Testing, Inspection and Certification (TIC) Market Opportunities and Challenges

Posted November 29, 2022 by asmitapatil77

Testing, Inspection, and Certification Market with Covid-19 Impact Analysis by Service Type (Testing, Inspection, and Certification), Sourcing Type (In-house, Outsourced), Application and Geography
The Testing, inspection, and certification (TIC) market is projected to reach USD 268.9 billion by 2027 from USD 221.4 billion in 2022; it is expected to grow at a CAGR of 4.0% from 2022 to 2027. Testing, inspection, and certification services help producers improve productivity, meet global standards, and enhance product and service quality. These services (i.e., testing; inspection; verification; validation; certification; auditing; consulting; technical assistance and training; environmental quality, safety, health; asset integrity management; and project management services) can be adopted for any product, service, or process, irrespective of the sector in which the company operates. The demand for quality products has increased remarkably, reinforcing the need to assure that the manufactured products meet the national and international safety- and quality-related regulations.

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In service type, the testing service type segment is expected to hold the highest market share of the testing, inspection, and certification market

Significant focus on quality control and safety has resulted in the widespread deployment of advanced testing equipment and instruments in manufacturing facilities and laboratories. The accuracy of test results is mainly dependent on the precision of the testing and measurement instruments. TIC services are witnessing heightened demand across several industries for several applications owing to the rising demand for good-quality and standard products worldwide. During the development of any new medical product, testing must be performed to gain a clear understanding of the product’s performance and compliance with its label. While the components of each product are well-documented in any facility, nuances pertaining to manufacturing defects are bound to arise during manufacturing. Such variations must be considered to provide the best, most accurate information about specific attributes of products.

With the outbreak of the COVID-19 virus, millions have been affected. Globally, there has been a shortage of medical devices and equipment; hence, pharmaceutical and electronic companies are manufacturing these devices in greater volumes to curb the spread of the virus. This has resulted in the spike in demand for testing services for medical devices such as respirators, infrared thermometers, and ventilators. Testing methods and practices have been modified in these times. That is, methods must become “contactless” and “remote” without sacrificing data quality and depth of understanding while following local government regulations.

The medical and life sciences application segment of the testing, inspection, and certification market is projected to grow at the highest CAGR of from 2022 to 2027

The medical and life sciences application segment of the testing, inspection, and certification market is projected to grow at the highest CAGR of from 2022 to 2027 considering the rise in the requirement for medical personal protection equipment (PPE) kits, oxygen cylinders, ventilators, masks, gowns, gloves, sterilizers, etc. in the middle the COVID-19. Countries across the world had/have imposed lockdowns, which had/have caused disturbances across different industries. These lockdowns had/have halted the production cycles across different domains. However, medical and life sciences and agriculture and food have emerged as the most important applications of testing, inspection, and certification services amid the pandemic. Testing, inspection, and certification services for medical devices such as active implant medical devices, active/non-active medical devices, in-vitro diagnostic (IVD) medical devices, ophthalmic devices, orthopedic and dental devices, and vascular medical devices are essential to ensure the safety and well-being of patients. These services support manufacturers in marketing and selling medical devices by acquiring international certificates. Changing regulations, especially for medical devices, drive the adoption of testing, inspection, and certification services by manufacturers.

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Key Players of Testing, inspection, and certification Market:

SGS Group (Switzerland), Bureau Veritas (France), Intertek (UK), TÜV NORD (Germany), TÜV SÜD (Germany), Eurofins Scientific (Luxembourg), TÜV Rheinland (Germany), DEKRA SE (Germany), DNV GL (Norway), Applus+ (Spain), ALS Limited (Australia), Lloyd’s Register Group (UK), MISTRAS (USA), Element Materials Technology (UK), Apave International (France), UL LLC (US), IRClass (India), QR Testing (Netherlands), TIC Sera (China), and Hohenstein (Germany).

News also Covered: https://www.prnewswire.com/news-releases/testing-inspection-and-certification-market-worth-491-3-billion-by-2030-grand-view-research-inc-301603386.html
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Last Updated November 29, 2022