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Testing, Inspection, and Certification Services Market in outsourcing services to grow at 8% CAGR over 2018-2024

Author : Ronak Bora | Published Date : 2019-03-22 

Testing, Inspection, and Certification Services Market is propelled by the increasing trend of outsourcing services. The companies are leveraging on the third-party companies to minimize their operation cost and focus on their core business competencies. The stringent government regulations pertaining to the product safety and health also drive the demand for TIC services market. The demand for the third-party companies is driven by the development of various government regulations & standards to improve product the quality and efficiency.

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The testing, inspection, and certification services market is rapidly witnessing demand from the healthcare and life sciences segment, with test and inspection reports of pharmaceutical equipment being critical in assessing whether the international standards are met. TIC companies are trying their best to evolve with technological developments and remain up-to-date with new regulations pertaining to safety and quality. Products, apparatus and supply chains are subject to quality testing activities regularly, as pharmaceutical companies are responsible for providing vital therapeutic solutions.

The testing services accounted for over 65% stake in the testing, inspection, and certification services market. The growth is credited to the increasing concerns among consumers for improved quality of products & services. Furthermore, the rising focus of the government on the product quality and health is also augments the demand for the testing services. On the other hand, the certification services are anticipated to grow at a CAGR of more than 9% during the forecast period. The continuous efforts by the government to reduce the carbon dioxide emissions and energy consumption will drive the demand for the certification services.

The transportation sector holds more than 25% of the share in the testing, inspection, and certification services market. The growth is attributed to the technological advancements in the automobile component. Moreover, the requirement to comply with the international standards and guidelines will also foster the growth. The agriculture & food sector is anticipated to attain the growth rate of over 10% during the forecast timeline. The growing prevalence of the food contamination diseases and food-borne illnesses is the major force driving the demand for the TIC services in the agriculture & food sector.

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To elaborate, a CEIV Pharma certification indicates that the lifesaving pharmaceutical products are being handled in compliance with the best global standards of safety, security and efficiency by the certified party. With this certification, Swiss WorldCargo has attained a milestone which only a small number of airlines have been able to earn, recognizing them as globally consistent in exhibiting high quality standards while handling pharmaceutical products. Further, U.S. based Nu-Med Plus Inc. has established a quality management program and trained its employees regarding quality standards in an effort to gain ISO 13485 certification. The certification is essential for the company before it files for the approval of its new nitric oxide delivery devices with the FDA and demonstrates the significance of the testing, inspection, and certification services market in forming the image of a top-quality healthcare product or service provider.

Europe is leading the testing, inspection, and certification services market with more than 40% share in the revenue in 2017. The growth is credited to the stringent government standards to promote consumer safety and improve the product quality. Moreover, the presence of commonly-accepted standards across the European Union member countries has further nurtured the growth. On the other hand, Asia Pacific is anticipated to grow substantially at a CAGR of over 9% during the forecast period. The demand is driven by the rapid urbanization and industrialization in the emerging economies including India and China.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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