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Global Aerospace & Life Sciences TIC Market Set to Reach $42.2 billion by 2025

/EIN News/ -- Dublin, Oct. 11, 2019 (GLOBE NEWSWIRE) -- The "Aerospace & Life Sciences Testing, Inspection, and Certification Market - Global Opportunity Analysis and Industry Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global aerospace & life sciences TIC market is projected to reach USD 42.2 billion by 2025 from USD 30.3 billion in 2019, growing at a CAGR of 5.6%.

Succeeding an extensive secondary and primary research and in-depth analysis of the market scenario, the report carries out an impact analysis of the key industry drivers, opportunities, trends, and challenges.

The factors such as increasing production in aerospace & life sciences, increasing/changing regulatory frameworks to ensure the safety & quality of products, rising investments in the life sciences & aerospace industries, and presence of a large number of pharmaceuticals/biopharmaceuticals in different development stages are driving the growth of this market.

Moreover, TIC services improve the quality of the manufacturing process by testing/inspecting/and certifying in compliance with regulations/standards across the globe. This helps to produce high quality, safe, and reliable aerospace products/components, pharmaceuticals/biopharmaceuticals/ & medical devices and other life science products. This is one of the key factors driving the growth of the aerospace & life sciences TIC market.

On the basis of the type of service, the 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 the 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 owing to improper inspection procedures.

On the basis of sourcing, the in-house segment accounted for the major share of the global aerospace & life sciences TIC market in 2018. However, the outsourcing segment will witness faster growth during the forecast period owing to an increasing number of companies outsourcing TIC services to specialized service providers, favored by increasing external technical standards.

An in-depth analysis of the geographical scenario of the industry provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa) along with the coverage of major countries in each region. North America commanded the largest share of the global aerospace & life sciences TIC market in 2018, followed by the Asia Pacific and Europe.

Factors such as strong support from the government to promote the development of aviation industry, growing number 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, growing partnership programs, rapid urbanization, and improved regulatory systems are expected to drive the growth of this market in the next few years in this region.

Key Players

The report includes a competitive landscape based on extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 5 years (2015-2019). The key players profiled in the global Aerospace & Life sciences TIC market report are Eurofin Scientific, SGS S.A., Intertek Group, Mistras Group, ALS Limited, Applus, DNV GL, Bureau Veritas, TUV Nord, and TUV SUD.

Market Dynamics

Drivers

  • Continuous innovations and investments by Testing, Inspection, Certification (TIC) Service Providers
  • Rising Product Safety and Quality Concerns across the Globe
  • Growing Demand of Certified Products in Compliance with Standard Legislation

Opportunities

  • Increasing Number of Contracts/Collaborations in Aerospace & Life Sciences
  • Growing Spending on Healthcare Research and Development
  • Emerging Small and Medium Sized Companies in Aerospace & Life Sciences industry
  • Gaining Popularity of Prognostics/Diagnostics and Health Management (PHM) in Aerospace & Life Sciences

Challenges

  • Digitization and Adoption of Advanced Technologies in Aerospace and Life Science Industry
  • Existence of Diversified Regulations & Standards across Regions/Countries

Restraints

  • High Cost of TIC Services

Scope of the Report

Market by Service

  • Testing
  • Inspection
  • Certification

Market by Sourcing

  • In-house
  • Outsourcing

Market by Application

Life Sciences

  • Biopharma/Pharmaceutical & Medical Devices Services
  • Clinical & Laboratory Services
  • Health, Beauty & Wellness
  • Others

Aerospace

  • Aerospace Manufacturing Services
  • Aviation Management Services
  • Others

Market by Geography

North America

  • U.S.
  • Canada

Europe

  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)

Asia Pacific (APAC)

  • China
  • Japan
  • Korea
  • India
  • Rest of APAC (RoAPAC)

Latin America and Middle East Africa

For more information about this report visit https://www.researchandmarkets.com/r/y1z94n

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