Forensic Equipment and Supplies Market to Reach $16.5 Billion, Globally, by 2033 at 7.3% CAGR: Allied Market Research

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Aug 07, 2024, 10:05 ET

WILMINGTON, Del., Aug. 7, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Forensic Equipment and Supplies Market by Product (Instruments, Reagents and Consumables, Low temperature Storage Devices and Evidence Drying Cabinets), Application (Drug Testing and Toxicology, DNA Analysis, Blood Analysis, Biometrics and Other Applications), and End User (Government Forensic Laboratories, Independent Forensic Laboratories and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the forensic equipment and supplies market was valued at $8.1 billion in 2023, and is estimated to reach $16.5 billion by 2033, growing at a CAGR of 7.3% from 2024 to 2033.

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Prime determinants of growth

Increasing incidences of crime, rise in awareness and emphasis on forensic science in criminal investigations, and expanding application of forensic science are the major factors that drive the growth of the forensic equipment and supplies market growth. However, lack of skilled professionals in emerging countries restricts the market growth. Moreover, rising adoption of digital forensics offers remunerative opportunities for the expansion of the global forensic equipment and supplies market.

Report coverage & details

Report Coverage	Details
Forecast Period	2024–2033
Base Year	2023
Market Size in 2023	$8.1 billion
Market Size in 2033	$16.5 billion
CAGR	7.3 %
No. of Pages in Report	315
Segments Covered	Product, Application, End User, and Region.
Drivers	Increase in incidences of crime
	Rise in awareness and emphasis on forensic science in criminal investigations
	Expanding application of forensic science
Opportunity	Rise in adoption of digital forensics
Restraint	Lack of skilled professionals in emerging countries

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Segment Highlights

The reagent and consumables segment dominated the market share in 2023

By product, the reagent and consumables dominated the market share in 2023. This is attributed to a rise in demand for consumables such as chemicals, test kits, and reagents which are indispensable for routine forensic procedures, ensuring accurate and reliable results. The consistent and repetitive nature of forensic testing necessitates a steady supply of reagents and consumables, such as chemicals, testing kits, and sample containers. These items are essential for a wide range of forensic analyses, including DNA testing, toxicology, and drug analysis, making them indispensable in forensic laboratories which support the segment growth.

The drug testing and toxicology segment dominated the market share in 2023

By application, drug testing and toxicology dominated the market share in 2023. This is attributed to rise in prevalence of drug-related crimes and substance abuse leading to a heightened demand for accurate and reliable drug testing equipment. Additionally, stringent government regulations and workplace drug testing policies further drive the need for advanced toxicology tools. Technological advancements in testing methodologies and the rising awareness about drug misuse contribute significantly to this segment's sustained dominance.

The government forensic laboratories segment dominated the market share in 2023

By end user, government forensic laboratories segment dominated the market share in 2023. This is attributed to the consistent funding and investment from governmental bodies aimed at enhancing national security and crime-solving capabilities. These laboratories benefit from access to state-of-the-art technologies and infrastructure, enabling them to handle a high volume of forensic analysis with precision and reliability thereby driving the segment growth. In addition, government labs often set standards and benchmarks in forensic science, further solidifying their leading position in the market.

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Regional Outlook

North America to maintain its dominance by 2033

North America is poised to maintain its leadership status in the forensic equipment and supplies market during the forecast period due to robust investments in law enforcement and criminal justice infrastructure, coupled with strong government support for advanced forensic technologies. The region benefits from the presence of major market players and extensive research and development activities. Additionally, the rise in incidence of crime and the consequent demand for effective forensic solutions drive market growth. The availability of skilled professionals and stringent regulatory standards further bolster the region's dominance in the market.

Players

Thermo Fisher Scientific Inc.
PerkinElmer Inc.
Agilent Technologies Inc.
Danaher Corporation
Waters Corporation
Air Science
BVDA International
Safariland LLC.
Illumina Inc
HORIBA Ltd.

The report provides a detailed analysis of these key players in the global forensic equipment and supplies market. These players have adopted different strategies such as agreement, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Recent Development

In October 2023, HORIBA Instruments Incorporated, a HORIBA Group company, announced that it has acquired Process Instruments, Inc. Process Instruments, a leading developer and manufacturer of Raman process spectroscopy for environmental and process markets, will become part of the HORIBA Group. This acquisition will expand business ventures by leveraging Process Instruments' industrial process instrument business oriented primarily around refinery and petrochemistry solutions in the United States and HORIBA's global sales network.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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