According to the new research report "Aerospace & Life Sciences Testing, Inspection, and Certification Market by Service Type (Testing, Inspection, Certification), Sourcing Type (In-house, Outsourced), Application (Aerospace, Medical & Life Sciences), and Geography - Global Forecast to 2025", the aerospace & life sciences Testing, Inspection, and Certification (TIC) market is expected to reach USD 44.9 billion by 2025, at a CAGR of 4.75% between 2019 and 2025 from USD 30.5 billion in 2017.
The growth of this market is mainly driven by growing consumption of goods in emerging countries, increasing incidents of product recalls globally, the surge in global counterfeiting and piracy activities, and the imposition of rigorous government regulations and standards across various sectors.
Browse 71 market data Tables and 32 Figures spread through 154 Pages and in-depth TOC on "Aerospace & Life Sciences Testing, Inspection, and Certification Market - Global Forecast to 2025" Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=32924426 Aerospace & life sciences TIC market for testing services held the largest share in 2016 There has been an increase in a number of product recalls due to faulty components and parts.
Moreover, the sectors such as aerospace, medical, health, beauty and wellness, and clinical services have to adhere to stringent quality standards, thereby increasing the need for testing services.
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 TIC services because the increased regulations make it costly to conduct in-house tests, thereby helping the firms reduce the overall cost of testing.
Aerospace & life sciences TIC market for medical & life sciences application held the largest share in 2016 The medical & life sciences industry is subject to a variety of stringent regulations, standards, and legislation.