The global forensic technologies market is characterized by the presence of a large number of players, which leads to fierce competition in the market. Each of the players in the market is concentrating on expanding its market share by providing better products to a widening customer base. However, the presence of numerous players does not affect the dominance established by a handful of strong market players. Transparency Market Research (TMR) assessed the market forces to understand the knit and grit of the market; the results show that several market players are expected to engage in core research and development in order to expand their market share. The major market players are SCIEX (Danaher Corporation), Eurofins Medigenomix GmbH, NMS Labs, Forensic Pathway, SPEX Forensics, Thermo Fisher Scientific, Agilent Technologies, GE Healthcare Life Sciences, Neogen Corporation, LGC Limited, LLC, and Forensics Consulting Solutions. These companies are expected to develop new products, acquire smaller players, and form strategic alliances to retain their renown in the market.
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The global market for forensic technologies was valued at US$39.6 bn in 2016, and is expected to elevate to US$80.7 bn by the end of 2025. This reflects the lucrativeness of the market in the coming years, and it is anticipated that the CAGR for the period between 2017 and 2025 would settle at 8.3%. Based on the services provided, the chemical analysis segment has reaped the largest revenue in the previous years and is expected to keep surging ahead of other categories. On the basis of location, the two key segments are laboratory forensics and portable forensics, out of which, the former dominates the market. The market for forensic technologies in North America is expected to be worth US$39.3 bn by the end of 2025, thus, allowing it to reign over all other regional market.
Need to Immune Industries from Criminal Attacks Bolsters Market
The high crime rate across the globe has increased the vulnerability of public and private sector enterprises to unanticipated discrepancies. This has created the need for better forensic technologies across a range of industries such as banking, telecommunications, and medicine. Measurable advancements are growing at a noticeable pace, which has solidified forensic technologies. Furthermore, the emergence of mergers, acquisitions, and coordinated efforts by business entities has also given a boost to the market for forensic technologies. The government is emphasizing on employing forensic technologies across various industrial longitudes, thus, offering room for market growth. Amongst the underhanded contributors to market growth are the rising demands for DNA sequencing, facial reconstruction, automated fingerprint identification, and digital surveillance for gaming equipment.
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Inability to Afford Forensic Technologies Amongst Emerging Economies
Although the market for forensic technologies is witnessing a trajectory of growth and development, the high costs of the equipment poses a threat to the entire market. The emerging economies are not in a position to afford large-scale deployment of forensic technologies, thus, hindering rapid growth for the market. Moreover, the administrative limitations across a wide range of industries also make it difficult for the forensic technologies to penetrate certain industries. Nevertheless, the rising crime rates, threats of terror attacks, and in-house discrepancies are expected to keep bolstering the market. Furthermore, the governments across the emerging economies are also making efforts to replicate the path of their developed counterparts. These efforts can go a long way in consolidating the position of the emerging economies towards the deployment of forensic technologies.
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