The global forensic equipment and supplies market is projected to reach USD 8.7 billion by 2024 from USD 6.0 billion in 2019, at a CAGR of 7.7%
NEW YORK, Feb. 18, 2019 /PRNewswire/ --
The forensic equipment and supplies market is projected to grow at a CAGR of 7.7% during the forecast period
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The global forensic equipment and supplies market is projected to reach USD 8.7 billion by 2024 from USD 6.0 billion in 2019, at a CAGR of 7.7%. The growth of this market is majorly driven by factors such as the ongoing technological advancements in forensic sciences, growing public-private investments in the field of forensics, increasing number of crimes, and the rising awareness among investigators about the role of DNA profiling in criminology. However, the high cost of forensic instruments and the dearth of skilled technicians to perform forensic analysis in emerging countries are expected to restrain the growth of this market during the forecast period.
The reagents and consumables segment to witness the highest growth rate in the forensic equipment and supplies market, by product
Based on product, the forensic equipment and supplies market is segmented into instruments, reagents & consumables, evidence-drying cabinets, and low-temperature storage devices.The reagents and consumables segment is expected to account for the largest share of this market in 2019.
This segment is also expected to grow at the highest CAGR during the forecast period owing to the growing demand for reagents and consumables as a result of the increasing number of criminal investigations in several countries across the globe.
The drug testing/toxicology segment to account for the largest share of the forensic equipment and supplies market, by application, in 2019
Based on application, the forensic equipment and supplies market is segmented into DNA analysis, drug testing/toxicology, blood analysis, biometrics, and other applications.The drug testing/toxicology segment is expected to account for the largest share of the forensic equipment and supplies market in 2019.
The growth of this application segment can be attributed to the rising incidence of drug abuse and related criminal cases and the increasing production of illicit drugs in several countries across the globe.
Government forensic laboratories segment to witness the highest growth rate in the forensic equipment and supplies market, by end user
Based on end user, the forensic equipment and supplies market has been segmented into government forensic laboratories, independent forensic laboratories, and research laboratories & academic institutes. The government forensic laboratories segment is estimated to grow at the highest CAGR during the forecast period majorly due to the increased funding and investments by governments to strengthen their analytical capabilities in the field of forensics and expand their coverage across sub-urban and rural areas to maintain law and order effectively.
The Asia Pacific market to grow at the highest CAGR during the forecast period
The forensic equipment and supplies market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.The Asia Pacific market is expected to grow at the highest CAGR during the forecast period majorly due to the increasing number of R&D activities and growing awareness about the applications of forensic equipment in criminal investigations in several Asia Pacific countries.
Furthermore, the growing number of crimes, increasing focus by governments on clearing the pending backlog of criminal cases for effective jurisdiction and law enforcement, and expansion of major manufacturers of forensic equipment and supplies in emerging Asia Pacific countries such as India and China are the other major factors supporting the growth of this market.
Breakdown of supply-side primary interviews:
-- By Company Type: Tier 1-25%, Tier 2-30%, and Tier 3-45%
-- By Designation: C-level-26%, Director-level-30%, and Others-44%
-- By Region: North America-35%, Europe-26%, APAC-23%, and RoW-16%
The major players operating in this market include Thermo Fisher Scientific (US), SCIEX (Danaher Corporation, US), PerkinElmer (US), Agilent Technologies (US), QIAGEN NV (Netherlands), GE Healthcare (US), Waters Corporation (US), Spectris (UK), Air Science (US), Lynn Peavey Company (US), Sirchie (US), BVDA International (Netherlands), Safariland, LLC (US), Horiba (Japan), and Illumina, Inc. (US).
Research Coverage
This report studies the forensic equipment and supplies market based on product, application, end user, and region.The report also studies factors (such as drivers, restraints, and opportunities) affecting market growth and provides details of the competitive landscape for market leaders.
Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five major regions (and the respective countries in these regions).
Key Benefits of Buying the Report
This report focuses on various levels of analysis--industry trends, market share of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the forensic equipment and supplies market, and high-growth regions and their drivers, restraints, and opportunities. The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.
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