(I-BusinessNews.Com, March 12, 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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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 and supplies market. However, the high cost of forensic instruments and the dearth of well-skilled technicians to perform forensic analysis in emerging countries are expected to restrain the growth of this market during the forecast period.
The major players operating in the Forensic Equipments Market include Thermo Fisher Scientific (US), PerkinElmer (US), Agilent Technologies (US), Waters Corporation (US), and SCIEX (Danaher Corporation, US). Other prominent players in this market include GE Healthcare (US), QIAGEN NV (Netherlands), Spectris (UK), Air Science (US), Lynn Peavey Company (US), Sirchie (US), BVDA International (Netherlands), Safariland, LLC (US), Horiba (Japan), and Illumina, Inc. (US). The analysis of market developments between 2014 and 2018 revealed that several growth strategies such as product launches and strategic market expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the forensic equipment and supplies market.
Agilent Technologies (US) held the second position in the global forensic equipment and supplies market. The company has a strong presence in major markets such as the US, Germany, Brazil, China, Japan, Australia, Canada, France, and Spain. To strengthen its current position and gain a larger share of the market, the company mainly focuses on product commercialization. For instance, the company launched the 7250 GC/Q-TOF system and the 6495B Triple Quadrupole LC/MS System in 2017. Agilent also focuses on other growth strategies such as market expansion and collaborations to build a competitive advantage.
Thermo Fisher Scientific (US) dominated the market in 2018. The company offers a broad range of forensic equipment and supplies that are used in various applications, such as forensic DNA analysis, forensic toxicology, and blood analysis. The company has a strong geographic presence across North America, Europe, the Asia Pacific, Africa, and the Middle East. Thermo Fisher mainly focuses on the development of technologically innovative products to further strengthen its position in the market. For instance, the company launched Vanquish UHPLC and the Thermo Scientific Q Exactive BioPharma MS/MS Hybrid Quadropole-Orbitrap mass spectrometer in the last three years.
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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.
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