Northrook, IL -- (SBWIRE) -- 03/10/2020 -- The aerospace & life sciences Testing, Inspection, and Certification (TIC) market 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.

The aerospace & life sciences TIC market for outsourced services is expected to grow at the highest CAGR during the forecast period. Many large firms are increasingly outsourcing aerospace & life sciences TIC services because the increased regulations make it costly to conduct test in-house, thereby helping the firms to reduce the overall cost of testing. The demand to outsource aerospace & life sciences TIC services to third-party vendors is increasing for applications, such as aerospace, medical devices, health, beauty, and wellness products owing to the capital-intensive nature of in-house aerospace & life sciences TIC activities.

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The aerospace & life sciences TIC market for medical devices in medical & life sciences application was valued at USD 8.01 billion in 2016, at the highest CAGR between 2017 and 2023. The aerospace & life sciences TIC market for health, beauty & wellness in medical & life sciences application was valued at USD 4.69 billion in 2016 and is expected to reach at the highest CAGR during the forecast period.

The aerospace & life sciences TIC market is likely to witness steady growth across the world, particularly in the emerging economies of Asia Pacific, driven by the strict regulatory and economic factors in these regions. The aerospace & life sciences TIC market in the APAC region is projected to grow at the highest CAGR during the forecast period. The outsourcing of testing, inspection, and certification of medical devices and clinical research services to developing countries in this region, such as China and India is driving the market in this region.

Key Market Players

Key players in the market include SGS (Switzerland), , Intertek (UK) , Eurofins Scientific (Luxembourg), TÜV SÜD (Norway), DNV GL (Norway), TÜV Rheinland (Germany), Applus (Spain), ALS (Australia), TÜV NORD (Germany), MISTRAS (US), Element Materials Technology (UK), UL LLC(US)

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