Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- The global forensic technologies market is growing at a CAGR of 12.4% from 2013 to 2019. Expansion at this rate will help the market achieve a net value of US$17.7 billion in 2019. The market's value in 2012 was US$8.3 billion, according to a report released by Transparency Market Research titled "Forensic Technologies Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019". The report deals with the key factors that influence the global forensic technologies market.
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DNA profiling forms the greatest component of the global forensic technologies market, as this segment is expected to grow at a CAGR of 11% within the given timeframe.DNA profiling is often important to crime-solving actions that are otherwise impossible to solve due to the lack of non-DNA-based evidence. The report states that DNA profiling is at a high point in its growth phase due to the growing dependence of law enforcement agencies on it.
Geographically speaking, the global forensic technologies market was dominated by North America in 2012, very closely followed by Europe. The two regions together held a majority share in the global forensic technologies market. However, the report states that Asia Pacific and the Rest of the World can be expected to show substantial growth rates, thereby pegging them as holders of 60% of the global forensic technologies market by the end of the forecast period.
The report also states the advantages that the Europe and North America markets will have due to their older application of forensic technologies than other regional segments. The existing forensic technologies - such as fingerprint id and firearms id - will begin to get cheaper in availability in the coming years. Their standardization in North America and Europe will allow the regions to access high-quality technology at lower prices.
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Forensic technologies are widely used for profiling, identifying, and investigating physical evidence. Any evidence collected by these means is eligible to be presented before the court during the proceedings of a case. Evidence thus provided is often considered as reliable enough to find a person innocent or guilty.
Some of the key developments that have occurred in the global forensic technologies market are the large-scale integration of microchip technologies and miniaturized tech into devices that are available in this market. Some of the greatest breakthroughs in the global forensic technologies market have increased the ease of obtaining DNA from samples that are markedly older - by a few decades at the very least. Other similar breakthroughs include obtaining DNA from corpses that have decayed.
The report discusses the key players in the global forensic technologies market, such as Eurofins Medigenomix GmbH, GE Healthcare Life Sciences, LGC Forensics, Spex Forensics, Pyramidal Technologies Ltd., and NMS Labs, Inc.
Key segments of the XYZ market
Global Forensic Technologies Market, by Services
- DNA Profiling
- Biometrics/Fingerprints Analysis
- Chemical (Drugs/Explosives/Toxicology) Analysis
- Firearms Identification and Analysis
- Forensic Supplies and Equipment Market
Global Forensic Technologies Market, by Location
- Comparative Analysis: Forensic Technologies Market, by Location
- Laboratory Forensics Technology
- Portable Forensics Technology
Global Forensic Technologies Market, by Geography
- North America
- Rest of the World
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Source:Transparency Market Research