Press Release - | Aerospace and Life Sciences TIC Market to Reach 38,262.42 USD Million by 2028 |
Vantage Market Research | 16 Mar 2022
Aerospace and Life Sciences TIC Market to Reach 38,262.42 USD Million by 2028
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.
Key Findings:
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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 market in the region
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Aerospace and Life Sciences TIC Market to Reach 38,262.42 USD Million by 2028
16 Mar 2022
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Aerospace and Life Sciences TIC Market to Reach 38,262.42 USD Million by 2028
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