Forensic technologies are extensively used to identify and scrutinize physical evidences gathered at the scene of crime. Increase in crime rate across the globe is one of the main factors driving the growth of the global forensic technologies market.
The overall market was worth US$8.3 billion in 2012. Rising incidences of crime and terror attacks is expected drive the global forensic technologies market at a CAGR of 12.4% during the period from 2013 to 2019.
The market is expected to be valued at US$17.7 billion by the end of 2019. Increased Crime Rate to Boost Global Forensic Technologies Market The recent edition of Global Peace Index 2015 has studied 162 nations in terms of various qualitative and quantitative indicators of violence such as crime rates, conflicts, levels of imprisonments, and others.
The index reveals that globally, the crime rate and violence have gone up modestly since 2008. Rise in crime rate and the usage of sophisticated methods by criminals has led to the increased demand for forensic technologies.
However, the global forensic technologies market is expected to be restrained owing to regulatory constraints and lack of funds. Though the government sector accounts for a dominant share in the global forensic technologies market, increased compliance costs for publicly funded forensic laboratories has opened new opportunities for private laboratories.
Case backlogs and outsourcing by publicly funded forensic labs is anticipated to boost the global forensic technologies market. DNA Profiling is a Leading Service in Global Forensic Technologies Market On the basis of services, the global forensic technologies market can be segmented into firearms identification and analysis, chemical (drugs/ explosives/ toxicology) analysis, biometric/ fingerprints analysis, DNA profiling, and forensic supplies and equipment.
DNA profiling has been the leading service in the market and is expected to register a CAGR of 11% during the period between 2013 and 2019. The service has witnessed various technological developments such as miniaturization and microchip technology.
DNA profiling is increasingly used to solve crimes, which has significantly reduced the cost of the technology. In developed markets such as Europe and North America, DNA profiles are digitalized and archived into records that form part of a larger DNA database.
Creation of DNA databases is expected to push the growth of DNA profiling in these regions. Asia Pacific to Emerge as Fastest Growing Region in Global Forensic Technologies Market The global forensic technologies market is segmented into four key regions: Asia Pacific, North America, Europe, and Rest of the World.
North America and Europe are the leading markets for forensic technologies. In the next couple of years, Asia Pacific is expected to display a rapid growth and account for 60% share of the market.
The emerging economies in Asia Pacific and Rest of the World have set up large-scale DNA database programs in the last few years. This has fuelled the forensic technologies market in these regions.
Key Players in Global Forensic Technologies Market Some of the key players in the global forensic technologies market are Pyramidal Technologies Ltd., SPEX Forensics, NMS Labs Inc., LGC Forensics, GE Healthcare Life Sciences, and Eurofins Medigenomix Gmbh.