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Market Growth and Key Drivers

Historic Growth

• Strong Market Expansion: The forensic technology market grew from $18.59 billion in 2023 to $20.87 billion in 2024, at a CAGR of 12.3%.
• Key Drivers:
  • Increased effectiveness of forensic analysis.
  • Rise in the number of crimes.
  • Higher demand for DNA testing.
  • Improved accuracy and efficiency of DNA analysis.
  • Adoption of forensics by private companies.

Future Projections

• Continued Growth: The market is projected to reach $33.3 billion by 2028, at a CAGR of 12.4%.
• Growth Factors:
  • Rising number of homicide cases.
  • Increased investment in modern forensic capabilities.
  • Growing number of violent crimes.
  • Greater use of chemical analysis in drugs.
  • Increased frequency of cybercrime.

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Trends and Innovations

Rising Crime Rates Propel Market Growth

• Driving Factor: Increasing crime rates are expected to propel market growth.
• Key Insights:
  • Crime rates are influenced by factors such as poverty, unemployment, economic inequality, and rapid urbanization.
  • Forensic technology enhances investigation, detection, and prevention efforts.
• Example: In October 2023, the Office for National Statistics in the UK reported a 4% increase in registered crimes in England and Wales from the previous year.

AI-Powered Forensic Technology Tools

• Gaining Traction: Companies are developing AI-powered forensic tools to enhance investigation accuracy and efficiency.
• Example: In May 2024, Alvarez and Marsal launched ChatView, an AI-powered forensic tool for efficient examination of chat data.
• Features: AI-powered transcription and translation for voice memos and video files, improved security, and expanded offline functions.

Strategic Acquisition: LeadsOnline and Forensic Technology Inc.

• Significant Acquisition: In September 2023, LeadsOnline LLC acquired Forensic Technology Inc. from Ultra Electronics.
• Impact: The acquisition aims to integrate advanced forensic solutions, enhance investigative capabilities, and expand service offerings.
• Company Profile: Forensic Technology Inc. is a Canada-based company specializing in advanced forensic technology solutions.

Market Segmentation

By Type

• Next Generation Sequencing (NGS)
• Capillary Electrophoresis
• Polymerase Chain Reaction (PCR)
• Microarrays
• Rapid DNA Analysis
• Automated Liquid Handling Technology
• Other Types

By Service

• DNA Profiling
• Chemical Analysis
• Biometric Analysis
• Firearms Identification
• Other Services

By Location

• Laboratory Forensics Technology
• Portable Forensics Technology

By Application

• Pharmacogenetics
• Biodefense and Biosurveillance
• Judicial or Law Enforcement
• Other Applications

Major Players in the Market

• Leading Companies: Hitachi Corporation, F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Siemens Healthineers AG, and more.
• Focus: These companies are driving advancements in forensic technology tools, biometric solutions, and AI-powered applications.

Regional Insights

• Largest Region: North America led the forensic technology market in 2023.
• Fastest-Growing Region: Asia-Pacific is expected to see the fastest growth during the forecast period.

Conclusion
The forensic technology market is poised for rapid growth, driven by rising crime rates, technological advancements, and strategic acquisitions. As major players continue to innovate, the market will see enhanced investigative capabilities and expanded service offerings, ensuring better outcomes in forensic investigations globally.

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The Forensic Technology Global Market Report 2024  provides an overview of the forensic technology market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The forensic technology market forecast analyzes forensic technology market size, forensic technology market share, leading competitor and their market positions.

The Table Of Content For The Forensic Technology Market Include:
1. Forensic Technology Market Executive Summary
2. Forensic Technology Market Segments
3. Forensic Technology Market Size And Forensic Technology Market Growth Rate
4. Key Forensic Technology Market Trends
5. Major Forensic Technology Market Drivers
……
25. Key Mergers And Acquisitions In The Forensic Technology Market
26. Top Forensic Technology Companies
27. Forensic Technology Market Opportunities And Strategies
28. Forensic Technology Market, Conclusions And Recommendations
29. Appendix

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