PUNE, India, December 6, 2017 /PRNewswire/ --
According to the new research report "Aerospace & Life Sciences Testing, Inspection, and Certification Market by Service Type (Testing, Inspection, Certification), Sourcing Type (In-house, Outsourced), Application (Aerospace, Medical & Life Sciences), and Geography - Global Forecast to 2023", published by MarketsandMarkets™ , the market is expected to reach USD 41.60 Billion by 2023, at a CAGR of 5.34% from USD 30.45 Billion in 2017.
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The growth of this market is mainly driven by growing consumption of goods in emerging countries, increasing incidents of product recalls globally, the surge in global counterfeiting and piracy activities, and the imposition of rigorous government regulations and standards across various sectors.
Aerospace & life sciences TIC market for testing services held the largest share in 2016
There has been an increase in a number of product recalls due to faulty components and parts. These incidents are on the rise due to use of sub-standard parts and materials. Moreover, the sectors such as aerospace, medical, health, beauty and wellness, and clinical services have to adhere to stringent quality standards, thereby increasing the need for testing services.
Aerospace & life sciences TIC market for outsourced services is expected to grow at the highest CAGR during the forecast period
Many large firms are increasingly outsourcing TIC services because the increased regulations make it costly to conduct in-house tests, thereby helping the firms reduce the overall cost of testing. The demand for outsourcing aerospace & life sciences TIC services to third-party vendors is increasing for applications such as consumer goods and manufacturing, owing to the capital-intensive nature of in-house aerospace & life sciences TIC activities.
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Aerospace & life sciences TIC market for medical & life sciences application held the largest share in 2016
The medical & life sciences industry is subject to a variety of stringent regulations, standards, and legislation. The medical & life sciences application includes medical devices, health, beauty & wellness, clinical services, laboratory services, and biopharmaceutical and pharmaceutical services. These industries are required to meet the highest level of safety and reliability for the safety of consumers and assets.
North America accounted for the largest share of the Aerospace & life sciences TIC market in 2016
In North America, the US is a prominent exporter of various goods to several countries around the world; this factor has led to a rise in aerospace & life sciences TIC services in the country to ensure compliance with international standards. The rising dominance of countries such as US and Canada in international trade would require them to produce goods complying with internationally accepted standards.
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SGS (Switzerland), Bureau Veritas (France), Intertek (UK), Eurofins Scientific (Luxembourg), and TÜV SÜD (Germany) are some of the major players in the market. The report also covers various innovators involved in the aerospace and life sciences TIC market. Avomeen Analytical Services (US), Medistri (Switzerland), and Envigo (UK) are few innovators in the market.
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