Global Aerospace and Life Sciences Testing, Inspection, and Certification Market

Aerospace and Life Sciences Testing, Inspection, and Certification Market Size, Share, Growth Analysis, By Sourcing(In-house, and outsourcing), By Service(Testing, Inspection, and Certification), By Application(Life sciences, and aerospace ), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20A2095 | Region: Global | Published Date: February, 2024
Pages: 211 | Tables: 88 | Figures: 76

Aerospace and Life Sciences Testing, Inspection, and Certification Market Insights

Aerospace and Life Sciences Testing, Inspection, and Certification Market size was valued at USD 33.17 billion in 2019 and is poised to grow from USD 34.6 billion in 2023 to USD 48.4 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024-2031).

Testing, inspection, and certification are abbreviated as TIC; hence aerospace and life sciences TIC refers to those services that make sure the safety of people traveling by air.

These services enhance and contribute to the improvement of aerospace services and operations. Furthermore, the increasing adoption of sophisticated technologies in aerospace and life sciences is the primary driver of the growth of the market.

The advent of new and upgraded TIC services in the verge of the coronavirus pandemic has created even more profitable business opportunities for the growth of the market. Increased spending on research and development capabilities for the technology involved in safety mechanisms will also aid market growth.

US Aerospace and Life Sciences Testing, Inspection, and Certification Market is poised to grow at a sustainable CAGR for the next forecast year.

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Aerospace and Life Sciences Testing, Inspection, and Certification Market size was valued at USD 33.17 billion in 2019 and is poised to grow from USD 34.6 billion in 2023 to USD 48.4 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024-2031).

Global aerospace and life sciences testing, inspection, and certification market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'SGS SA', 'Bureau Veritas S.A.', 'Intertek Group plc', 'Eurofins Scientific SE', 'ALS Limited', 'TÜV SÜD', 'Mérieux NutriSciences Corporation', 'DNV GL AS', 'UL LLC', 'Lloyd's Register Group Limited', 'Applus+', 'Element Materials Technology Ltd.', 'AsureQuality Limited', 'Exova Group Limited', 'NTS', 'British Standards Institution (BSI) Group', 'TÜV Rheinland AG', 'Kiwa NV', 'TUV Nord Group', 'NSF International'

In the life sciences industry, regulatory authorities for example the FDA and EMA place a significant emphasis on quality and safety of products. This puts pressure on manufacturers of medical devices/pharmaceuticals and other life science products to adhere to conventional regulatory standards such as testing, inspection, and certification. Some manufacturers in the life science industry have recalled products due to product contamination. Patients, physicians, and health authorities are greatly worried about standards of safety as a consequence of such product issues. This circumstance is expected to reinforce the need for TIC and stimulate the expansion of the TIC market in the Life sciences industry.

The growing number of contracts between the government and businesses in the aerospace and life sciences industries is opening up new opportunities for companies in this sector. However, aerospace companies are striving to enhance aircraft production through these contracts. 

North America is expected to dominate and hold the largest share of the global aerospace and life sciences TIC market throughout the forecast period due to its large manufacturing capacities. Moreover, the progress of medical devices and manufacturing companies contribute to the augmentation of the life sciences industry, further propelling the growth of the aerospace and life sciences TIC market during the forecast period.

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Global Aerospace and Life Sciences Testing, Inspection, and Certification Market

Report ID: SQMIG20A2095

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