous and enhanced fingerprint retrieval can pick up fingerprints of weapons, firearms, bombs and cartridge fragments, and is used to conclude investigations of a series of crimes. The growing threat of terrorism globally has also served to increase the adoption of forensic technology in recent years.
Government initiatives to support forensic research are also supporting the growth of the market. However, the technology is not always correct and the uncertain accuracy of the results could be a factor that will hinder adoption in emerging countries.
The impact of COVID-19:
The forensic technology market is expected to gain some level of support in terms of growth and increased demand owing to the COVID-19 pandemic and outbreak, and following an ongoing investigation into the details origin and epidemic.
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The pharmaceutical and healthcare industry is witnessing a rapid expansion in terms of revenue over the past few years and is expected to witness significant revenue growth during the forecast period of 2028. Rapid advancements in the healthcare industry, Rapid growth of medical and healthcare sectors, availability of latest equipment and tools, increasing healthcare expenditures and improved healthcare infrastructure are some of the key factors driving the revenue growth of the global market. In addition to this, increasing investment in research and development activities, growing prevalence of various diseases, and shortage of medicines and hospitals during the ongoing COVID-19 pandemic are driving the growth of the market. Rising number of funds from public and private sectors, growing adoption of point-of-care diagnostics and home parameters, strong demand for precision medicine and ongoing drug discovery research are also expected to fuel market growth in the future.
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The report sheds light on the competitive landscape of the global Forensic Technology Market and details about each market player, their global position, financial status, license agreement and product and service portfolio, and plan. business expansion. Major players are investing in research and development activities to develop and launch new products and services and also focusing on adopting key strategies such as mergers and acquisitions, partnerships, joint ventures and collaborations to strengthen their position in the market and improve their product base.
Other key findings from the report suggest
• The next-generation sequencing segment is seeing increased revenue growth due to its ability to identify humans through degraded blood samples and its use in paternity testing. It also reduces biases and errors, which will propel the demand for these solutions and, in turn, support the revenue growth of this segment during the forecast period.
• DNA profiling is used to identify the origin of DNA at a crime scene and reveal biological relationships. There is a high demand for DNA profiling in law enforcement to identify the right convict and exonerate the innocent. The growing need and usage of DNA profiling is expected to drive the growth of this segment over the forecast period.
• Pharmacogenetics is gaining importance in forensic medicine to investigate the cause of death when autopsy fails and to check drug response in different genetic variations. Rising demand for detailed reports for forensic purposes is expected to further drive the revenue growth of this segment.
• North America accounted for the largest revenue share in 2019 due to increased adoption of forensics technology and solutions across public and private enterprises. The development of more advanced healthcare equipment by leading market players in the region is also driving the growth of the forensic technology market.
• Major participants include GE Healthcare, Thermo Fisher Scientific, Agilent Technologies, Eurofins Scientific, Forensic Fluids Laboratories, Neogen Corporation, SPEX Forensics, NMS Labs, Morpho Group, and LGC Forensics, among others.
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For the purpose of this report, Reports and Data has segmented the global forensic technology market based on technology, services, application and region:
Technology Outlook (Revenue, USD Billion; 2017-2027)
• Capillary electrophoresis
• Polymerase chain reaction (PCR)
• Rapid DNA analysis
• Next Generation Sequencing
• Automated liquid handling technology
Services Outlook (Revenue, USD Billion; 2017-2027)
• Chemical analysis
• DNA profiling
• Identification of firearms
• Biometric analysis
Application Outlook (Revenue, USD Billion; 2017-2027)
• Biodefense & Biomonitoring
• Judicial/law enforcement
The regional analysis covers:
• North America
o United States
o United Kingdom
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of APAC
• Latin America
o Rest of LATAM
• Middle East and Africa
o Saudi Arabia
o Rest of MEA
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