Accordingto a research report "Testing,Inspection and Certification Market with COVID-19 Impact Analysis byService Type (Testing, Inspection, Certification), Sourcing Type (In-House,Outsourcing), Application and Geography - Global Forecast to 2026" publishedby MarketsandMarkets, the testing, inspection and certification market is projected to reach USD 249.4 billion by 2026 from USD 207.2 billion in 2021; it is expected to grow at a CAGR of 3.8% from 2021 to 2026. APAC has the largest market share for testing, inspection and certification and also has the highest growth rate and is expected to grow at the highest CAGR during the forecast period. Many economically advanced countries have their manufacturing units in developing economies of APAC, especially in China and India.
[471 PagesReport] The Testing,Inspection and Certification Market size is expected to reach USD $249.4 billionby 2026 from $207.2 billion in 2021, at a CAGR of 3.8% during the forecastperiod.
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The market is experiencing growth due to the adoption ofadvanced technologies in the industrial, healthcare, and consumer electronicssectors and the introduction of new services and solutions such as virtual inspections, visual inspection, and remote auditing in the middle of the COVID-19 pandemic. Particularly in the healthcare sector, TIC services are adopted in pharmaceutical, diagnostics, medical devices, clinical research, and digital health applications, which have been at the forefront in the battle against the COVID-19 pandemic.
Pharma companies are developing drugs, antidotes, andvaccines to fight against the virus. Companies are even developing new testservices to measure the severity of COVID-19 infection and treat patients. Various countries are spending huge amounts on the treatment of their citizens and R&D for vaccines. Skilled doctors, scientists, biologists, medical experts, nurses, and other life sciences professionals are leading major research programs worldwide. The COVID-19 pandemic has made many countries aware that their budgets toward the healthcare industry are not enough. They have to increase their spending to safeguard the world’s population from the ongoing crisis and such crises in the future. Life sciences companies need to work closely with various regulators and policymakers through empowered working groups to drive investments, growth, and jobs.
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The testing, inspection and certification market in APAC isprojected to have the highest CARG during the forecast period (2021-2026)
Top Key Players of testing, inspection, and certificationMarket:
SGS (Switzerland),
Bureau Veritas (France),
Intertek (UK),
TÜV NORD (Germany),
TÜV SÜD (Germany),
Eurofins Scientific (Luxembourg), and..
NTS(US), TÜV RHEINLAND (Germany), CETECOM (Germany), DEKRA SE (Germany), DNV GL(Norway), Element Materials Technology (UK), Mistras (US), ALS Limited (Australia), Applus+ (Spain) and UL (US).
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The TIC market in APAC is expected to have the highest CAGR during the forecastperiod. High dependence of many European and American countries on APAC-based companies for medical devices, personal protection equipment (PPE) kits, pharmaceuticals, and other necessary equipment, increased research and development in the field of autonomous and connected cars (new and improved technologies), and improved lifestyles are the crucial factors driving the TIC market growth in APAC. Increased investments in R&D are leading to the expansion of application areas of TIC services in the automotive sector in North America, especially in the US.
Consideringhuge manufacturing capabilities and exports, the APAC region is projected toaccount for the largest size of the TIC market. Many economically advanced countries have their manufacturing units in developing economies of APAC, especially in China and India. These units are required to manufacture products in compliance with internationally accepted standards. The domestic markets in APAC are growing rapidly owing to the rising per capita income among the middle-class population. Moreover, there is growing consumer awareness about the importance of certification. More than 45 countries, including China, Japan, India, Hong Kong, Taiwan, Singapore, Thailand, and Australia, are taken into consideration for the analysis of the TIC market in APAC.
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