The aerospace & life sciences Testing, Inspection, and Certification (TIC) market is expected to increase from USD 30.45 Billion in 2017 to USD 41.60 Billion by 2023, at a CAGR of 5.34 percent between 2017 and 2023. 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.
The aerospace & life sciences TIC market for testing services accounted for the largest share in 2016. There is an increasing demand for testing services in most applications owing to the rising demand for good-quality and standard products across the industry. Manufacturers are required to ensure the products have met the quality, technical, safety, and performance regulatory standards to increase the marketability of their products.
The aerospace & life sciences TIC market for in-house sourcing type accounted for the largest share in 2016. 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 and become mandatory for certain category of products.
The aerospace & life sciences TIC market for the 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 levels of safety and reliability for the safety of consumers and assets.
By region, North America accounted for the largest share of the aerospace & life sciences TIC market in 2016, owing to increased demand from export-oriented developed economies and the high quality and standard of medical devices from the region. North America also invests heavily in the aerospace and healthcare sectors. Major application of TIC services in these countries include medical devices, clinical services, and laboratory services. These applications have a significant demand for aerospace & life sciences TIC services, which would help them to comply with international standards. – Markets and Markets