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. The demand for outsourcing aerospace & life sciences TIC services to third-party vendors is increasing for applications such as consumer goods and manufacturing, owing to the capital-intensive nature of in-house aerospace & life sciences TIC activities.

https://www.marketsandmarkets.com/Market-Reports/certificate-testing-market-32924426.html

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.

Manufacturers are increasingly outsourcing inspection and testing to reduce costs as increased regulations make it expensive for them to test in-house. outsourcing inspection and testing helps manufacturers to reduce their operational expenditure. Outsourcing in the TIC industry is becoming a popular practice among companies to reduce the costs or improve efficiency by shifting tasks, operations, jobs, or processes to an external third-party service provider for a significant time.

Mr. Sanjay Gupta
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This release was published on openPR.