(I-BusinessNews.Com, April 20, 2021 ) According to the new market research report Forensic Equipments Market is projected to reach USD 8.7 billion by 2024 from USD 6.0 billion in 2019, at a CAGR of 7.7%.
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North America to dominate the Forensic Equipment and Supplies Market during the forecast period
The Forensic Equipments Market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. North America is estimated to be the largest regional market for forensic equipment and supplies in 2019 majorly due to the high and growing adoption of DNA testing technology in the region and the ongoing technological advancements in forensic equipment.
Factors such as the growing number of crimes across major countries, ongoing technological advancements in forensic sciences, growing public-private investments in the field of forensics, and the rising awareness among investigators about the role of DNA profiling in criminology are driving the growth of the forensic equipment market.
Drug testing/toxicology segment estimated to be the fastest-growing application segment during the forecast period
Based on application, the Forensic Equipments Market is segmented into DNA analysis, drug testing/toxicology, blood analysis, biometrics, and other applications. The drug testing/toxicology segment is expected to grow at the highest CAGR during the forecast period primarily due to the growing availability of innovative toxicity analysis platforms worldwide, increasing number of drug testing laboratories across major countries, and the rising incidence of drug abuse and related criminal cases.
Instruments segment is expected to account for the largest share of the Forensic Equipment and Supplies Market, by product, in 2019
Based on product, the Forensic Equipment and Supplies Market is segmented into instruments, reagents & consumables, evidence-drying cabinets, and low-temperature storage devices. The instruments segment is expected to account for the largest share of the Forensic Equipment and Supplies Market in 2019. The increasing adoption of DNA profiling in criminology across emerging and less-developed countries and the increasing production of illicit drugs are the major factors driving the growth of this market segment.
Government forensic laboratories to account for the largest share of the Forensic Equipments Market, by end user, in 2019
Based on end user, the Forensic Equipment and Supplies Market is segmented into government forensic laboratories, independent forensic laboratories, and research laboratories & academic institutes. Government forensic laboratories are estimated to be the largest end-users of forensic equipment and supplies, and this trend is expected to continue during the forecast period. The large share of this end-user segment can be attributed to the high and growing number of drug abuse cases and paternity/maternity disputes across major countries, coupled with the increasingly stringent guidelines for criminal investigations and their strict implementation across mature countries.
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The major players operating in the Forensic Equipments Market are Thermo Fisher Scientific (US), Agilent Technologies (US), Waters Corporation (US), PerkinElmer (US), and SCIEX (Danaher Corporation, US). The other prominent players operating in the market include QIAGEN NV (Netherlands), GE Healthcare (US), Spectris (UK), Air Science (US), Lynn Peavey Company (US), Sirchie (US), BVDA International (Netherlands), Safariland, LLC (US), Horiba (Japan), and Illumina, Inc. (US).
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