Globalisation has lead to increase in the market Driving the Growth of Aerospace & Life Sciences Testing, Inspection, and Certification Market

(IT-NEWSWIRE.COM, March 12, 2020 ) The aerospace & life sciences Testing, Inspection, and Certification market (TIC) is expected to grow from USD 30.45 billion in 2017 to USD 41.60 billion by 2023, at a CAGR of 5.34% between 2017 and 2023. The aerospace & life sciences TIC market is driven by an increase in global counterfeiting and piracy activities. Small and medium-sized companies in the aerospace & life sciences TIC ecosystem are providing new growth opportunities for the aerospace & life sciences TIC market.

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Drivers: Globalisation has lead to increase in the market

The rise of the middle class in emerging countries, such as India, China, Mexico, and Brazil, owing to the increase in disposable income has led to an exponential increase in consumer spending. With the developing economies in these countries, millions of people who were below the poverty line have been brought to the low-income or middle-income category. Owing to this development, there has been an increase in consumption of quality healthcare products and services among other goods in developing countries since the recent past.

North America accounted for the largest share of the Aerospace & life sciences TIC market in 2016

In North America, the US is a prominent exporter of various goods to several countries around the world; this factor has led to a rise in aerospace & life sciences TIC services in the country to ensure compliance with international standards. The rising dominance of countries such as US and Canada in international trade would require them to produce goods complying with internationally accepted standards.

SGS (Switzerland), Bureau Veritas (France), Intertek (UK), Eurofins Scientific (Luxembourg), and TÜV SÜD (Germany) are some of the major players in the market. The report also covers various innovators involved in the aerospace and life sciences TIC market. Avomeen Analytical Services (US), Medistri (Switzerland), and Envigo (UK) are few innovators in the market.

Opportunities: Inclinations towards outsourcing TIC markets

Manufacturers are increasingly outsourcing inspection and testing to reduce costs as increased regulations make it expensive for them to test in-house. outsourcing inspection and testing helps manufacturers to reduce their operational expenditure. Outsourcing in the TIC industry is becoming a popular practice among companies to reduce the costs or improve efficiency by shifting tasks, operations, jobs, or processes to an external third-party service provider for a significant time.

Challenges: Long lead time for qualification tests

In today’s globalized world, wherein countries are dependent on each other and engage in mutual trading and exchange of goods and services, the time-consuming process of overseas acceptance of the products affects the import and export of goods. Conducting business in the overseas market is a major concern for the companies due to the long lead-time required for overseas qualification tests. With the delay in importing and exporting of products, risks such as the loss of customers, quality of products, and wastage of time are likely to affect the functioning of the businesses.

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Globalisation has lead to increase in the market Driving the Growth of Aerospace & Life Sciences Testing, Inspection, and Certification Market