Forensic Technology Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Forensic Technology market in 2021?

The global forensic technology market size in 2021 was valued at USD 19.14 billion. It is expected to grow at a CAGR of 8.7% from 2021 to 2026, reaching a market size of USD 31.92 billion by the end of the forecast period.

COVID-19 Impact on the Forensic Technology Market

The COVID-19 pandemic had a significant impact on the forensic technology market. Due to lockdowns and restrictions, forensic investigations were disrupted, leading to a temporary slowdown in market growth. However, the demand for digital forensic tools increased as cybercrime surged during the pandemic.

Forensic Technology Dynamics

The forensic technology market is driven by the increasing incidence of crime, technological advancements in forensic tools, and the growing use of DNA profiling in criminal investigations. Government initiatives to curb crime and public safety concerns also contribute to market growth.

Segments and Related analysis

The forensic technology market is segmented based on technology (DNA profiling, biometric analysis, ballistics, digital forensics, and others), application (law enforcement, healthcare, financial services, and others), and region. DNA profiling is the largest segment due to its high accuracy in identifying suspects.

By Region Analysis

North America holds the largest market share in the forensic technology market, followed by Europe and Asia Pacific. The high adoption of advanced forensic tools, stringent regulatory frameworks, and increasing crime rates drive market growth in these regions.

Key Market Players and Competitive Landscape

Key players in the forensic technology market include Thermo Fisher Scientific Inc., Agilent Technologies, Inc., GE Healthcare, Danaher Corporation, and Hitachi High-Tech Corporation. These companies focus on product innovation, strategic partnerships, and acquisitions to strengthen their market position.

Recent happenings in the Forensic Technology Market

In recent developments, Thermo Fisher Scientific launched a new DNA profiling kit for forensic investigations. Agilent Technologies acquired a digital forensics software company to enhance its portfolio. GE Healthcare introduced a new biometric analysis tool for law enforcement agencies. Danaher Corporation collaborated with a leading research institute to develop advanced ballistics analysis tools.