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12.4% CAGR Expected for Global Forensic Technologies Market from 2013 to 2019; Growth Owed to DNA Profiling Demand

Press Release   •   Feb 25, 2016 06:32 EST

The global forensic technologies market will rise at a CAGR of 12.4% from 2013 to 2019. Due to this, the market’s valuation of US$8.3 bn in 2012 will reach US$17.7 bn by 2019, says a report released by Transparency Market Research on the global forensic technologies market. The report, titled “Forensic Technoloagies Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”, is available for sale on the company website.

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The market study presents a top-level strategic analysis of the global market and identifies the various forces that will impact the market’s progression across all segments.Worldwide, the rising crime rate, combined with the sophistication with which crimes are committed, is one of the major factors driving the global forensic technologies market. Forensic technologies are used for the identification, interpretation, and examination of physical evidence gathered from crime sites. Following this, the collected and analyzed forensic evidence can be used in courts.

Some of the top-notch organizations in the world, which include the United Nations, the Bureau of Justice Statistics, U.S., and the European Union have classified physical crime into: homicide, drug offences, violent crime, and property crime. For an end-to-end analysis of a physical crime, a combination of forensic technologies is required, a particular type of physical crime can be forensically analyzed with the help of one major forensic technology/service. For example, DNA profiles can be forensically examined using either restriction fragment length polymorphism (RFLP) methodology, short tandem repeat (STR), DNA chip technology, polymerase chain reaction (PCR), and mtDNA Profiling.

The report divides the global forensic technologies market on the basis of service, location, and geography. DNA profiling, chemical (drugs/toxicology/explosives) analysis, biometric/fingerprints analysis, and firearms identification and analysis are the segments of the market based on service.

DNA profiling accounts for the largest share in the global market and will display a CAGR of 11% from 2013 to 2019. DNA profiling is vitally important for solving crimes that are otherwise impossible to be solved due to inadequate non-DNA-based evidence. The DNA profiling service segment holds immense potential in the global market due to the increasing dependence of law enforcement agencies on it.

In 2012, North America was the leading market for forensic technologies, closely trailed by Europe. The two regions collectively held a substantial share in the global market. However, the Asia Pacific and Rest of the World regions will display unprecedented growth during the forecast years. These two regions will collectively hold a share of 60% in the global market by the end of the forecast horizon.

Eurofins MedigenomixGmbH, LGC Forensics, Pyramidal Technologies Ltd., GE Healthcare Life Sciences, Spex Forensics, and NMS Labs Inc. are the top companies in the global forensic technologies market.

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.