Meticulous Research® – a leading global market research company published a research report titled “Aerospace & Life Sciences Testing, Inspection, and Certification Market– Global Opportunity Analysis and Industry Forecast to 2025”. According to this latest publication from Meticulous Research®, the global aerospace & life sciences TIC market is projected to reach $42.2 billion in 2025 from $30.3 billion in 2019, growing at a CAGR of 5.6%. The growth of this market will be driven by factors such as increasing production in aerospace & life sciences, adoption of new materials in aircraft, and stringent aviation regulations & certification standards for the aircraft safety; and rising investments in the life sciences & aerospace industries, and growing demand for good-quality and standard products across the industry.
On the basis of service type, the global aerospace & life sciences TIC market is segmented into testing, inspection, and certification. Testing segment holds the largest share of the aerospace & life sciences TIC services market. However, inspection segment is expected to grow at the fastest growth rate owing to growing number of product recalls due to product related issues, such as faulty components & parts in aerospace, and product contamination & product mix up in life sciences industry. This further favors the growth of inspection services segment in TIC market.
On the basis of sourcing, aerospace & life sciences TIC market is segmented into in-house and outsourcing. In-house segment accounted for major share of the global aerospace & life sciences TIC market in 2018. However, outsourcing segment will witness faster growth during the forecast period owing to growing trend of increasing number of companies to outsource TIC services to specialized service providers.
On the basis of application, aerospace & life sciences TIC market is segmented into life sciences and aerospace industries. Life sciences industry is further segmented into biopharmaceutical/pharmaceutical & medical devices services; clinical & laboratory services; health, beauty & wellness; and others. Biopharmaceutical/pharmaceutical & medical devices services segment accounted for the largest share of life sciences segment in 2018 due to increasing spending in pharmaceutical/biopharmaceutical research and development from the pharma/biotech companies & government across the globe, growing concerns over the safety & quality of medical device implants, and increased product recalls during 2017. However, clinical & laboratory services segment witnessed highest growth owing to existence of huge number of products under different clinical trial stages. In addition, regulatory authorities are strongly recommending the manufacturers to ensure the product safety and quality. Aerospace application segment is further segmented into aerospace manufacturing services, aviation management services, and others. Aerospace manufacturing services attained the largest share in 2018 mainly due to increasing aircraft deliveries, adoption of new materials in aircraft, and stringent aviation regulations & certification standards for the aircraft safety.
This research report analyzes major geographies and provides comprehensive analysis of North America (U.S. and Canada), Europe (Germany, UK, France, Italy, Spain, and RoE), Asia Pacific (China, Japan, Korea, India, and RoAPAC), Latin America, and Middle East & Africa. North America accounted for the largest share of the global aerospace & life sciences TIC market in 2018. 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, 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. However, APAC region is expected to witness highest growth rate during the forecast period with a strong support from the government to promote development of aviation industry, growing volume of aviation passengers, increasing initiatives to support innovative research and expand professional networks, growing number of small and medium enterprises (SME) in aerospace industry, rising funds/investments in life sciences, and rapid urbanization and improved regulatory system.
The key players operating in the global Aerospace & Life sciences TIC market are Eurofins Scientific, TUV SUD, SGS SA, ALS Limited, Applus+, TUV Nord, Intertek Group Plc, Bureau Veritas, DNV GL, and MISTRAS Group, Inc., among others.
Browse in-depth Report on: https://www.meticulousresearch.com/product/Aerospace-Life-Sciences-TIC-Market-4964
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