BCC Research projects forensics market to reach $19.2B by 2022
BCC Research has published a new report entitled “Forensic Technologies: New and Growing Markets“, in which it forecasts the total U.S. market for forensic technologies to reach $19.2 billion by 2022 from $12.7 billion in 2016 at a CAGR of 7.7 percent.
The report states that computer forensics and forensics accounting will remain the largest sectors of this market, followed by DNA testing and fingerprinting/biometrics.
In contrast, BCC predicts that analytical instruments and supplies to have the lowest growth rate.
Although crime rates across the United States are declining, the forensics market is increasing due to technological advancements creating new market openings and new categories of crime.
For example, the implication of data on computers has created new kinds of forensics, such as forensic accounting and computer forensics.
As a result, the computerization of crime labs has seen substantial investment. Fingerprinting continues to move rapidly away from ink-based methods to biometric technologies such as electronic fingerprinting scanners.
Among recently issued patents, those covering DNA with mass spectrometry technology and electronic recovery techniques have outpaced other approved forensic applications.
The report finds that complex forensic databases are experiencing a significant growth niche.
“Market demand within the forensic science industry is moving toward inexpensive, reliable and efficient products that are based on techniques accepted by the scientific community,” said Kevin Gainer, BCC Research analyst and author of the report. “A key objective in designing for forensic testing has been to develop accurate and fast, portable products for field use.”
The report finds that the majority of instruments in forensics testing are used to provide chemical information about crime scene evidence.
The tests conducted on these instruments compare and identify substances. Meanwhile, DNA testing remains the definitive form of forensic tools, according to the report.
BCC says that new technologies and applications for the collection and analysis of DNA continue to contribute to a growing market, and is expected to increase at a 6 percent CAGR over the next five years.
The report highlights some of the market’s top players including PerkinElmer, Agilent, Waters Corp., Bruker Instruments Inc., Spectris, J&W Scientific, Thermo Electron, Nartec, and more than 40 others.