“The inspection machines market is estimated to grow at a CAGR of 9.5%”
The inspection machines market is projected to reach USD 774 million by 2024 from USD 592 million in 2019, at a CAGR of 5.5%. The growth of the inspection machines market is primarily tied to the increasing number of regulatory mandates in the healthcare industry to maintain compliance with Good Manufacturing Practices and the increasing adoption of automated inspection systems in the applied industries. Factors such as the growth in the number of product recalls, increasing number of inspection checkpoints throughout the production line, and technological advancements in inspection systems are also expected to drive the growth of this market during the forecast period. However, the growing demand for used and refurbished inspection systems is expected to restrain the growth of this market to a certain extent during the forecast period.
“Combination systems segment to witness the highest growth during the forecast period”
The combination systems segment is estimated to grow at the highest CAGR during the forecast period. This can primarily be attributed to the advantages offered by combination systems (such as low time consumption and multiple inspection processes at a single checkpoint), technological advancements, increasing demand for inline product inspection, growing need to comply with GMP requirements, and the rising demand for the integration of innovative technologies.
“Syringes segment to grow at the highest CAGR in the inspection machines market, by packaging type”
The major factors driving the demand for syringe inspection machines are the growing focus on the safety of syringes, rising focus on ensuring compliance with cGMP standards, and the emergence of light transmission technology to inspect particulates in liquids and camera-based technologies to detect cosmetic container defects in syringes. The high possibility of contamination and defects during syringe packaging is another major factor supporting the adoption of syringe inspection machines in syringe production lines.
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“APAC market to witness the highest growth during the forecast period”
The Asia Pacific is estimated to be the fastest-growing regional market for inspection machines during the forecast period. 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 the implementation of favorable government initiatives for ensuring product safety in several Asia Pacific countries are some of the major factors driving the growth of this market.
A breakdown of the primary participants in this report is provided below:
- By Company Type: Tier 1–46%, Tier 2–33%, and Tier 3–21%
- By Designation: C-level–43%, Director Level–35%, and Others–22%
- By Region: North America–34%, Europe–26%, Asia Pacific–19%, Latin America–11%, and the Middle East & Africa–10%
The prominent players operating in the global inspection machines market are Antares Vision (Italy), OPTEL Group (Canada), Brevetti C.E.A SPA (Italy), Teledyne Technologies (US), K?rber AG (Germany), METTLER TOLEDO International Inc. (US), Robert Bosch GmbH (Germany), Teledyne Technologies (US), Omron Corporation (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Jekson Vision Private Limited (India), Cognex Corporation (US), Thermo Fisher Scientific (US), and ACG Worldwide (India).
This report analyzes the market for various inspection machines and their adoption patterns. It aims at estimating the size and future growth potential of the global inspection machines market as well as its segments (by product, type, packaging type, end user, and region). The report also includes an in-depth competitive analysis of key market players along with their company profiles, product offerings, and recent developments.
Reasons To Buy the Report
This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below mentioned five strategies for strengthening their market presence.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the global inspection machines market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the global inspection machines market
- Market Development: Comprehensive information on the lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global inspection machines market
- Competitive Assessment: In-depth assessment of products offered, market shares, growth strategies, and revenue analysis of leading players in the global inspection machines market