Global Forensic Technology Market to Reach a Market Size of $21 Billion by 2023 - KBV Research

Global Forensic Technology Market to Reach a Market Size of $21 Billion by 2023 - KBV Research

PR Newswire

NEW DELHI, February 8, 2018

NEW DELHI, February 8, 2018 /PRNewswire/ --

According to a new report titled Global Forensic Technology Market (2017-2023), published by KBV Research, the global Forensic Technology Market is expected to attain a market size of $21 billion by 2023, growing at a CAGR of 14% during the forecast period. Rapid growth in the number of violent crimes across the globe is a powerful driver to the forensic technologies market growth. Intentional homicide, murder, rape, and robbery are the reasons that demand forensics.

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Regionally, the North American market dominated the Global Forensic Technology market and would continue to be a dominant region all through the forecast period. Within the North American region, the Mexico Forensic Technology market is expected to reach $664.5 million by 2023, growing at a CAGR of 14.2% during 2017 -2023. The adoption of forensics by private companies and law enforcement agencies has been significant. The healthcare sector has also witnessed tremendous uptake of the technology in the recent years. Furthermore, sophisticated and supportive healthcare infrastructure leading to efficient forensic studies, would boost the market growth.

Asia Pacific is the region with tremendous potential and the region would grow at a CAGR of 14.6% during the forecast period. Investments into human identification applications in the region would drive the market during the forecast period.

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Based on technology, the Chemical analysis segment the Australia Forensic Technology segment in 2016, and would continue to be a dominant market till 2023; thereby, achieving a market value of $2,907.9 million by 2023. Chemical analysis is widely used in various applications such as in toxicology studies, analyzing bloodstain patterns, testing alcohol, analyzing fire debris, fingerprinting, serology, and tracing evidence analysis; therefore, the segment would witness unprecedented growth during the forecast period. Additionally, DNA Profiling market is expected to register a CAGR of 15.1% during the period (2017 - 2023).

Based on Product types, Biometric Devices segment dominated the Global Forensic Technology in 2016, and would continue to be a dominant segment till 2023; thereby, growing to a market value of $6,758.3 million by 2023. The DNA Testing market is expected to witness a CAGR of 15.7% during (2017 - 2023). The growth in this segment is due to varied applications in body fluid identification, paternity testing, examination of drug abuse, and identification of disaster victims.

The report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe, with country wise analysis in each discussed region. The key influencing factors of the global Forensic Technology have been discussed in the report along with the elaborated company profiles of Thermo Fisher Scientific, General Electric (Ge), Agilent Technologies, Forensic Pathways, Eurofins Scientific, LGC Limited, Spex Forensics, Inc, Neogen Corporation, Nms Labs, Inc., and IDEMIA.

Global Forensic Technology Segmentation 

By Service 

By Product  

By Geography 

Companies Profiled 

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