The global market for forensic technologies is slated to reach a value of US$ 80.7 Billion by the end of the year 2025, which is substantially more than the estimated value of US$ 39.6 Billion at the end of the year 2016.
Albany, NY -- (SBWIRE) -- 10/16/2017 -- The global forensic technologies market is a lucrative one, and is slated to exhibit a 8.3% CAGR during the assessment period between 2017 and 2025. Some important factors that are resulting in a spur in the global market for forensic technologies include an increase in the rate of crime, the increased efforts of governments all over the world to stay alert against increasing acts of terror, increasing complexity of crimes being committed and demand for forensic technologies at the scene of crime. However, there are a number of restraints that are hindering the market growth that include the high cost of instruments required for forensic technologies and regulatory frameworks that are complex. Despite this, the global market for forensic technologies is slated to reach a value of US$ 80.7 Billion by the end of the year 2025, which is substantially more than the estimated value of US$ 39.6 Billion at the end of the year 2016. Keeping in mind such factors, Market Research Reports Search Engine (MRRSE) has included a new report in its repository titled 'Forensic Technologies Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025'.
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Segmental Analysis of the Global Forensic Technologies Market
On the basis of services, the global market for forensic technologies has been divided into DNA profiling, biometric or fingerprint analysis, computer forensics, chemical analysis and cloud forensics. In the year 2016, the segment of chemical analysis held a high share of revenues in the global market for forensic technologies. This is due to the advancements made in the technology of GC/MS system which is used for the analysis of drugs or toxicology. The DNA analysis segment is expected to exhibit a moderate CAGR in the period of assessment. This is due to the fact that it can provide correct and effective results in a short duration of time, keeping the cost also low. The Y-STR segment is anticipated to exhibit a robust CAGR during the assessment period. However, it is the PCR sub-segment that is the provider of important opportunities in the North American region, exhibiting a high market attractiveness index during the period of assessment.
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Regional Analysis of the Forensic Technologies Market
North America is the most lucrative region in the global market for forensic technologies, due to a high rate of technological innovation and a steep increase in crime in the developed countries of North America such as the United States. As per the data provided by FBI, the murder rates displayed an increase of more than ten percent in the United States in the year 2015 as compared with the year 2014. The market value of the forensic technologies market in North America is estimated to be nearly US$ 40 Billion by the end of the year 2025, which is half of the value of the global forensic technologies market. Europe is the second most lucrative forensic technologies market. Asia Pacific and Latin America are expected to exhibit the best two rates of growth.
Competition Landscape of the Global Forensic Technologies Market
Some of the important companies that have been profiled in this report are Forensic Pathway, LGC Limited, Agilent Technologies, Neogen Corporation and Thermo Fisher Scientific.
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