Forensic Technology Market revenue to exceed USD 47 Billion by 2035, says Research Nester
Leading forensic technology market players include Agilent Technologies, Inc., Eurofins Medigenomix GmbH, LGC Forensics, Forensic Pathways, GE Healthcare, Thermo Fisher Scientific, Inc., NMS Labs, SPEX Forensics, Forensics Fluids Laboratories, and Pyramidal Technologies Ltd.
New York, Oct. 04, 2023 (GLOBE NEWSWIRE) -- The global forensic technology market size is expected to expand at ~10% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 47 Billion by the end of 2035, up from a revenue of ~USD 16 Billion in the year 2022. The growing development in forensic technology market is boosting the growth significantly. For instance, CBF Forensics has developed two new products in the forensic market. The first is virtual reality-based programming that is used in the training of the forensic crime scene. They have also launched F.I.V.E.S. VR training program. It integrates cutting-edge technology and procedures into forensic science classes and law enforcement agencies, making training more cheap and regulated.
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The second is QuanTHC, a technology that allows CBD and hemp companies to determine the level of THC (tetrahydrocannabinol) in their goods. The main psychotropic ingredient in marijuana is THC. QuanTHC offers a simple measurement test that requires no costly analytical equipment or substantial chemical expertise. CBF Forensics plans to connect QuanTHC with a standalone neutralizer that will discard of all test chemicals used in the quantifications by 2024.
*Forensic Technology **Market:** Key Takeaways*
· Forensic Technology Market in North America region to propel the highest growth
· The Digital & Computer Forensics segment to garner the highest growth
· Market in Asia Pacific to grow at the highest rate
*Rising Instances of Deaths Associated with Natural Calamity is to Boost the Growth of the Forensic Technology Market*
People face the risk of death or physical injury during a disaster. Many people vanish from the face of the world or strive to locate their loved ones. People may also lose their homes, belongings, and neighborhoods. The Emergency Event Database EM-DAT documented 387 natural hazards and catastrophes globally in 2022, which caused the deaths of 30,704 people and displaced 185 million people. Heat waves claimed the lives of almost 16,000 people in Europe, while droughts afflicted 88.9 million people in Africa. Forensic anthropological knowledge has been utilized for disaster victim identification (DVI) for more than a century, but in recent decades, there have been a number of disaster situations in which the forensic anthropologist has played an expanding role.
*Forensic Technology **Market:** Regional Overview*
The global forensic technology market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
*Increasing Rates of Crime is to Elevate the Market’s Growth in North America Region*
The recent data released in 2023 by the Council on Crime Justices (CCJ) states that the thefts of motor vehicles kept on rising in the first half of 2023. From January to June 2023, there were 33.5% more motor vehicle thefts than in the primary half of 2022. Over the same time period, the number of drug offenses climbed by 1%. Moreover, homicides were around 24% higher in the first half of 2023 when compared to the first half of 2019. Besides this, domestic assault occurrences climbed by 0.3% in 11 cities between the first and second halves of 2023 and the first half of 2022. The growing cases of various crimes and strict rules and regulation imposed by the government on restricting the crime rates is expected to boost the demand for forensic solutions in the region.
*Development of Forensic Science Standards to Elevate Market Growth in Asia-Pacific*
Forensic science is essential for the execution of justice and the investigation of criminal cases. Prior to 2004, political-legal organizations in China, such as the courts, public security, and judicial administration, created their own forensic practices. China now has 40 national standards (GB Standards) and 462 industry standards (GA Standards) in the field of forensic science. Furthermore, the implementation of new identity proofs is expected to increase the use of forensic science in the region. For instance, the Registration of Births and Deaths (Amendment) Bill, 2023, was brought up in the Lok Sabha on Wednesday, with the goal of enabling the use of a birth certificate as a single document for admission to an educational institution, the granting of a driving license, candidate list preparation, Aadhaar number, and enrollment of marriage or scheduled to a government job.
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*Forensic Technology**, Segmentation by** Product*
· Digital & Computer Forensics
· Ballistic Forensics
· DNA Testing
· Biometrics
The digital & computer forensics segment is expected to dominate the market growth over the forecast period. The growth of the segment is majorly attributed to rising incidences of cybercrimes. With approximately 2328 attacks every day, a standard of 8,00,000 take place in a year, and an attack conducted by hackers occurs once every 39 seconds. It is anticipated that 33 billion account breaches will occur by 2023. Network forensics investigates security issues by analyzing and tracking network traffic and log data. It aids in finding the origin of cyberattacks, tracing device communication, and comprehending the scope of network intrusions.
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*Forensic Technology**, Segmentation by** Application*
· Customer Care
· Biodefense & Bio-Surveillance
· Judicial and Law Enforcement
Out of all, the judicial and law enforcement segment is expected to garner notable market revenue over the forecast period. The growth of the segment is attributed rising use of biometrics for national identity and the identification of an individual. For instance, forensic science is used for the verification of the authenticity of documents submitted as part of visa applications, such as diplomas, certificates, and passports. The global international student population exceeds 3.7 million and is growing at a rate of roughly 12% per year, helping both people and entire nations.
*Forensic Technology**, Segmentation by** Technique*
· Polymerase Chain Reaction
· Capillary Electrophoresis
· Next-Generation Sequencing
· Rapid DNA Analysis
· Microarrays
A few of the well-known market leaders in the global forensic technology market that are profiled by Research Nester are Agilent Technologies, Inc., Eurofins Medigenomix GmbH, LGC Forensics, Forensic Pathways, GE Healthcare, Thermo Fisher Scientific, Inc., NMS Labs, SPEX Forensics, Forensics Fluids Laboratories, and Pyramidal Technologies Ltd.
*Recent Developments in the Market*
· Agilent Technologies, Inc. has announced the complete acquirement of Avida Biomed, a budding company of life sciences and provider of highly efficient workflows for target enrichment that is primarily focussed on studies of cancer done through next-generation sequencing. The revolutionary genomics methods from Avida Biomed enable combined genomic and DNA methylation analysis from just one sample without sacrificing sensibility or accuracy.
· GE Healthcare has announced the collaboration with DARPA to develop an innovative mobile system that will be employed in the generation of vaccines based on DNA and RNA. The collaboration will include GE Healthcare’s ability to create medical devices that can produce a huge mass of vaccines in less time and DARBA will provide its expertise on advanced technologies.
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