(Food-Beverage-News.Com, January 06, 2021 ) Regulatory mandates in the healthcare industry to maintain compliance with Good Manufacturing Practices, increasing number of inspection checkpoints in production lines, growing number of product recalls, rising penetration of automated inspection systems in the pharmaceutical & biotechnology industries, and technological evolution in inspection systems are the major factors driving the growth of this market.
What This Report Will Provide:
This study involved the extensive use of primary and secondary sources and involved an in-depth analysis of the various factors affecting the growth of the global inspection machines market. Both primary and secondary research were used to identify the segmentation types, trends, key players, key market dynamics, and key player strategies as well as derive the competitive leadership mapping and competitive landscape in this market.
The global inspection machines market is projected to reach USD 774 million by 2024 from USD 592 million in 2019, at a CAGR of 5.5%.
Pharmaceutical & biotechnology companies are expected to account for the largest share of the inspection machines market, by end user, in 2019. The large share of this segment can majorly be attributed to stringent government regulations regarding packaging quality and the increasing need to combat counterfeit pharmaceutical products, product recalls, and the prevention of loss of business revenue.
APAC market is estimated to grow at the highest CAGR during the forecast period
The inspection machines market in the APAC is estimated to grow at the highest CAGR during the forecast period. The high growth in this regional market can be attributed to factors such as the increasing number of regulatory mandates to maintain compliance with Good Manufacturing Practices; growing number of pharmaceutical & biotechnology manufacturers; significant growth in the pharmaceutical, food processing & packaging, and medical device industries; and favorable government initiatives to promote the inspection of products in the pharmaceutical and biopharmaceutical industries in several Asia Pacific countries .
Fully automated inspection machines segment to account for the largest share of the inspection machines market, by type, in 2019
The fully automated machines segment is expected dominate the inspection machines market, by type, in 2019. The large share of this segment can majorly be attributed to advantages offered by fully automated inspection machines (such as high-throughput, maximum inspection accuracy, high detection rate, and compliance with high-standard regulations), growing demand for quality requirements as part of the zero-error strategy, and the increasing adoption of automated machines by various end users.
The prominent players operating in the global inspection machines market are ACG Worldwide (India). Körber AG (Germany), METTLER TOLEDO International Inc. (US), Brevetti C.E.A SPA (Italy), Teledyne Technologies (US), Cognex Corporation (US), Omron Corporation (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Jekson Vision Private Limited (India), Thermo Fisher Scientific (US), Antares Vision (Italy), OPTEL Group (Canada), and Robert Bosch GmbH (Germany).
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