Market Research Report
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
|Published by||MarketsandMarkets||Product code||297240|
|Published||Content info||156 Pages
|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|
|Published: December 6, 2017||Content info: 156 Pages||
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.
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.
The major players profiled in this report include:
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).
The report would help the market leaders/new entrants in this market in the following ways:
*Details on Business Overview, Services offered, Strength of Service Portfolio, Business Strategy Excellence, Recent Developments, Key relationships might not be captured in case of unlisted companies.