CHICAGO, Sept. 3, 2020
CHICAGO, Sept. 3, 2020 /PRNewswire/ -- According to the new market research report "Aerospace and Life Sciences TIC Market by Sourcing type (In-house and Outsourced services), Service Type (Testing, Inspection and Certification), Application (Aerospace and life sciences) and Region - Forecast to 2025", published by MarketsandMarkets™, the Aerospace and Life Sciences TIC Market is projected to grow from USD 31.3 billion in 2020 to USD 37.8 billion in 2025, at a CAGR of 3.8%. The growth can be attributed to the rising demand for certification to ensure safety as the awareness of the consumers are increasing and to ensure product reliability.
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Outsourced Services, by scanning type, is expected to grow at the highest CAGR during the forecast period
The demand toward outsourcing by manufacturing companies, and in specific instances, the privatization of state-owned laboratories and criticality in the manufacturing of components and parts are expected to continue to be a robust factor driving the progress of the aerospace and life sciences TIC market for outsourced services.
Certification service, by service type, is expected to grow at the highest CAGR during the forecast period
The aerospace and life sciences TIC market for certification services is expected to grow at the highest CAGR as certification services help in streamlining the processes and growth, manage counterfeit products and helps in accessing to international markets for trade.
Medical devices application, is expected to grow at the highest CAGR during the forecast period
This unpredictable pandemic has required health systems to respond to urgent mobilization of resources to mitigate risks associated with this deadly virus. In the process, it has caused immense stress on the healthcare workforce and hospital infrastructure and has posed enormous demand for test kits, ventilators among other innovative medical and diagnostics interventions which has led to the
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India, by country, is expected to grow at the highest CAGR during the forecast period
One of the major reasons for India's domination of the market is the presence huge R&D facilities, top class pharmaceutical manufacturing companies and advanced supply chain. As India is helping and collaborating with many countries in order to curb the effect of COVID-19, the demand for medical devices, medicines and necessities has led to the growth of Indian market in the forecast period.
A few key players operating in the Indian market are TÜV SÜD (Germany), SGS (Switzerland), Bureau Veritas (France), Intertek (UK) and Eurofins Scientific (Luxembourg)
Testing, Inspection, & Certification Market with COVID-19 Impact Analysis by Offering (In-house & Outsourced Services), Application (Consumer Goods & Retail, Agriculture & Food, Chemicals, Energy & Power, Automotive, IT & Telecommunications) & Geography - Global Forecast to 2025
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