Global Forensic Equipment and Supplies Market is expected to grow at a CAGR of 10.3% during the forecast period from 2019-2026
A new research report published by Fior Markets with the title Forensic Equipment and Supplies Market by Product (Instruments, Reagents and Consumables, Evidence-Drying Cabinets, Low-Temperature Storage Devices), End User, Application, Region Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026.
As per the report, 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 from 2019-2026. 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.
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Leading companies in the industry include Thermo Fisher Scientific, SCIEX (Danaher Corporation), PerkinElmer, Agilent Technologies, Waters Corporation, GE Healthcare, QIAGEN NV, Spectris, Air Science, Lynn Peavey Company, Sirchie, BVDA International among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share. For instance, Grover Davis, CEO of Envista Forensics (“Envista”), acquired AREPA, a leading provider of industrial and high-technology equipment restoration based in Silkeborg, Denmark. Through this, Envista, known globally as a top provider of forensic engineering and recovery solutions to insurance companies, loss adjusters,
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 and valued around USD 1.64 Billion 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 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 51.20% 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. 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 and valued around USD 1.69 Billion 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.
Rising crimes rate across world is one of the driving force. Also, increasing technological advancements followed by rising government investments in the field of forensics is also fuelling the growth of market. But cost associated with forensic instruments is too high which may deter market growth. However, new opportunities found in developing markets may influence the market growth in coming years.
About the report:
The global forensic equipment and supplies market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an 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, and competitor position grid analysis.
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