The global healthcare testing, inspection, and certification outsourcing market was estimated at USD 3.8 billion in 2021 and it is expected to surpass around USD 7.92 billion by 2030, poised to grow at a CAGR of 8.5% from 2022 to 2030
The main drivers of this market are that it helps in improving safety standards of medical devices and pharmaceuticals, there is the rise in strict regulations imposed by the government to make sure that the product is safe, and the increasing use of advanced technology for TIC services.
The COVID-19 pandemic significantly impacted the market. The healthcare testing, inspection, and certification companies are collaborating to reduce the prices to provide safe, quick, and efficient products that will be used to fight the coronavirus. Also, medical devices are producing a lot of opportunities for the healthcare TIC market. For instance, in October 2020, CSA announced the testing, inspection, and certification of PPE kits that are used to fight against COVID-19 in Canada.
As healthcare TIC service providers are capitalizing on the promise of new technologies to revolutionize the industry, frequently by forming partnerships with specialized providers, capital investment is expected to rise even more. Market expansion is being aided by the growth of the middle class in emerging nations, a rise in the need for safety, and rising infrastructure spending. For instance, in December 2021, SGS SA acquired Quay Pharma, a pharma R&D organization, to expand its capability in biopharmaceutical analytical testing.
Scope of The Report
|Market Size in 2021||USD 3.8 billion|
|Revenue Forecast by 2030||USD 7.92 billion|
|Growth rate from 2022 to 2030||CAGR of 8.5%
|Forecast Period||2022 to 2030|
|Segmentation||Services, type, region
|Companies Covered||SGS SA, Intertek Group plc, Eurofins Scientific, DEKRA CERTIFICATION B.V., UL LLC, Nemko, TÜV SÜD, Element Materials Technology, CSA Group Testing & Certification Inc., ALS, Applus+|
The services segment is segmented into testing, inspection, and certification. The testing services segment accounted for the largest share of 52.4% in 2021 during the forecast period. The growth of the market is owing to the increasing influence of strict regulations by the government that has led to a rise in verification, validation, and certification. This also helped companies in maintaining the quality parameters and fulfilling the demands of customers, promoting the expansion of testing facilities and equipment by various companies. For instance, in December 2021, Labcorp completely acquired Toxikon Corp. (TC) to expand Labcorp’s development testing capabilities for biotech, pharmaceutical, and medical device clients.
The inspection services are anticipated to register the second fastest CAGR during the forecast period. This is a very important regulatory practice in gaining market approval and checking the safety of the product. Nowadays, inspection services have collaborated along with the prequalification application (laboratory information file, product dossier, and product streams) for promising and organizing inspections.
The medical devices segment dominated the market with a share of 79.3% during the forecast period. This is due to an increase in the manufacturing of medical device equipment that requires TIC services, which will create new opportunities for TIC services. Also, due to COVID-19, there is an increase in the production of medical devices for the prevention and treatment of diseases. For instance, in April 2020, Eurofins announced that its testing facility would support and ensure the safety of medical devices used in COVID-19.
The pharmaceutical segment accounted for the fastest growth rate during the forecast period. TIC services are in high demand because of increased demand for low-cost drugs, increased regulatory pressure, and consumer awareness about pharmaceutical safety. These are some of the driving factors in this market.
Europe dominated the market with a revenue share of 44.5% in 2021. The high revenue share can be attributed to the majority of healthcare testing, inspection, and certification players in the market. Also, there is a rise in mergers and acquisitions among the market players in this region, leading to the growth of the market. For instance, in February 2022, Eurofins BPT Italy announced an expansion of its biologics testing capacity. The total laboratory space that has increased is 1000 m2 of BSL2 GMP laboratory space.
The Asia-Pacific region is expected to grow at a lucrative rate with a CAGR of 10.08% during the forecast period owing to the rising economic development in countries such as China, India, Japan, and South Korea. This has led to an increase in manufacturing activity in the region, which in turn has created new opportunities for testing, inspection, and certification. For instance, in November 2021, Labcorp expanded its footprint in the Asia-Pacific with the addition of a new integrated bioanalytical laboratory in Singapore.
Neuro-navigation Systems Market (By Product Type: Optical System, Electromagnetic System; By Application; By End-user) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
Forensic Genomics Market (By Solution: Kits, Analyzers & Sequencers, Software, Consumables; By Method; By Application) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
Personalized Medicine Biomarkers Market (By Technology: Liquid Biopsy; By Application: Oncology, Cardiology) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
3D Printed Prosthetics Market (By Product Type: Sockets, Limbs, Joints, Covers; By Material; By End-Use)- Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
Vulvovaginal Candidiasis Treatment Market (By Drug Type: Clotrimazole, Nystatin, Fluconazole; By Route Of Administration; By Distribution Channel) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...