The Global Forensic Technology Market Size Will Expand with High CAGR During Forecast Period 2022-2028

The Global Forensic Technology Market is expected to grow at a 14.0 percent CAGR during the forecast period, reaching $20.79 billion in 2024. The use of forensic technology in the courtroom has risen tremendously in recent years. Detecting criminality is the primary goal of its use. The global forensic technology market is expected to rise as a result of rising crime rates and a growing desire to solve fine crimes using advanced technology. Forensic research funding from the federal government would also help to fuel the market’s expansion. Because these new technologies aren’t sure how well they work, they could slow down market growth in the long run.

Global Forensic Technology Market size

The Forensic Technology Market Analysis report examines the market’s major players. Key players in the report include Eurofins Scientific, LGC Forensics, SPEX Forensics, Neogen Corporation, NMS Labs, 3M Company, Thermo Fisher Scientific, GE Healthcare, Ultra Electronics Forensic Technology, and Agilent Technologies.

Technology used in criminal investigations: current state and future prospects

Forensic science research and development is the primary driver of the industry, with an emphasis on developing new forensic instruments and streamlining the entire process in terms of time, accuracy, cost, and automation. There has been significant government investment in R & D since 2009, including by the National Institute of Justice (NIJ).

Portable forensic equipment is becoming increasingly popular

A growing number of law enforcement agencies are putting pressure on the business sector to develop automated technology that can speed up the analysis of evidence. Companies are now offering items that are simple to use, portable, and capable of producing effects in under an hour. The government is providing cash for projects that will assist laboratories in developing goods that will save time and money.

High-resolution 3-D photographs of shoe prints and tire track imprints in snow and soil are among the new-age portable crime scene forensics tools. When compared to traditional plaster casting, the new approach will be more cost-effective. In 2016, the NIJ gave a two-year grant with a total budget of $788,167.

It is anticipated that during the projected period, the reagents and consumables category will expand at the highest CAGR of all.

Reaction tubes, needles, pipettes, clippers, and other forensic reagents, as well as consumables such as fingerprint powders, brushes, labels, and crime scene kits, are all included in the forensic reagents’ category. Forensic applications employ these chemicals to look for traces of evidence. This is because more crimes are being investigated, more governments are trying to clear up backlogs of criminal cases, more public-private investments in forensic science, and more people are learning about DNA profiling and how it can be used in criminology in developing and less developed countries.

As of 2024, the forensics industry looks like it’s going to be dominated by drug testing and toxicology.

Drugs and chemical substances like heroin, cocaine, poisons, alcohol, metals, and gases can all be identified and quantified using toxicology and toxicity testing methods. Some factors have helped the drug testing and toxicology market grow, such as the availability of new toxicity analysis platforms and the growth of drug testing labs in major countries.

In order to assess the current market size for forensic equipment and supplies, the study included four primary activities. The market and its various subsegments were thoroughly researched using secondary sources. As a second step, we conducted primary research with industry professionals at all points along the value chain to confirm our findings, hypotheses, and estimates. The total market size was calculated using both top-down and bottom-up methods. After that, market breakdown and triangulation processes were utilized to determine the size of segments and subsegments.

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Sagar is a Digital Marketing Associate in a Leading Market Research Company. He has a very deep interest in all technology topics whatsoever. His passion, dedication and quick decision-making ability make him stand apart from others. He has involvement in both B2C and B2B markets.

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