The Global Aerospace and Life Sciences TIC Market is expected to reach 38,262.42 USD Million by 2028, growing at a CAGR of 3.50% from 2022 to 2028. The rising strict regulatory standards by government and product safety and quality concerns across the globe are anticipated to augment the growth of the market during the forecast period.
- The testing services segment held a significant share in 2021. This is attributable to the increasing focus of service providers and manufacturing companies to improve customer retention by offering quality products and developing a large network of testing facilities. The certification services segment is also projected to grow at a considerable CAGR during the forecast period since it ensures product safety and performance attributes.
- The outsourced services segment is projected to grow at a significant CAGR during the forecast period owing to the increase in the global mandates for aerospace components and medical devices.
- The medical and life sciences segment held a significant share in 2021. This is attributable to the increasing increase in norms of manufacturing of medical devices along with the rising demand for more efficient personalized solutions.
- Asia Pacific is expected to grow at the fastest CAGR during the forecast period. China accounted for the largest share in APAC in 2021. This is attributable to the rising investments and initiatives by the government to promote the development of the aviation industry in emerging economies such as India, and China in the region. Furthermore, the rising funds/investments in life sciences and improved regulatory systems are also anticipated to support the regional growth of the market.
Some of the key players in the Aerospace and Life Sciences TIC market include SGS (Switzerland), Bureau Veritas (France), Intertek (UK), TÜV NORD (Germany), TÜV SUD (Germany), Eurofins Scientific (Luxembourg), TÜV Rheinland (Germany), Applus+ (Spain), Element Material Technology (UK), DNV GL (Norway), UL (US), ALS Ltd. (Australia) and MISTRAS (US).
The life science industry had played a vital role amid the widespread COVID-19 pandemic. Rising product quality and safety concerns across the globe and also regulatory bodies European Medicines Agency and Food and Drug Administration are strongly accentuating quality and safety concerns. As a result, some of the life science industry products and services providers have recalled their products owing to product safety and contamination. For instance, Kareway Products, Inc an American affordable health and beauty aids manufacturer recalled its Sterile Eye Irrigation Solution owing to product contamination. Hence, it requires life science products and service providers to meet and achieve quality standards that further compel them to pursue testing, inspection, and certification services. Cumulatively, rising quality concerns and stringent regulations are expected to drive the demand for TIC in the life science industry during upcoming years. Apart from life science, aerospace is among the major consumer of TIC services and rising technological advancements combined with an immensely growing sector is likely to further stimulate the demand for TIC service in the aerospace sector.
However, the disruptions in supply chains and logistics across the globe and the lack of a skilled workforce are expected to hamper the growth of the market in the years to come. Moreover, the emergence of new TIC services and solutions amidst COVID-19 and the adoption of advanced technologies in aerospace and life sciences manufacturing operations are expected to create immense opportunities for the growth of the market within the forecast period.
North America held the largest shares in 2021. This is attributable to the presence of aerospace manufacturing companies in the region such as Boeing, Airbus, Lockheed Martin, and others. Furthermore, the emerging medical devices and manufacturing companies are also expected to fuel the regional growth of the market. Additionally, increase in clinical services, laboratory services, and medical services in the region are also expected to support the growth of the Aerospace and Life Sciences TIC market in the region