A recent report by the Global Market Studies has revealed that the Global Remote Diagnostics Market is estimated to grow at a CAGR of 6.79% for the Testing, Inspection and Certification Market, expecting to expand to a value of US$ 328.76 billion by 2028.
Testing, Inspection, and Certification (TIC) refers to a range of services that involve auditing, inspection, testing, verification, quality assurance, and certification of products, equipment, systems, and processes. These services are aimed at ensuring compliance with regulatory standards, industry best practices, and customer requirements.
TIC services are essential for ensuring the safety and efficacy of medical devices, pharmaceuticals, healthcare facilities, life science products, food products, and telecommunications equipment. They test and certification biotechnology products, genetic testing, clinical trials, research laboratories, food products, and telecommunications equipment, networks, and services to ensure compliance with regulatory standards and interoperability.
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The increasing focus on quality assurance, safety standards, and regulatory compliance is driving the demand for TIC services across various industries. Digitalization and technological advancements have led to the need for testing and certification services to ensure interoperability, security, and performance. Globalization of trade has increased the need for TIC services to ensure compliance with diverse regulatory requirements across different geographies.
The evolving regulatory landscape, including new regulations and standards, also drives the demand for TIC services to ensure compliance and mitigate risks. Consumer awareness and demand for high-quality, safe, and sustainable products also contribute to the demand for TIC services.
TIC companies offer various testing services to assess products, materials, and components, including physical, performance, safety, environmental, and inspection services. These services evaluate the functionality, reliability, and performance of products, systems, and processes under different conditions. Physical testing assesses mechanical, electrical, and chemical properties, while performance testing evaluates functionality, reliability, and performance. Safety testing ensures products comply with safety standards and regulations, while environmental testing assesses the impact of products and processes on the environment.
Inspection services include product inspection, supplier and vendor inspection, factory and manufacturing inspection, certification services, management system certification, audit and compliance services, supply chain audits, and training and consultancy services. These services help businesses understand and implement quality management systems, regulatory compliance, and best practices, ensuring their products meet specific standards and regulations.
TIC services can be expensive, especially for small and medium-sized enterprises (SMEs) with limited budgets. The complex regulatory environment and lack of standardization can lead to delays and increased costs. Limited awareness and understanding of TIC services can result in underutilization and hinder market growth. The COVID-19 pandemic has significantly impacted industries, including TIC, with travel restrictions, supply chain disruptions, and economic uncertainties affecting demand. The competitive landscape in the TIC market can result in price pressures and reduced profit margins for TIC service providers.
Technological advancements, such as artificial intelligence and automation, may require providers to continually update their capabilities and expertise to keep pace with the changing landscape. Overall, TIC services face numerous challenges and costs, making it crucial for businesses to navigate these complex landscapes effectively.
• In January 2023, SGS partnered with the Fairness, Integrity, Safety, And Health (FISH) Standard for Crew (US), offering a voluntary, impartial, and recognized third-party certification scheme for labor practices. These labor practices are meant for board vessels engaged in global wild-capture fisheries to award FISH certification to Phoenix Processors Limited Partnership (PPLP) for two processor vessels: M/V Excellence and M/V Phoenix.
• In December 2022, ALS Limited (ALS) acquired the ExplorTech Division of Earthlabs Inc., formerly GoldSpot Discoveries Corp. (Canada), to deliver discovery-vectoring consulting services to clients. GoldSpot Discoveries Corp. is recognized as a global leader in AI and data science, using AI to transform the mineral discovery process.
• In March 2022, UL Group opened a new state-of-the-art testing laboratory in Hai Duong. The facility features end-to-end service solutions testing for certification, including global market access services for products manufactured in Vietnam.
Intertek Group PLC, SGS SA, Bureau Veritas SA, Underwriters Laboratories (UL), DNV GL Eurofins Scientific, DEKRA SE , TÜV SÜD, TÜV RHEINLAND, Applus+, and ALS .
1) What is the projected market value of the Testing Inspection and Certification Market?
– The Testing Inspection and Certification Market is expected to reach a value of US$ 328.76 billion by 2028.
2) What is the estimated CAGR of the Testing Inspection and Certification Market over the 2023 to 2028 forecast period?
– The Testing Inspection and Certification Market is expected to grow at a CAGR of approximately 6.79% from 2023 to 2028.
3) Who are the key players in the Testing Inspection and Certification Market ?
– Intertek Group PLC, SGS SA, Bureau Veritas SA, Underwriters Laboratories (UL), DNV GL Eurofins Scientific, DEKRA SE , TÜV SÜD, TÜV RHEINLAND, Applus+, and ALS .
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