An up-to-date study by Transparency Market Research (TMR) reports that the global forensic technologies market is intensely competitive, although a few players do hold a position of strength. Some of the key companies identified by the TMR report in the global forensic technologies market are: Thermo Fisher Scientific, Agilent Technologies, LGC Limited, SPEX Forensics, Forensics Consulting Solutions, LLC, NMS Labs, GE Healthcare Life Sciences, Eurofins Medigenomix GmbH, Neogen Corporation, Forensic Pathway, SCIEX (Danaher Corporation).
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As per the evaluation of the TMR report, the global forensic technologies market was worth US$39.6 bn in 2016, and projects it to experience incrementing demand at an impressive CAGR of 8.3% during the forecast period of 2017 to 2025 to reach an estimated valuation of US$80.7 bn by the end of 2025. As far as strategies of the prominent players are concerned, the forensic technologies market has always been rewarding for those who develop new products, whereas some of the other players gain ground over their competitors via mergers and acquisitions and geographical expansion. Launch of research grade Triple Quadrupole LC/MS System by Agilent Technologies in March 2017 is one of such examples of new product launches. This product will help Agilent in expanding their offerings and pave its way into various research applications such as forensic toxicology, clinical research, environmental testing, and peptide quantitation.
Chemical analysis continues to be the leading services segment of the global forensic technologies market, owing to technological advancement such as the combination of gas chromatography and mass spectrometry for analyzing drugs or toxicology in a subject. Based on location, the market is gaining maximum demand for laboratory forensics segment, as these facilities provide for effective and efficient test results of the samples, preserving from contamination. Geographically, the TMR report rates North America as incredibly stronger market than all other regions put together. Independently, the North America forensic technologies market is projected to be worth US$39.3 bn by the end of the forecast period, although Asia Pacific and Latin America are anticipated to exhibit most prominent growth rates.
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Escalating Crime Rates Fuel Demand for Forensic Technologies
The home-grown crime rising rate is escalating worldwide. Consequently, there has been an expanding appropriation of forensic technologies among the law enforcement agencies and privately owned business organizations, such as banking and media transmission. The change in the productivity and estimation of measurable advancements, and the lessening in the backlogs, has given the genuinely necessary drive to the forensic technologies globally. The quick development of the measurable advancements is essentially determined by a mix of technological development. Mergers, coordinated efforts and understandings are some business methodologies that received by various association to create products and distribution channels that offer lift to the forensic technologies market. Also fast ascent in criminal rates around the world, and ascend sought after for chemical analysis are probably going to help development of the measurable advancements advertise.
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High Cost of Instruments Obstructing General Deployment in Emerging Economies
Despite several factors favoring the prosperity of the global forensic technologies market, the high cost of instruments and administrative limitations is obstructing it from achieving its true potential in various emerging economies. Nevertheless, growing acts of terrorism, across the globe, has forced governments and law enforcement agencies to be vigilant, and thoroughly check for rapidly increasing number of samples. This factors has opened vast new opportunities for the vendors operating in the global forensic technologies market.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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