Forensic Technologies Market Size, Share, Growth Analysis, By Product(Digital & Computer Forensics, Ballistic Forensics), By Application(Pharmacogenetics, Biodefense & Bio-Surveillance), By Service(Laboratory Forensics (DNA Testing, Drug Testing), By Technique(Polymerase Chain Reaction (PCR), Capillary Electrophoresis), By Location(Laboratory Forensic Technology, Portable Forensic Technology) - Industry Forecast 2024-2031

Forensic Technologies Market size was valued at USD 14.78 billion in 2019 and is poised to grow from USD 16.61 billion in 2023 to USD 41.92 billion by 2031, growing at a CAGR of 12.28% in the forecast period (2024-2031).

Key competitors in the forensic technologies market are strengthening their market positions via different methods such as mergers and acquisitions and research partnerships with other firms to offer novel products and solidify their market positions globally. Some of the expansion methods used by players in the forensic technology market are as follows: Agilent Technologies introduced the Triple Quadruple LC/MS System. The product introduction broadened the company's products and allowed it to go into new research areas such as forensic toxicology, clinical research, environmental testing, and peptide quantification. The top companies are undertaking comprehensive tactics to maintain a highly competitive environment. Key participants include Agilent Technologies, Thermo Fisher Scientific, SPEX Forensics, and LGC Limited. These firms often use methods such as mergers and acquisitions, new product development projects, and geographical expansion to grow their market share and compete. For instance, Cellebrite has acquired BlackBag Technologies, a business that specialises in computer forensics. According to sources, the transaction's overall value was projected to be 33 million USD. BlackBag is a firm that provides forensic analysis tools for Apple macOS, Microsoft Windows, iOS, and Google Android-based mobile and computer systems. 'GE Healthcare', 'Thermo Fisher Scientific Inc. ', 'Agilent Technologies Inc.', 'LGC Limited', 'Danaher Corporation', 'Eurofins Scientific SE', 'Forensic Technology WAI Inc.', 'NMS Labs Inc.', 'SCIEX', 'Bruker Corporation', 'Bode Technology', 'Morpho (Safran)', 'IDEMIA Group', 'Qiagen N.V.', 'NicheVision Forensics Co.', 'Foster + Freeman Ltd.', 'FLIR Systems Inc.', 'Sirchie', 'Firearm and Toolmark Examination Unit', 'Forensic Pathology Services'

Technicians benefit from the increasing use of laboratory information management software

The key trend driving the market's rise is the recent increase in the number of violent crimes perpetrated throughout the world According to recent research published by the United Nations, around 464,000 persons are considered to have been victims of deliberate homicide. an estimated homicide rate of 6.1 victims per 100,000 people was calculated. Approximately 90% of all killings documented globally were perpetrated by male offenders. This has recently been the case. Furthermore, homicide on a worldwide scale, robbery, sexual assault, and murder are other factors driving market growth by increasing demand for forensics. Furthermore, the nations of North and South America have been responsible for a significant amount of the recent increase in crime rates. Africa and Asia have followed in this trend, which is expected to give an opportunity for development in the next years.

Due to the increased prevalence of violent crimes and the resulting increase in forensic analysis in the area, North America accounted for the largest share of around 39.19% in 2021. Furthermore, private businesses and agencies of law enforcement are promoting forensic services usage in a range of industries, including healthcare. Similarly, the advancement of improved healthcare facilities and sophisticated forensic procedures has boosted the efficiency of forensic analysis in the area, which is expected to drive the market. In 2021, the United States held the largest proportion of the North American forensic technology market. This may be ascribed to key companies' local presence, a growth in the usage of technologically advanced forensic solutions, high overall crime rates, and expanding activities done by governmental and private groups. Thermo Fisher Scientific Inc., Agilent Technologies, Inc., SPEX Forensics, GE Healthcare, Forensic Fluids Laboratories, Neogen Corporation, NMS Labs, and Verogen, Inc. are some of the key players in the development and commercialization of various forensic solutions and services based in the United States.