The most recent study conducted by Report Ocean, titled “Global Forensic Equipment and Supplies Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Forensic Equipment and Supplies. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Forensic Equipment and Supplies Market is valued approximately at USD 6.5 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 7.7% over the forecast period 2021-2027. Forensic supplies and equipment are primarily used in criminal investigations, law enforcement, laboratories, and education programs. Forensic instruments and materials support in the detection, collection, and processing of evidence for the investigation’s evaluation. Body fluid analysis, proof tracing, compound determination of medications and hazardous substances, fingerprinting, and DNA identification are only a few of the uses for forensic equipment. Forensic Equipment and Supplies market is driven by increasing technological advancement and growing number of crimes across major countries.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
For instance, Alternative light photography is one of the most effective methods for detecting injury to a body until it expresses on skin of body. Alternative light photography, which is used by forensic nurses, may also make the difference between life and death. Furthermore, the worldwide demand for forensic equipment was valued at USD 11.26 billion in 2016 and in 2019 it was USD 19.25. Digital forensics, ballistics, and DNA testing are examples of forensic technology. However, dearth of Skilled Technicians, may impede market growth over the forecast period of 2021-2027.
In the forensic equipment and supplies market, North America is one of the most profitable countries and holding the largest shares globally. The main factors driving the growth of the forensic equipment and supplies market in North America are increasing public-private investments in the forensics industry in the United States and Canada, ongoing technical advances in forensic equipment, the commercialization of forensic equipment, and the involvement of major market players in the region.
Major market player included in this report are:
Forbo Flooring Systems
PerkinElmer
Thermo Fisher Scientific
SCIEX (Danaher Corporation, US)
Agilent Technologies
Waters Corporation
GE Healthcare
QIAGEN NV
Lynn Peavey Company
BVDA International
Safariland, LLC
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product type:
Instruments
Reagents and Consumables
Evidence Drying Cabinets
Low-temperature Storage Devices
By End User:
Government Forensic Laboratories
Independent Forensic Laboratories
Research Laboratories & Academic Institutes
By Application:
Drug Testing/Toxicology
DNA Analysis
Blood Analysis
Biometrics
Other Applications
By Region:
North America
U.S.
Canada
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Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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