Forensic Lab Equipment Market Size, Trends and Insights By Product (Instruments, Reagents and Consumables, Evidence Drying Cabinets, Low-temperature Storage Devices), By Application (Drug Testing/Toxicology, DNA Analysis, Blood Analysis, Biometrics, Other Applications), By End User (Government Forensic Laboratories, Independent Forensic Laboratories, Research Laboratories & Academic Institutes), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032


Report Code: CMI34205

Published Date: November 2023

Pages: 220+

Category: Healthcare

Report Snapshot

CAGR: 7.7%
8.1B
2022
8.7B
2023
21.1B
2032

Source: CMI

Study Period: 2023-2032
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Thermo Fisher Scientific Inc.
  • Agilent Technologies Inc.
  • PerkinElmer Inc.
  • Waters Corporation
  • QIAGEN N.V.
  • Others

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Reports Description

As per the current market research conducted by CMI Team, the global Forensic Lab Equipment Market is expected to record a CAGR of 7.7% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 8.7 Billion. By 2032, the valuation is anticipated to reach USD 21.1 Billion.

The forensic lab equipment market pertains to the realm of specialized tools and technologies utilized by forensic professionals and law enforcement authorities to scrutinize and resolve criminal cases. Its inherent character demands precision instruments, essential for tasks such as DNA analysis, ballistics assessment, and narcotic examination.

Presently, the industry exhibits trends like the embrace of cutting-edge analytical methodologies, such as mass spectrometry and Next-Generation Sequencing (NGS), a growing emphasis on digital forensics in tackling cybercrimes, and the infusion of artificial intelligence for the expeditious processing of data. These developments underscore the continual requirement for inventive solutions within this sector.

Forensic Lab Equipment Market – Significant Growth Factors

The Forensic Lab Equipment Market presents significant growth opportunities due to several factors:

  • Advancements in Technology: Rapid technological developments in analytical instruments, DNA analysis, and digital forensics are driving the market. Companies investing in cutting-edge technologies can gain a competitive edge.
  • Rising Crime Rates: Increased criminal activities, including cybercrimes and drug-related offenses, create a growing demand for forensic analysis, offering opportunities for market growth.
  • Government Initiatives: Governments worldwide are investing in improving their forensic capabilities to solve crimes more effectively. This increased funding presents opportunities for equipment suppliers.
  • DNA Profiling: DNA analysis remains a critical tool in solving criminal cases, and advancements in this field continue to fuel market growth.
  • Globalization of Crime: With criminal activities transcending borders, international cooperation in forensic investigations is on the rise, creating a demand for cross-border forensic solutions.
  • Digital Forensics: As digital evidence becomes more prevalent in investigations, the demand for digital forensic equipment and expertise continues to rise, offering significant opportunities for growth in this sector.

Forensic Lab Equipment Market – Mergers and Acquisitions

The Forensic Lab Equipment Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their Type offerings and profitability. Some notable examples of mergers and acquisitions in the Forensic Lab Equipment Market include:

  • In 2023, Danaher Corporation expanded its presence in the forensic lab equipment industry by acquiring Cytiva’s Life Sciences business for a sum of USD 3.3 billion. Through this strategic acquisition, Danaher gained entry to Cytiva’s comprehensive range of forensic equipment, encompassing DNA sequencers, PCR machines, and mass spectrometers.
  • In the year 2022, Thermo Fisher Scientific made a significant move by acquiring PPD for a substantial USD 17.4 billion. This acquisition marked Thermo Fisher’s foray into the realm of forensic testing services. It also granted the company access to PPD’s global network of forensic laboratories, further enhancing its position in the forensic sciences domain.

These mergers and acquisitions have helped companies expand their Type offerings, improve their market presence, and capitalize on growth opportunities in the Forensic Lab Equipment Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Forensic Lab Equipment Market Reusable Blood Hemodialyzer Market Hemophilia B Gene Therapy Market
CAGR 7.7% (Approx) CAGR 6.2% (Approx) CAGR 34.1% (Approx)
USD 21.1 Billion by 2032 USD 6.3 Billion by 2032 USD 5,938.5 Million by 2032

Forensic Lab Equipment Market – Significant Threats

The Forensic Lab Equipment Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

  • Budget Constraints: Budget limitations in law enforcement and forensic agencies can hinder investment in new equipment, affecting market growth.
  • Technological Obsolescence: Rapid advancements may render existing equipment obsolete, requiring costly upgrades or replacements.
  • Data Security Concerns: With the growth of digital forensics, ensuring the security of sensitive data is crucial, as data breaches could have severe consequences.
  • Regulatory Challenges: Evolving regulations and standards in the forensic industry can pose challenges for equipment manufacturers to stay compliant.
  • Competitive Landscape: Intense competition among market players can lead to pricing pressures and reduced profit margins.
  • Resource Constraints: The shortage of skilled forensic professionals can limit the effective utilization of advanced equipment.
  • Cybersecurity Threats: In the digital forensics sector, the equipment may be vulnerable to cyberattacks, potentially compromising investigations.
  • Global Economic Factors: Economic downturns can impact government funding for forensic labs, affecting equipment purchases.
  • Supply Chain Disruptions: Disruptions in the supply chain, such as the COVID-19 pandemic, can lead to delays and shortages in equipment production and distribution.
  • Environmental Regulations: Increasing environmental concerns and regulations may affect the disposal and use of certain chemicals and materials in forensic equipment.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 8.7 Billion
Projected Market Size in 2032 USD 21.1 Billion
Market Size in 2022 USD 8.1 Billion
CAGR Growth Rate 7.7% CAGR
Base Year 2022
Forecast Period 2023-2032
Key Segment By Product, Application, End User and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Category wise Insights

By Product:

  • Instruments: In the forensic lab equipment market, instruments refer to specialized devices used for analysis and investigation, such as DNA sequencers, gas chromatographs, and microscopes. Current trends in instruments involve the integration of advanced technologies like mass spectrometry and Next-Generation Sequencing (NGS), enhancing analytical capabilities and efficiency, while also focusing on user-friendly interfaces.
  • Reagents and Consumables: Reagents and consumables include chemical substances, test kits, and disposable materials used in forensic testing. Recent trends revolve around the development of eco-friendly, sustainable options and the adoption of automation to minimize human error in sample handling, contributing to more precise and efficient forensic analysis.
  • Evidence Drying Cabinets: Evidence drying cabinets are specialized storage equipment designed to preserve and dry wet evidence collected from crime scenes. The trend in this segment includes the incorporation of advanced drying technologies, such as HEPA filtration and touchscreen controls, ensuring the safe and efficient preservation of critical evidence.
  • Low-temperature Storage Devices: Low-temperature storage equipment, including freezers and refrigerators, plays a pivotal role in conserving biological samples and evidence. Current trends encompass the deployment of energy-efficient and ecologically responsible cooling systems, as well as the implementation of digital monitoring and tracking mechanisms to enhance sample security and retrieval efficiency.

Global Forensic Lab Equipment Market 2023–2032 (By Billion)

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By Application

  • Drug Testing/Toxicology: This segment of the forensic lab equipment market involves tools and techniques used to analyze substances for the presence of drugs or toxins. A notable trend is the increasing demand for rapid, point-of-care drug testing devices to combat substance abuse and enhance workplace safety.
  • DNA Analysis: DNA analysis equipment is crucial for identifying individuals and solving crimes. A prominent trend in this field is the growing use of advanced DNA sequencing technologies and the integration of databases for more efficient criminal investigations.
  • Blood Analysis: Forensic blood analysis equipment is employed to examine blood samples for evidence, including blood type, alcohol content, and disease markers. Current trends include the use of high-throughput, automated systems for faster and more accurate results.
  • Biometrics: Biometric forensic equipment aids in identifying individuals through unique physical or behavioral traits. A significant trend is the fusion of biometrics with AI and machine learning for more robust and precise identification, especially in security applications.
  • Other Applications: This segment encompasses various specialized forensic applications, such as ballistics, document examination, and trace evidence analysis. A growing trend is the adoption of multidisciplinary equipment and software solutions to address complex, interconnected forensic challenges in these diverse areas.

By End User

  • Government Forensic Laboratories: These facilities are operated by government agencies and are responsible for conducting forensic investigations for law enforcement and judicial purposes. A notable trend in government forensic laboratories is an increased focus on digital forensics, where advanced software and hardware are utilized to analyze electronic evidence. Additionally, there’s a growing emphasis on streamlining workflows and ensuring compliance with evolving regulations.
  • Independent Forensic Laboratories: Independent labs are privately owned and provide forensic services to various clients, including law enforcement, legal firms, and private individuals. A significant trend in this segment is diversification, with labs expanding their offerings to include niche services such as cyber forensics and DNA testing for genealogy purposes. Quality accreditation and quick turnaround times are also key focus areas.
  • Research Laboratories & Academic Institutes: These institutions primarily focus on forensic research, education, and training. Trends in this sector involve a shift towards multidisciplinary research collaborations, fostering innovation in forensic techniques. Moreover, academic institutes are increasingly offering specialized courses in forensic science, catering to the growing demand for skilled professionals in the field. Research initiatives often concentrate on enhancing forensic methodologies and the development of new technologies for analysis and investigation.

Global Forensic Lab Equipment Market 2023–2032 (By Application)

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Forensic Lab Equipment Market – Regional Analysis

The Forensic Lab Equipment Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

  • North America: This region comprises the U.S. and Canada, known for advanced forensic technologies. Key trends include a heightened focus on digital forensics, with investments in cybersecurity tools, as well as sustainability, leading to eco-friendly equipment solutions.
  • Europe: Europe’s forensic lab equipment market emphasizes regulatory compliance and the adoption of automation. The trends involve the integration of AI and machine learning for data analysis and a shift toward decentralized forensic facilities to cater to remote areas.
  • Asia-Pacific: The Asia-Pacific region is experiencing rapid market growth, with a trend toward increasing investments in modern forensic equipment and technology, as well as a growing emphasis on biometrics and digital forensics.
  • LAMEA: In this region, market trends encompass improved collaborations between governments and international organizations to strengthen forensic capabilities, especially in areas like DNA analysis and drug identification, as well as addressing cybersecurity challenges through advanced equipment.

Global Forensic Lab Equipment Market 2023–2032 (By End User)

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Competitive Landscape – Forensic Lab Equipment Market

The Forensic Lab Equipment Market is highly competitive, with a large number of manufacturers and others operating globally. Some of the key players in the market include:

  • Thermo Fisher Scientific Inc.
  • Agilent Technologies Inc.
  • PerkinElmer Inc.
  • Waters Corporation
  • QIAGEN N.V.
  • Shimadzu Corporation
  • Bruker Corporation
  • Bio-Rad Laboratories Inc.
  • Promega Corporation
  • Horiba Ltd.
  • JEOL Ltd.
  • Spectris plc
  • Metrohm AG
  • Forensic Technology Inc.
  • LGC Limited
  • Others

These companies operate in the market through various strategies such as application innovation, mergers and acquisitions, and partnerships.

Several new players have entered the forensic lab equipment market by adopting innovation and development. These entrants are often characterized by their focus on emerging technologies, such as AI-driven data analysis, portable and user-friendly equipment, and solutions for digital forensics. They emphasize cost-effective and efficient options.

Key players dominating the market include established companies like Thermo Fisher Scientific, Agilent Technologies, and PerkinElmer. They lead through a combination of cutting-edge product portfolios, strong research and development, strategic acquisitions, and a global presence. These industry leaders have a strong market presence, trusted reputations, and a history of providing comprehensive solutions, positioning them at the forefront of the forensic lab equipment market.

The Forensic Lab Equipment Market is segmented as follows:

By Product

  • Instruments
  • Reagents and Consumables
  • Evidence Drying Cabinets
  • Low-temperature Storage Devices

By Application

  • Drug Testing/Toxicology
  • DNA Analysis
  • Blood Analysis
  • Biometrics
  • Other Applications

By End User

  • Government Forensic Laboratories
  • Independent Forensic Laboratories
  • Research Laboratories & Academic Institutes

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Forensic Lab Equipment Market, (2023 – 2032) (USD Billion)
    • 2.2 Global Forensic Lab Equipment Market: snapshot
  • Chapter 3. Global Forensic Lab Equipment Market – Industry Analysis
    • 3.1 Forensic Lab Equipment Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Advancements in Technology
      • 3.2.2 Rising Crime Rates
      • 3.2.3 Government Initiatives
      • 3.2.4 DNA Profiling
      • 3.2.5 Globalization of Crime
      • 3.2.6 Digital Forensics.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market Attractiveness Analysis By Product
      • 3.7.2 Market Attractiveness Analysis By Application
      • 3.7.3 Market Attractiveness Analysis By End User
  • Chapter 4. Global Forensic Lab Equipment Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Forensic Lab Equipment Market: company market share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaboration, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Forensic Lab Equipment Market – Product Analysis
    • 5.1 Global Forensic Lab Equipment Market Overview: By Product
      • 5.1.1 Global Forensic Lab Equipment Market Share, By Product, 2022 and 2032
    • 5.2 Instruments
      • 5.2.1 Global Forensic Lab Equipment Market by Instruments, 2023 – 2032 (USD Billion)
    • 5.3 Reagents and Consumables
      • 5.3.1 Global Forensic Lab Equipment Market by Reagents and Consumables, 2023 – 2032 (USD Billion)
    • 5.4 Evidence Drying Cabinets
      • 5.4.1 Global Forensic Lab Equipment Market by Evidence Drying Cabinets, 2023 – 2032 (USD Billion)
    • 5.5 Low-temperature Storage Devices
      • 5.5.1 Global Forensic Lab Equipment Market by Low-temperature Storage Devices, 2023 – 2032 (USD Billion)
  • Chapter 6. Global Forensic Lab Equipment Market – Application Analysis
    • 6.1 Global Forensic Lab Equipment Market Overview: By Application
      • 6.1.1 Global Forensic Lab Equipment Market Share, By Application, 2022 and 2032
    • 6.2 Drug Testing/Toxicology
      • 6.2.1 Global Forensic Lab Equipment Market by Drug Testing/Toxicology, 2023 – 2032 (USD Billion)
    • 6.3 DNA Analysis
      • 6.3.1 Global Forensic Lab Equipment Market by DNA Analysis, 2023 – 2032 (USD Billion)
    • 6.4 Blood Analysis
      • 6.4.1 Global Forensic Lab Equipment Market by Blood Analysis, 2023 – 2032 (USD Billion)
    • 6.5 Biometrics
      • 6.5.1 Global Forensic Lab Equipment Market by Biometrics, 2023 – 2032 (USD Billion)
    • 6.6 Other Applications
      • 6.6.1 Global Forensic Lab Equipment Market by Other Applications, 2023 – 2032 (USD Billion)
  • Chapter 7. Global Forensic Lab Equipment Market – End User Analysis
    • 7.1 Global Forensic Lab Equipment Market Overview: By End User
      • 7.1.1 Global Forensic Lab Equipment Market Share, By End User, 2022 and 2032
    • 7.2 Government Forensic Laboratories
      • 7.2.1 Global Forensic Lab Equipment Market by Government Forensic Laboratories, 2023 – 2032 (USD Billion)
    • 7.3 Independent Forensic Laboratories
      • 7.3.1 Global Forensic Lab Equipment Market by Independent Forensic Laboratories, 2023 – 2032 (USD Billion)
    • 7.4 Research Laboratories & Academic Institutes
      • 7.4.1 Global Forensic Lab Equipment Market by Research Laboratories & Academic Institutes, 2023 – 2032 (USD Billion)
  • Chapter 8. Forensic Lab Equipment Market – Regional Analysis
    • 8.1 Global Forensic Lab Equipment Market Regional Overview
    • 8.2 Global Forensic Lab Equipment Market Share, by Region, 2022 & 2032 (USD Billion)
    • 8.3. North America
      • 8.3.1 North America Forensic Lab Equipment Market, 2023 – 2032 (USD Billion)
        • 8.3.1.1 North America Forensic Lab Equipment Market, by Country, 2023 – 2032 (USD Billion)
    • 8.4 North America Forensic Lab Equipment Market, by Product, 2023 – 2032
      • 8.4.1 North America Forensic Lab Equipment Market, by Product, 2023 – 2032 (USD Billion)
    • 8.5 North America Forensic Lab Equipment Market, by Application, 2023 – 2032
      • 8.5.1 North America Forensic Lab Equipment Market, by Application, 2023 – 2032 (USD Billion)
    • 8.6 North America Forensic Lab Equipment Market, by End User, 2023 – 2032
      • 8.6.1 North America Forensic Lab Equipment Market, by End User, 2023 – 2032 (USD Billion)
    • 8.7. Europe
      • 8.7.1 Europe Forensic Lab Equipment Market, 2023 – 2032 (USD Billion)
        • 8.7.1.1 Europe Forensic Lab Equipment Market, by Country, 2023 – 2032 (USD Billion)
    • 8.8 Europe Forensic Lab Equipment Market, by Product, 2023 – 2032
      • 8.8.1 Europe Forensic Lab Equipment Market, by Product, 2023 – 2032 (USD Billion)
    • 8.9 Europe Forensic Lab Equipment Market, by Application, 2023 – 2032
      • 8.9.1 Europe Forensic Lab Equipment Market, by Application, 2023 – 2032 (USD Billion)
    • 8.10 Europe Forensic Lab Equipment Market, by End User, 2023 – 2032
      • 8.10.1 Europe Forensic Lab Equipment Market, by End User, 2023 – 2032 (USD Billion)
    • 8.11. Asia Pacific
      • 8.11.1 Asia Pacific Forensic Lab Equipment Market, 2023 – 2032 (USD Billion)
        • 8.11.1.1 Asia Pacific Forensic Lab Equipment Market, by Country, 2023 – 2032 (USD Billion)
    • 8.12 Asia Pacific Forensic Lab Equipment Market, by Product, 2023 – 2032
      • 8.12.1 Asia Pacific Forensic Lab Equipment Market, by Product, 2023 – 2032 (USD Billion)
    • 8.13 Asia Pacific Forensic Lab Equipment Market, by Application, 2023 – 2032
      • 8.13.1 Asia Pacific Forensic Lab Equipment Market, by Application, 2023 – 2032 (USD Billion)
    • 8.14 Asia Pacific Forensic Lab Equipment Market, by End User, 2023 – 2032
      • 8.14.1 Asia Pacific Forensic Lab Equipment Market, by End User, 2023 – 2032 (USD Billion)
    • 8.15. Latin America
      • 8.15.1 Latin America Forensic Lab Equipment Market, 2023 – 2032 (USD Billion)
        • 8.15.1.1 Latin America Forensic Lab Equipment Market, by Country, 2023 – 2032 (USD Billion)
    • 8.16 Latin America Forensic Lab Equipment Market, by Product, 2023 – 2032
      • 8.16.1 Latin America Forensic Lab Equipment Market, by Product, 2023 – 2032 (USD Billion)
    • 8.17 Latin America Forensic Lab Equipment Market, by Application, 2023 – 2032
      • 8.17.1 Latin America Forensic Lab Equipment Market, by Application, 2023 – 2032 (USD Billion)
    • 8.18 Latin America Forensic Lab Equipment Market, by End User, 2023 – 2032
      • 8.18.1 Latin America Forensic Lab Equipment Market, by End User, 2023 – 2032 (USD Billion)
    • 8.19. The Middle East and Africa
      • 8.19.1 The Middle East and Africa Forensic Lab Equipment Market, 2023 – 2032 (USD Billion)
        • 8.19.1.1 The Middle-East and Africa Forensic Lab Equipment Market, by Country, 2023 – 2032 (USD Billion)
    • 8.20 The Middle-East and Africa Forensic Lab Equipment Market, by Product, 2023 – 2032
      • 8.20.1 The Middle-East and Africa Forensic Lab Equipment Market, by Product, 2023 – 2032 (USD Billion)
    • 8.21 The Middle-East and Africa Forensic Lab Equipment Market, by Application, 2023 – 2032
      • 8.21.1 The Middle-East and Africa Forensic Lab Equipment Market, by Application, 2023 – 2032 (USD Billion)
    • 8.22 The Middle-East and Africa Forensic Lab Equipment Market, by End User, 2023 – 2032
      • 8.22.1 The Middle-East and Africa Forensic Lab Equipment Market, by End User, 2023 – 2032 (USD Billion)
  • Chapter 9. Company Profiles
    • 9.1 Thermo Fisher Scientific Inc.
      • 9.1.1 Overview
      • 9.1.2 Financials
      • 9.1.3 Product Portfolio
      • 9.1.4 Business Strategy
      • 9.1.5 Recent Developments
    • 9.2 Agilent Technologies Inc.
      • 9.2.1 Overview
      • 9.2.2 Financials
      • 9.2.3 Product Portfolio
      • 9.2.4 Business Strategy
      • 9.2.5 Recent Developments
    • 9.3 PerkinElmer Inc.
      • 9.3.1 Overview
      • 9.3.2 Financials
      • 9.3.3 Product Portfolio
      • 9.3.4 Business Strategy
      • 9.3.5 Recent Developments
    • 9.4 Waters Corporation
      • 9.4.1 Overview
      • 9.4.2 Financials
      • 9.4.3 Product Portfolio
      • 9.4.4 Business Strategy
      • 9.4.5 Recent Developments
    • 9.5 QIAGEN N.V.
      • 9.5.1 Overview
      • 9.5.2 Financials
      • 9.5.3 Product Portfolio
      • 9.5.4 Business Strategy
      • 9.5.5 Recent Developments
    • 9.6 Shimadzu Corporation
      • 9.6.1 Overview
      • 9.6.2 Financials
      • 9.6.3 Product Portfolio
      • 9.6.4 Business Strategy
      • 9.6.5 Recent Developments
    • 9.7 Bruker Corporation
      • 9.7.1 Overview
      • 9.7.2 Financials
      • 9.7.3 Product Portfolio
      • 9.7.4 Business Strategy
      • 9.7.5 Recent Developments
    • 9.8 Bio-Rad Laboratories Inc.
      • 9.8.1 Overview
      • 9.8.2 Financials
      • 9.8.3 Product Portfolio
      • 9.8.4 Business Strategy
      • 9.8.5 Recent Developments
    • 9.9 Promega Corporation
      • 9.9.1 Overview
      • 9.9.2 Financials
      • 9.9.3 Product Portfolio
      • 9.9.4 Business Strategy
      • 9.9.5 Recent Developments
    • 9.10 Horiba Ltd.
      • 9.10.1 Overview
      • 9.10.2 Financials
      • 9.10.3 Product Portfolio
      • 9.10.4 Business Strategy
      • 9.10.5 Recent Developments
    • 9.11 JEOL Ltd.
      • 9.11.1 Overview
      • 9.11.2 Financials
      • 9.11.3 Product Portfolio
      • 9.11.4 Business Strategy
      • 9.11.5 Recent Developments
    • 9.12 Spectris plc
      • 9.12.1 Overview
      • 9.12.2 Financials
      • 9.12.3 Product Portfolio
      • 9.12.4 Business Strategy
      • 9.12.5 Recent Developments
    • 9.13 Metrohm AG
      • 9.13.1 Overview
      • 9.13.2 Financials
      • 9.13.3 Product Portfolio
      • 9.13.4 Business Strategy
      • 9.13.5 Recent Developments
    • 9.14 Forensic Technology Inc.
      • 9.14.1 Overview
      • 9.14.2 Financials
      • 9.14.3 Product Portfolio
      • 9.14.4 Business Strategy
      • 9.14.5 Recent Developments
    • 9.15 LGC Limited
      • 9.15.1 Overview
      • 9.15.2 Financials
      • 9.15.3 Product Portfolio
      • 9.15.4 Business Strategy
      • 9.15.5 Recent Developments
    • 9.16 Others.
      • 9.16.1 Overview
      • 9.16.2 Financials
      • 9.16.3 Product Portfolio
      • 9.16.4 Business Strategy
      • 9.16.5 Recent Developments
List Of Figures

Figures No 1 to 28

List Of Tables

Tables No 1 to 77

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2030
  • Market revenue estimates and forecasts up to 2030, by technology
  • Market revenue estimates and forecasts up to 2030, by application
  • Market revenue estimates and forecasts up to 2030, by type
  • Market revenue estimates and forecasts up to 2030, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • Thermo Fisher Scientific Inc.
  • Agilent Technologies Inc.
  • PerkinElmer Inc.
  • Waters Corporation
  • QIAGEN N.V.
  • Shimadzu Corporation
  • Bruker Corporation
  • Bio-Rad Laboratories Inc.
  • Promega Corporation
  • Horiba Ltd.
  • JEOL Ltd.
  • Spectris plc
  • Metrohm AG
  • Forensic Technology Inc.
  • LGC Limited
  • Others

FAQs

The key factors driving the Market are Advancements in Technology, Rising Crime Rates, Government Initiatives, DNA Profiling, Globalization of Crime And Digital Forensics.

The “Reagents and Consumables” category dominated the market in 2022.

The key players in the market are Thermo Fisher Scientific Inc., Agilent Technologies Inc., PerkinElmer Inc., Waters Corporation, QIAGEN N.V., Shimadzu Corporation, Bruker Corporation, Bio-Rad Laboratories Inc., Promega Corporation, Horiba Ltd., JEOL Ltd., Spectris plc, Metrohm AG, Forensic Technology Inc., LGC Limited, Others.

“North America” had the largest share in the Forensic Lab Equipment Market.

The global market is projected to grow at a CAGR of 7.7% during the forecast period, 2023-2032.

The Forensic Lab Equipment Market size was valued at USD 8.7 Billion in 2023.

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