Market Challenges And Opportunities

Global Testing, Inspection, and Certification (TIC) Market - Impact of Coronavirus (COVID-19) Pandemic

The outbreak of COVID-19 has significantly affected the electronics and semiconductor sector. Business and manufacturing units across various countries were closed, owing to increase in number of COVID-19 cases, and are expected to remain closed in 2021. Furthermore, partial or complete lockdown has disrupted global supply chain posing challenges for manufactures to reach customers.

The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the overall business globally. The crisis is creating uncertainty in the stock market and is resulting in falling business confidence, massive slowing of supply chain, and increasing panic among customers. Asian and European countries under lockdowns have suffered major loss of business and revenue, owing to shutdown of manufacturing units. Operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease, which further impacted growth of the testing, inspection and certification market growth.

In addition, the COVID-19 pandemic has impacted the electronics sector as production facilities have stalled, which, in turn, boost demand for electronics and semiconductor products in these industries.

Global Testing, Inspection, and Certification (TIC) Market – Drivers

Increasing trade in counterfeit & defective pharmaceutical products

Sales of counterfeit and pirated goods have increased significantly on a global scale. Numerous industries, including consumer electronics, medical technology, and aerospace, are known to engage in these unethical practices. Given the large profit margins, low chances of being discovered and prosecuted, lax penalties, and ease with which consumers can be duped into thinking the counterfeit goods are authentic, the illicit markets for fake pharmaceuticals are alluring to counterfeiters. Due to dishonest practices and insufficient quality control procedures (such as testing, inspection, and certification during manufacturing), subpar drugs are available on the market. Through all of these initiatives, testing, inspection, and certification stakeholders can help drug manufacturing companies meet quality requirements and national standards. Before manufactured goods are sold, testing, inspection, and certification service providers examine, judge, and approve them.