DUBLIN--(BUSINESS WIRE)--The "Aerospace & Life Sciences Testing, Inspection, and Certification Market by Service Type, Sourcing Type, Application, and Geography - Global Forecast to 2023" report has been added to Research and Markets' offering.
The aerospace & life sciences Testing, Inspection, and Certification (TIC) market is estimated to be USD 30.45 billion in 2017 and is expected to be worth USD 41.60 billion by 2023, at a CAGR of 5.34% between 2017 and 2023
The growth of the aerospace & life sciences TIC market is driven by the enforcement of stringent government regulations and standards across various sectors, increasing consumption of products, and outsourcing of TIC services. The aerospace & life sciences TIC market is further driven by a surge in global counterfeiting and piracy activities. Small and medium-sized companies in the TIC ecosystem are providing new growth opportunities for the aerospace & life sciences TIC market. However, changing regulations across regions restrain the growth of the aerospace & life sciences TIC market.
There has been an increasing demand for certification services owing to the increasing number of specified standards by governments and international standardization institutions. Companies are more aware of their credibility and certifications demonstrate the compliance of their products with specific standards and improve its marketability.
Earlier, manufacturers and organizations had to adhere to limited standards and regulations; hence, it was possible for companies to build their in-house testing and inspection capabilities. In recent years, the standards pertaining to human/user safety and environmental safety have increased. However, this trend is shifting to the increase in outsourcing aerospace & life sciences TIC services to specialized third-party service providers as they drastically reduce the operational expenditure for the manufacturers.
Increasing mandates to ensure the quality and improve the efficiency of medical devices and changing regulations in applications such as clinical services, health, beauty, and wellness products across the world would drive the adoption of aerospace & life sciences TIC services by manufacturers of medical equipment.
Market Dynamics
Drivers
- Increasing Demand for High-Quality Medical Devices in Life Sciences Application Across Developing Countries
- Concerns Over Product Safety and Quality
Restraints
- Divergent Standards and Regulations for Aerospace & Life Sciences Applications Across Geographies
Opportunities
- Consolidation of Fragmented Markets
- Growing Inclination Towards Outsourcing TIC Services
Challenges
- Long Lead-Time for Overseas Qualification Tests of Products
Companies Mentioned
- ALS Limited
- Applus+
- Avomeen Analytical Services
- Bureau Veritas
- DNV GL
- Element Material Technology (Exova)
- Element Materials Technology
- Envigo
- Eurofins Scientific
- Gateway Analytical
- Intertek
- Key Innovators
- Medistri
- Mistras
- SGS
- TUV Nord
- TUV Rheinland
- TUV SUD
- UL
For more information about this report visit https://www.researchandmarkets.com/research/xkz59c/40_billion?w=4
