- Aerospace & life sciences TIC market for testing services held the largest share in 2016
- North America accounted for the largest share of the Aerospace & life sciences TIC market in 2016
- The medical & life sciences industry is required to meet the highest level of safety and reliability for the safety of consumers and assets.
Growth of the Testing, Inspection and Certification (TIC) 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.
The aerospace & life sciences Testing, Inspection, and Certification (TIC) market is expected to reach $44.9 billion by 2025, at a CAGR of 4.75% between 2019 and 2025 from $30.5 billion in 2017.
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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.
Additionally, there is an increasing demand for TIC services in most applications due to rising demand for quality and standard products across verticals. In the aerospace & life sciences TIC market, testing services serve to check whether the products have to meet specific quality, technical, safety, and regulatory performance standards.
Many large firms are increasingly outsourcing TIC services because increased regulations make it costly to conduct in-house tests, thereby helping the firms reduce the overall cost of testing. 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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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 bio-pharmaceutical and pharmaceutical services. These industries are required to meet the highest level of safety and reliability for the safety of consumers and assets.
The market for medical devices held the largest market share in 2016. This is due to the fact that undergoing tests and certification is a critical step in the process of transforming an innovative design into a reliable and marketable medical device. These tests help understand compliance with standards and regulations in different areas of the world. Also, as required, the inspections of production facilities, environmental monitoring, and pre-shipment inspections are also done before distribution of the product.
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.
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.