Used for the identification, examination, and evaluation of physical evidence gathered from a crime scene, forensic technologies are highly sought in the defense and the homeland security sectors. At an exceptional growth rate of 12.40% during the period from 2013 to 2019, the demand for these technologies are likely to register a strong growth over the next few years. According to Transparency Market Research (TMR), the opportunity in the global market for forensic technologies to expand from US$8.3 bn in 2012 to a value of US$17.6 bn by the end of 2019.
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In this blog post, TMR analysts answer significant queries about the worldwide market for forensic technologies:
What factors will shape the future of the global forensic technologies market?
Predominantly, the escalating crime rate, coupled with the sophistication of crime, has the most prominent influence on the global market for forensic technologies. Over the years, the sophistication of crime has evolved drastically. The prevalence and supply of illicit drugs have increased to great extent. Nowadays, almost every week, a novel type of illicit drug is synthesized, creating severe issues for experts in the examination of the evidence. Due to this scenario, developers of forensic technologies are being exposed to a whole new set of promising opportunities, which is likely to boost the market substantially in the long run.
On the flip side, the decline in the government expenditure on forensic services in almost all economies will reflect negatively on this market over the next few years. However, the impact of this factor will not be much strong as the demand for these technologies will largely be unaffected in the near future.
Which of the regional market will take the lead in the coming years?
North America, which is the leading contributor to the global market for forensic technologies, will retain its position in the forthcoming years; however, its share in the overall market will decline sharply.
Asia Pacific, on the other hand, will gain significant momentum in the next few years. DNA profiling, specifically, will witness a remarkable rise in the demand over the years to come. The untapped status of this region is alluring key market players, which are increasingly engaging into partnerships, mergers, and acquisitions with local participants.
What are the most favored strategies among leading players?
For business development, leading companies are relying on advancements in technologies. Recently, Bio-Rad, a global leader in forensic technologies, introduced Prime PCR probe assays for quantitative amplification. These new assays are to be utilized in qPCR gene expression analysis for human genomes. With this addition to their product portfolio, the company hopes to expand its client base.
Other prominent players in this market are GE Healthcare Life Sciences, SPEX Forensics, Pyramidal Technologies Ltd., Eurofins Medigenomix Gmbh, LGC Forensics, and NMS Labs Inc.
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