Attractive Growth Opportunities in the aerospace & life sciences TIC Market - PowerPoint PPT Presentation

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Attractive Growth Opportunities in the aerospace & life sciences TIC Market


The aerospace & life sciences Testing, Inspection, and Certification (TIC) market is expected to grow from USD 30.45 billion in 2017 to USD 41.60 billion by 2023, at a CAGR of 5.34% between 2017 and 2023 – PowerPoint PPT presentation

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Date added: 28 February 2020
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Title: Attractive Growth Opportunities in the aerospace & life sciences TIC Market

MarketsandMarkets Presents
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 The
aerospace life sciences Testing, Inspection,
and Certification (TIC) market is expected to
reach USD 44.9 billion by 2025, at a CAGR of
4.75 between 2019 and 2025 from USD 30.5 billion
in 2017
MarketsandMarkets Presents
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. Download PDF Brochure _at_
sp?id32924426 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
MarketsandMarkets Presents
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. 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.
MarketsandMarkets Presents
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. 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.
MarketsandMarkets Presents
About MarketsandMarkets MarketsandMarkets
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MarketsandMarkets Presents
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