Transparency Market Research (TMR) observes the global forensic technologies market has highly competitive vendor landscape. Thanks to number of players operating in the global forensic technologies market, the players are experiencing intense competition. However, the market is dominated by the handful of the companies.
Some of the prominent players operating in the market are SCIEX (Danaher Corporation), NMS Labs, Eurofins Medigenomix GmbH, and Forensic Pathway. These players are adopting the strategies such as mergers, acquisitions, and partnerships for improving the global presence and product portfolio.
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A report from TMR estimates, the global forensic technologies market valued at US$39.6 bn in 2016, and is projected to attain value of US$80.7 bn by the end of 2025. The market is expected to expand with a CAGR of 8.3% over the forecast period from 2017 to 2025. Based on services, the chemical analysis segment dominated the market and is expected to continue its dominance over the forecast period.
Based on location, the laboratory forensics segment accounted for the leading share in the global market for forensic technologies. Based on region, the market in North America dominated the global market and is projected to remain dominant by attaining value of US$39.3 bn by the end of 2025.
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Growing Crime Rate to Create Need for Advanced Forensic Technologies
Growing global crime rate is creating need for the better and advanced forensic technologies across the industries such as banking, medicine, and telecommunications. Additionally, growing advancement in the forensic technologies is experiencing high adoption of these technologies, which is propelling growth of the global forensic technologies market. Additionally, growing focus and research activities in the DNA sequencing area coupled with automated fingerprint identification and facial reconstruction is fuelling adoption of forensic technologies market.
Growing investment by government and numerous supportive reimbursement policies is supporting growth of the market. In addition, widening applications of forensic technologies across numerous end use industries is boosting growth of the market.
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High Cost of Forensic Technologies to Limit Adoption across Emerging Economies
Despite these growth prospects, the high costs of technology coupled with requirement of highly skilled operator is limiting growth of the global forensic technologies market. Additionally, emerging economies are not willing to adopt new technologies due to its high cost and high investment, which is again posing as a challenge to the growth of the forensic technologies market.
Moreover, the administrative limitations in wide-ranging industries are creating obstacles for the growth of the forensic technologies market. Nonetheless, growing cases that require support from advanced forensic technology is creating lucrative opportunities for growth in the upcoming years.
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