Vancouver, BC -- (SBWIRE) -- 03/15/2021 -- The Global Forensic Technology Market was valued at USD 19.72 Billion in 2019 and is forecasted to reach USD 52.04 Billion by 2027 at a CAGR of 12.9%. Over the recent past, there has been an increase in the frequency of violent crimes throughout the world which is a key factor driving the growth of the market. Besides that, the secondary factors fueling the market growth by creating the demand for forensics are homicide on an international scale, robbery, sexual violence, as well as murder. Additionally, The American countries accounted for the major shares in crime rates over the recent years followed by Africa and Asia, which is likely to create an opportunity for growth over the forecasted period.

Key Highlights From The Report.
In November 2019, Thermo Fisher Scientific launched SeqStudio Genetic Analyzer, a technologically advanced and forensic laboratory qualified technology. It is in order to refine human identification system as well as validate workflow to forensic DNA laboratories.
When it comes to the type of technology, Polymerase Chain Reaction (PCR) accounted for the most prominent share in 2019 owing to the fast penetration rates for different areas of applications like illicit drug analysis, ballistics and toxicology studies.
In the application segment, the law enforcement agencies is likely to grow at the fastest CAGR of 13.3% over the forecasted period which can be attributed to the increasing number of initiatives taken by the government in order to clear backlogs of criminal cases that need strong evidence.
Key participants include Cytiva, 3M, Eurofins Scientific, Agilent Technologies, NMS Lab, LGC Group, LGC Limited, Thermo Fisher Scientific and Micro Systemation among others

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North America dominated the market in terms of revenue because of the growth in the number of government initiatives targeted towards emphasizing the utilization of forensic technologies. However, Asia Pacific is also anticipated to expand at a progressive rate throughout the forecasted span. This is primarily because of the development of advanced infrastructure for testing facilities.

The major competitors operating globally have jointly initiated the Industry/University Cooperative Research Centers Program which helps in effective R&D regarding forensic science mainly across industry and academic collaborations. The program stresses on the development of practices in order to handle and preserve DNA as well as other biological evidence. Moreover, organizations across the globe are emphasizing on innovative technology in order to optimize the interoperability of automated fingerprinting identification systems at various levels, regulate biasness from investors, as well as develop standards for effective solutions to control criminal cases.

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Key questions answered in the report
What will be the market size in terms of value and volume in the next five years?
Which segment is currently leading the market?
In which region will the market find its highest growth?
Which players will take the lead in the market?
What are the key drivers and restraints of the market's growth?

Research Methodology
Data triangulation and market breakdown
Research assumptions Research data including primary and secondary data
Primary data includes breakdown of primaries and key industry insights
Secondary data includes key data from secondary sources

Type Outlook (Revenue, USD Billion; 2017-2027)
Polymerase Chain Reaction (PCR)
Capillary Electrophoresis
Next Generation Sequencing
Rapid DNA Analysis
Automated Liquid Handling Technology
Microarrays Arms

Application Type Outlook (Revenue, USD Billion; 2017-2027)
Healthcare
Law enforcement agencies
Banking and financial institutions
Telecom

Forensic Technology Market Regional Outlook (Revenue, USD Billion; 2023-2030)
North America, Europe, Asia Pacific, Latin America, MEA

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Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Forensic Technology Market Segmentation & Impact Analysis
Chapter 5. Forensic Technology Market By Component Insights & Trends Revenue (USD Million)
Chapter 6. Forensic Technology Market By Operation Insights & Trends Revenue (USD Million)
Chapter 7. Forensic Technology Market By Range Insights & Trends Revenue (USD Million)
Chapter 8. Forensic Technology Market Regional Outlook
Continued…