London, Aug. 22, 2019 (GLOBE NEWSWIRE) -- According to a new market research report “Aerospace & Life Sciences Testing, Inspection, and Certification (TIC) Market- Global Opportunity Analysis and Industry Forecast (2019-2025)”, published by Meticulous Research®, the global aerospace & life sciences TIC market is expected to grow at a CAGR of 5.6% from 2019 to reach $42.2 billion by 2025.
Testing, inspection, and certification (TIC) in aerospace & life sciences industry is performed to improve the quality, safety, and efficiency of products. Factors such as rising concerns over products safety & quality, and growing focus of TIC service providers through innovation & investments are driving the growth of the aerospace & life sciences TIC market. Moreover, the regulatory bodies and other government authorities are strongly emphasizing the aircraft/spacecraft, medical device/pharmaceuticals, and other life sciences products manufacturers to achieve standard compliance with the regulations. Such positive scenarios are driving aerospace & life sciences TIC market.
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Regulatory bodies such as FDA and EMA in life sciences industry are strongly emphasizing on the product quality & safety. This creates pressure on the medical device/pharmaceutical and other life science products manufacturers to achieve the standard compilation such as testing, inspection, and certification. Furthermore, aerospace industry has shown tremendous growth over the last decade owing to developments in digital technologies/telecommunications which further encourage the aircraft/spacecraft manufacturers to develop advanced aerospace products with increased safety & quality concerns using crash and fire safety technologies. Such developments & concerns are expected to drive the growth of TIC market.
Aircraft and life sciences products manufacturers are strongly focusing on increasing the marketability of their products with enhanced trust among the customers and patients/physicians. Such strategy helps the manufacturers to sustain their market position which can be achieved through employing better testing and inspection demonstrations in order to get certificates that meet compliance of regulatory standards and enhance the products marketability.
The overall aerospace & life sciences TIC market is mainly categorized by service (testing, inspection, and certification), sourcing (in-house and outsourcing), application [aerospace (aerospace manufacturing services, aviation management services, and others) and life sciences (biopharmaceutical/pharmaceutical & medical devices services, clinical & laboratory services, health, beauty & wellness, and others)], and geography. Aerospace TIC market is further segmented into aerospace manufacturing services, aviation management services, & others (aerospace quality management services, supply and maintenance or overhaul and repair services, among others); whereas, life sciences TIC market is further segmented into biopharmaceutical/pharmaceutical & medical devices services; clinical & laboratory services; health, beauty & wellness; and others (food & feed testing, agro science services, agro testing/agrochemical testing, training, quality, safety & environment, technical staffing services, water system validation, among others).
On the basis of service type, testing segment is estimated to account for the largest share of the overall aerospace & life sciences TIC services market in 2019, owing to growing demand for high quality and safety products and strong recommendations from the regulatory authorities to ensure the safety, quality, and efficiency of the products. On the other hand, based on sourcing, in-house segment is expected to dominate the overall aerospace & life sciences TIC services market in 2019.
On the basis of application, life sciences segment is estimated to command the largest share of the overall aerospace & life sciences TIC services market with strong recommendation from regulatories to ensure the product quality & safety and growing concerns over the safety & quality of medical devices implants pharmaceutical & biopharmaceutical products. In addition, increased product recalls and rising demand for more efficient & safe personalized solutions are some of the key factors driving the growth of life sciences TIC market.
Geographically, North America is estimated to command the largest share of the global aerospace & life sciences TIC services market in 2019, followed by Asia Pacific and Europe. Factors such as existence of large number of SMEs in the U.S. & Canada, rising expenditure in manufacturing R&D in life sciences & aerospace industries, increasing production of spacecraft/aircraft and medical devices and pharmaceuticals/biopharmaceuticals, and presence of structured regulatory frameworks, are expected to drive the growth of aerospace & life sciences TIC market in this region.
The global aerospace & life sciences testing, inspection, and certification (TIC) market is highly competitive with several players offering testing, inspection, and certification services at a local, regional, and global level. The major players operating in the global aerospace & life sciences TIC market are Eurofin Scientific, SGS SA, Intertek Group, Mistras Group, ALS Limited, Applus, DNV GL, Bureau Veritas, TUV Nord, and TUV SUD, among many others.
Browse key industry insights spread across 174 pages with 119 market data tables & 57 figures & charts from the report: https://www.meticulousresearch.com/product/Aerospace-Life-Sciences-TIC-Market-4964/
Key Topics Covered in This Report:
1. Introduction
1.1. Market Ecosystem
1.2. Currency and Limitations
1.2.1. Currency
1.2.2. Limitations
1.3. Key Stakeholders
2. Research Methodology
2.1. Research Process
2.1.1. Secondary Research
2.1.2. Primary Research
2.1.3. Market Size Estimation
3. Executive Summary
3.1. Introduction
4. Market insights
4.1. Introduction
4.2. Market Drivers
4.2.1. Continuous innovations and investments by Testing, Inspection, Certification (TIC) Service Providers
4.2.2. Rising Product Safety and Quality Concerns across the Globe
4.2.3. Growing Demand of Certified Products in Compliance with Standard Legislation
4.3. Opportunities
4.3.1. Increasing Number of Contracts/Collaborations in Aerospace & Life Sciences
4.3.2. Growing Spending of Healthcare Research and Development
4.3.3. Emerging Small and Medium Sized Companies in Aerospace & Life Sciences industry
4.3.4. Gaining Popularity of PrognosTICs/DiagnosTICs and Health Management (PHM) in Aerospace & Life Sciences
4.4. Challenges
4.4.1. Digitization and Adoption of Advanced Technologies in Aerospace and Life Science Industry
4.4.2. Existence of Diversified Regulations & Standards across Regions/Countries
4.5. Restraints
4.5.1. High Cost of TIC Services
5. Global Aerospace & Life Sciences Testing, inspection, Certification Market, by Service
5.1. Introduction
5.2. Testing
5.3. Inspection
5.4. Certification
6. Global Aerospace & Life Sciences Testing, inspection, Certification Market, by Sourcing
6.1. Introduction
6.2. In-House
6.3. Outsourcing
7. Global Aerospace & Life Sciences Testing, inspection, Certification Market, by Application
7.1. Introduction
7.2. Life Sciences
7.2.1. Biopharma/Pharmaceutical & Medical Devices Services
7.2.2. Clinical & Laboratory Services
7.2.3. Health, Beauty & Wellness
7.2.4. Others
7.3. Aerospace
7.3.1. Aerospace Manufacturing Services
7.3.2. Aviation Management Services
7.3.3. Others
8. Aerospace & Life Sciences TIC Market, by Geography
8.1. Introduction
8.2. North America
8.2.1. U.S.
8.2.2. Canada
8.3. Europe
8.3.1. Germany
8.3.2. U.K.
8.3.3. France
8.3.4. Italy
8.3.5. Spain
8.3.6. Rest of Europe
8.4. Asia-Pacific
8.4.1. China
8.4.2. India
8.4.3. Japan
8.4.4. South Korea
8.4.5. Rest of Asia-Pacific
8.5. Latin America
8.6. Middle East & Africa (MEA)
9. Competitive Landscape
10. Company Profiles (Includes Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
10.1. Eurofins Scientific
10.2. TUV SUD
10.3. SGS SA
10.4. ALS Limited
10.5. Applus+
10.6. TUV Nord
10.7. Intertek Group Plc
10.8. Bureau Veritas
10.9. DNV GL
10.10. MISTRAS Group, Inc.
11. Appendix
11.1. Questionnaire
11.2. Available Customization
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