SAN FRANCISCO, Oct. 27, 2022
SAN FRANCISCO, Oct. 27, 2022 /PRNewswire/ -- The global forensic technology market size is expected to reach USD 10.64 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 10.2% from 2022 to 2030. Novel innovations in Research & Development (R&D) of criminal sciences have introduced progressive techniques which have increased the efficiency of forensic analysis.
Key Industry Insights & Findings from the report:
Read 150 page full market research report, "Forensic Technology Market Size, Share & Trends Analysis Report By Type (PCR, Capillary Electrophoresis), By Services (DNA profiling, Chemical Analysis) By Application, By Location, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Forensic Technology Market Growth & Trends
Several government initiatives undertaken to attain sustained development in research related to criminal science are broadening the market space. For instance, in March 2022 The Forensic Technology Center of Excellence undertook an initiative and assisted the National Institute of Justice (NIJ) to conduct NIJ forensic science research and development (R&D) symposium. This R&D symposium aims to discuss, discover, and share new approaches and applications in increasing the impact of forensic sciences.
Furthermore, the surge in the number of rapes, murders, robberies, and homicides is the major factor boosting the necessity for criminological studies. For instance, in 2021, according to the National Crime Records Bureau (NCRB), 31,677 rape cases were reported across India with an average of 86 cases daily and ranked as the fourth most common crime against women. Thus, growing incidences of crime cases led to a pile up in the number of unsolved cases and requires the implementation of novel forensic technologies to resolve the pending cases.
Technological developments in forensic laboratories and infrastructure are widening the growth prospects of the market. Recent advancements, such as automated extraction methodologies, predictive dual quantitation assay, next-generation STR multiplexes, and mini-STR kits further enhance the analysis of degraded and compromised samples thereby improving forensic capabilities. For instance, in August 2021, the Karnataka government announced the plan to upgrade forensic labs to strengthen investigations to pin down criminals. Such upgrades led to the enhancement of existing technologies, and the decreased time and expenditures involved in resolving the case, thereby creating lucrative growth prospects.
However, stringent regulatory constraints are expected to limit the growth of the forensic technology industry in emerging countries. Federal agencies are bound to adhere to Quality Assurance Standards (QAS), including testing standards for the proficiency of forensic laboratories and analysts, involved in conducting DNA analyses. In addition, the lack of skilled professionals and the high cost of advanced forensic techniques are some of the factors restraining the growth of the global market to some extent.
Forensic Technology Market Segmentation
Grand View Research has segmented the global forensic technology market based on type, services, application, location, and region:
Forensic Technology Market - Type Outlook (Revenue, USD Million, 2018 - 2030)
Forensic Technology Market - Services Outlook (Revenue, USD Million, 2018 - 2030)
Forensic Technology Market - Application Outlook (Revenue, USD Million, 2018 - 2030)
Forensic Technology Market - Location Outlook (Revenue, USD Million, 2018 - 2030)
Forensic Technology Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
List of Key Players of Forensic Technology Market
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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