The Inspection machines market is projected to reach USD 871 million by 2025 from USD 671 million in 2020, at a CAGR of 5.4% during the forecast period.
The growth of this market is majorly driven as companies are now increasingly adopting inspection systems throughout their production lines due to the growing concerns to the regulatory mandates introduced by the government and regulatory bodies in the healthcare industry to maintain compliance with Good Manufacturing Practices (GMP).
- Growing number of regulatory mandates to maintain compliance with GMP in the healthcare industry
- Increasing pharmaceutical & biotechnology R&D expenditure
- Growing product recalls
- The increasing number of inspection checkpoints throughout the production line
- Growth in the medical devices industry
The increasing adoption of automated inspection systems in the pharmaceutical and biotechnology industries, growth in the number of product recalls, an increasing number of inspection checkpoints throughout the production line, and technological advancements in inspection systems support the growth of the market.
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COVID-19 Impact on Global Inspection Machines Market
Since the beginning of 2020, the majority of the countries worldwide shut down their borders and limited transportation in a bid to contain the coronavirus (COVID-19) outbreak, thus, creating impediments for international trade and transportation. This had disrupted the supply chains for the inspection machines market, temporarily leading to a fall in demand due to uncertainty in the global economy and capital markets.
The geographical regions mapped in the report are:1. North America2. Europe3. Asia-Pacific4. Latin America5. Middle East and Africa (MEA)
In 2019, North America accounted for the largest share of the inspection machines market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The large share of this market segment can be attributed to the significant growth opportunities for players operating in the inspection machines market owing to the presence of a large number of pharmaceutical and biotechnology companies & medical device manufacturers in the region, stringent regulatory mandates for healthcare manufacturers, an increasing number of inspection checkpoints in the production line, and highly regulated inspection standards & obligatory compliance in the region.
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Some key players mentioned in the research report are:
The top market players in the global inspection machines market include Thermo Fisher Scientific (US), Robert Bosch GmbH (Germany), OPTEL Group (Canada), Körber AG (Germany), Cognex Corporation (US), METTLER-TOLEDO International Inc. (US), Teledyne Technologies Incorporated (US), ACG Group (India), OMRON Corporation (Japan), Antares Vision S.p.A. (OTCPK:ITALY), Brevetti CEA SpA (OTCPK:ITALY), Jekson Vision Private Limited (India), Mitsubishi Chemical Holdings Corporation (Japan)