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%

LONDON, Jan. 5, 2018 /PRNewswire/ -- Download the full report: https://www.reportbuyer.com/product/5246328


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.

Aerospace & life sciences TIC market for certification services expected to grow at the highest CAGR during the forecast period

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.

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. 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

Aerospace & life sciences TIC market for medical & life sciences application to grow at the highest CAGR during the forecast period
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

APAC is expected to be the fastest-growing market for aerospace & life sciences TIC during the forecast period
Many economically advanced countries have their manufacturing units in the developing economies of Asia Pacific (APAC), especially China and India. These units are required to manufacture products in compliance with internationally accepted standards. The aerospace & life sciences TIC market in the APAC region is projected to grow at the highest CAGR during the forecast period due to the outsourcing of testing, inspection, and certification of medical devices and clinical research services.

Breakdown of the profile of primary participants:
• By Company Type: Tier 1 – 53 %, Tier 2 – 15%, and Tier 3 – 32%
• By Designation: C-Level Executives – 48%, Directors - 27%, and Others -25%
• By Region: North America – 19%, Europe – 43%, APAC – 33%, and RoW – 5%

The major players profiled in this report include:
• SGS (Switzerland)
• Bureau Veritas (France)
• Intertek (UK)
• Eurofins Scientific (Luxembourg)
• TÜV SÜD (Germany)
• DNV GL (Norway)
• TÜV Rheinland (Germany)
• Applus (Spain)
• ALS (Australia)
• TÜV Nord (Germany)
• MISTRAS (US)
• Element Materials Technology (UK)
• UL (US)

Research Coverage
The study segments the aerospace & life sciences testing, inspection, and certification market report into service type (testing services, inspection services, certification services, and others), application(medical & life sciences, aerospace) and sourcing type (in-house and outsourced). The study also covers applications and provides the geographic forecast of the market size for various segments with regard to four main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).

Reasons to buy the report
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the aerospace & life sciences testing, inspection, and certification market comprehensively and provides the closest approximations of the overall market size and those of the subsegments across different applications and regions.
2. The report provides the detailed analysis of the aerospace & life sciences testing, inspection, and certification market with the help of competitive leadership mapping including key companies in the market and their relations in the ecosystem.
3. The report helps stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
4. This report would help stakeholders understand their competitors better and gain insights to enhance their position in the business. The competitive landscape section includes the competitor ecosystem, product developments, partnerships, and mergers & acquisitions in the aerospace & life sciences testing, inspection, and certification market.

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