TIC Market for Pharmaceuticals & Biotech Industry was USD 12.5 billion in 2020, registering a CAGR of 5.6% during the forecast period 2021-2027

The TIC market for the pharmaceuticals & biotech industry is expected to witness a CAGR of 5.6% during the forecast period. TIC services offers standards in the manufacturing process by conducting tests, validating, inspections, auditing, and certifications in accordance with regulations globally. TIC is playing an important role in the healthcare sector so as to meet the safety and health requirements of the consumers. The healthcare division such as pharmaceutical, diagnostics, medical devices, clinical research, and digital health applications has witnessed substantial demand in TIC practices owing to the increasing need to acquire healthcare services and related products, including medicinal supplies.

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Moreover, pharmaceutical companies are innovating new drugs, antidotes, and vaccines to curb the spread of coronavirus. The industry players are focus on establishing new test services to understand the seriousness of COVID-19 infection and treat patients.

The COVID-19 pandemic has led to disruptions in the supply chain but acts as a catalyst to bring changes in the healthcare sector, resulting in providing the trend of digitalization. TIC service providers are concentrating on developing and innovating services and delivery models which can identify the latent demand for rising automation, remotely-performed services, and enhanced digitization during the COVID-19 outbreak.

Element Materials Technology (Element) has acquired Arch Sciences Group (Arch), a leading provider of analytical services and laboratory solutions to customers in the pharmaceuticals sector. As well as marking Element’s entry into the European pharmaceutical market, the move means that the life sciences end market is now the largest within Element.

Based on service type, the TIC market for the pharmaceuticals and biotech industry is segmented into testing, inspection, and certification. Testing dominates the market owing to innovation and globalization which are creating opportunities for new drugs, biologics, nutraceuticals. Pharmaceutical laboratories offer specialized testing services and include environmental monitor, formulation development, sterility, elemental impurity testing on products.

North America is anticipated to dominate the market during the forecast period 2021-2027 owing to the easy availability of TIC services, the existence of TIC payers, high adoption of TIC services in the healthcare industry.

Some of the key players operating in the TIC market in the pharmaceuticals & biotech industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, The British Standards Institution, ALS Limited, DEKRA SE, Applus+, and TUV SUD.

Tags: TIC Market for Pharmaceuticals & Biotech Industry, Pharmaceuticals & Biotech Industry