(PharmaNewsWire.Com, May 04, 2020 ) According to the new market research report “Inspection Machine Market by Product (Vision Inspection, Checkweigher, Metal Detector, Software) Type (Automatic, Manual), Packaging (Ampoules, Vials, Blisters, Bottles), End User (Pharmaceutical, Medical Devices, Food) – Global Forecast to 2024“, published by MarketsandMarkets™, the Inspection Machines Market is projected to reach USD 774 million by 2024 from USD 592 million in 2019, growing at a CAGR of 5.5% between 2019 and 2024.
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The increasing expenditure in medical manufacturing to ensure compliance with Good Manufacturing Practices and the rising penetration of automation are some of the major factors that are expected to drive the growth of this market during the forecast period.The introduction and implementation of numerous regulatory mandates in the healthcare sector and the adoption of new technologies in line with the increasing number of inspection checkpoints throughout the entire production cycle within the pharmaceutical and biotechnology sectors are also expected to support market growth in the coming years.
Vision inspection systems segment to account for the largest share of the Inspection Machines Market, by product
The vision inspection systems segment is expected to account for the largest share of the Inspection Machines Market, by product, in 2019. The high demand for inspecting components for size, shape, color, or reading in pharmaceutical, nutraceutical, chemical, medical device, and food & beverage industries is one of the major factors driving the growth of this segment.
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Food processing & packaging companies to form the fastest-growing end-user segment in the Inspection Machines Market
Among all end-user segments, the demand for inspection machines is estimated to grow at the highest rate among food processing & packaging companies. This can majorly be attributed to the growing demand for processed foods, increasing consumer awareness regarding food safety, and the growing demand for minimizing human errors in food processing and packaging.
North America is estimated to be the largest regional market for inspection machines
North America is estimated to account for the largest share of the Inspection Machines Market in 2019, closely followed by Europe. Factors such as the strong presence of numerous pharmaceutical & medical device manufacturers and the presence of stringent regulatory frameworks for these manufacturers (including an increase in the number of inspection checkpoints in the production line) and highly monitored inspection standards are driving the growth of the Inspection Machines Market in North America.
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