New Jersey, NJ, Oct. 14, 2019 (GLOBE NEWSWIRE) -- Rising crimes rate across the world and growing technological advancements followed by increasing government investments in the field of forensics are two factors affecting the demand of the market. The global forensic equipment and supplies market is expected to grow from USD 4.26 billion in 2018 to USD 9.34 billion by 2026, at a CAGR of 10.3% during the forecast period 2019-2026, according to the new report published by Fior Markets.
Forensic science is defined as an implementation of scientific knowledge to legal problems or proceedings. For conducting an in-depth study, forensic scientists use various equipment to examine and study the situation. Forensic lab equipment is the devices which are used to detect, collect, and process samples and evidence for further evaluation and determination.
The ongoing technological advancements in forensic sciences, increasing number of crimes, and the rising awareness among investigators about the role of DNA profiling in criminology are the major driving factors for the market. Growing public-private investments in the field of forensics is also an opportunity for the market. However, the high cost of forensic instruments and the dearth of skilled technicians to perform forensic analysis in emerging countries may hamper the growth.
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Key players in the forensic equipment and supplies market are Thermo Fisher Scientific, SCIEX (Danaher Corporation), PerkinElmer, Agilent Technologies, Waters Corporation, GE Healthcare, QIAGEN NV, Spectris, Air Science, Lynn Peavey Company, Sirchie, BVDA International, Safariland, LLC, Horiba, and Illumina, Inc. Key players active in the market are involved in collaborative agreements and expansion to bolster the growth of the market.
- For instance, Grover Davis, CEO of Envista Forensics, announced that the acquisition of AREPA, a leading provider of industrial and high-technology equipment restoration based in Silkeborg, Denmark. This acquisition enables Envista to achieve continued growth for their forensic consulting practice throughout the European insurance market.
- In June 2016, Thermo Fisher launched the Thermo Scientific Q Exactive BioPharma MS/MS Hybrid Quadrupole-Orbitrap mass spectrometer. This helped the company to improve its position in the forensic equipment and supplies market.
- In February 2019, Danaher Corporation announced that it has entered into a definitive agreement with General Electric Company to acquire the Biopharma business of GE Life Sciences for a cash purchase price of approximately $21.4 billion. This acquisition will bring a talented and passionate team as well as a highly innovative, industry-leading product suite to the Life Sciences portfolio, providing an excellent complement to the current biologics workflow solutions.
- In Jan, 2019, QIAGEN N.V. announced that it has entered into an agreement to acquire N-of-One, Inc., a privately-held U.S. molecular decision support company and pioneer in clinical interpretation services for complex genomic data. N-of-One’s technology-enabled, services and the proprietary MarkerMine™ database are planned to be integrated into QIAGEN Clinical Insight, enhancing this industry-leading clinical offering with medical interpretation and real-world evidence insights and offering robust decision support in oncology.
The reagents and consumables segment is dominating the market with the highest share of 38.70% in 2018.
The product segment is classified instruments, reagents and consumables, evidence-drying cabinets and low-temperature storage devices. The reagents and consumables segment is dominating the market in 2018 due to the increasing number of criminal investigations, growing focus of governments on clearing the backlogs of crime cases, public-private investments in forensic sciences, and the rising awareness of DNA profiling in criminology across emerging and less-developed countries.
The drug testing/toxicology segment valued around USD 2.18 Billion in 2018.
The end-user segment is divided into segments such as drug testing/toxicology, DNA analysis, biometrics, blood analysis, and other applications. The drug testing/toxicology segment is dominating the market with the highest share in 2018 owing to the growing 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.
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Government forensic laboratories segment is dominating the market with the highest share 39.90% in 2018.
Application segment includes government forensic laboratories, independent forensic laboratories, and research laboratories & academic institutes. Government forensic laboratories segment is dominating the forensic equipment and supplies market in 2018. The increasing availability of innovative toxicity analysis platforms worldwide and the growing number of drug testing laboratories across major countries are influencing the demand from government forensic laboratories.
Regional Segment Analysis of the Forensic Equipment and Supplies Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America is dominating the market with the highest share of 44.10% in 2018. North America is dominating the market due to the rising public-private investments in the forensics industry. Also, ongoing technological advancements in forensic equipment, increasing commercialization of forensic equipment and the presence of major market players are stimulating the market growth in the region.
About the report:
The Global Forensic Equipment and Supplies Market is analysed on the basis of value (USD Billion).All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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