Global Forensic Technology Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope
Forensic technology refers to the application of scientific and technological methods to investigate crimes, analyze evidence, and support legal processes. It encompasses a wide range of tools, techniques, and methodologies used to collect, preserve, analyze, and present evidence in both criminal and civil investigations. Forensic technology is integral to the field of forensic science, which aims to uncover factual information about incidents and provide objective data that can be used in courts of law.

Sizing and Forecast
The forensic technology market size has grown rapidly in recent years. It will grow from $18.59 billion in 2023 to $20.87 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%.  The growth in the historic period can be attributed to the increased effectiveness of forensic analysis, an increase in the number of crimes, an increase in the demand for DNA testing, increased accuracy and efficiency of DNA analysis, and an increase in the adoption of forensics by private companies.

The forensic technology market size is expected to see rapid growth in the next few years. It will grow to $33.3 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%.  The growth in the forecast period can be attributed to the rising number of cases of homicide, increasing investment in modernizing their forensic capabilities, increasing the number of violent crimes, increasing choice of chemical analysis in drugs, and increasing frequency of cybercrime. Major trends in the forecast period include technology advancements, advanced biometric solutions, AI-powered forensic technology tools, strategic partnerships, and product launches.

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Segmentation & Regional Insights
The forensic technology market covered in this report is segmented –
1) By Type: Next Generation Sequencing (NGS), Capillary Electrophoresis, Polymerase Chain Reaction (PCR), Microarrays, Rapid DNA Analysis, Automated Liquid Handling Technology, Other Types
2) By Service:  DNA Profiling, Chemical Analysis, Biometric Analysis, Firearms Identification, Other Services
3) By Location: Laboratory Forensics Technology, Portable Forensics Technology
4) By Application: Pharmacogenetics, Biodefense and Biosurveillance, Judicial or Law Enforcement, Other Applications

North America was the largest region in the forensic technology market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the forensic technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increasing crime rates are expected to propel the growth of the forensic technology market going forward. Crime rates refer to statistical measures that quantify the incidence or prevalence of criminal activities within a specific population or geographic area over a defined period. Crime rates are increasing due to several factors, including poverty, unemployment, economic inequality, and rapid urbanization, which can create environments conducive to criminal activity. Forensic technology combats rising crime rates by enhancing investigation, detection, and prevention efforts, enabling law enforcement agencies to solve crimes more efficiently and accurately. For instance, in October 2023, according to the Office for National Statistics, a UK-based government department, in England and Wales, police registered 6.7 million crimes in the year ending June 2023, compared to 6.5 million in the year ending June 2022, a 4% increase over the previous year. Therefore, the increasing crime rates are driving the growth of the forensic technology market.

Key Industry Players
Major companies operating in the forensic technology market are  Hitachi Corporation, F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Siemens Healthineers AG, Thales SA, GE HealthCare Technologies Inc., Agilent Technologies Inc., Nikon Corporation, Shimadzu Scientific Instruments, IDEMIA Group, Bio-Rad Laboratories Inc., Bruker Corporation, QIAGEN N.V., HORIBA Ltd., Carl Zeiss AG, FLIR Systems Inc., Ultra Electronics Holdings Plc, LGC Forensics Ltd, AB SCIEX Pte Ltd, Leica Microsystems GmbH, Neogen Corporation, Promega Corporation, Pacific Biosciences of California Inc., Bode Cellmark Forensics Inc., Sirchie, Morpho

The forensic technology market report table of contents includes:
1. Executive Summary

2. Forensic Technology Market Characteristics
3. Forensic Technology Market Trends And Strategies
4. Forensic Technology Market – Macro Economic Scenario
5. Global Forensic Technology Market Size and Growth

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32. Global Forensic Technology Market Competitive Benchmarking
33. Global Forensic Technology Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Forensic Technology Market
35. Forensic Technology Market Future Outlook and Potential Analysis
36. Appendix

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