(PharmaNewsWire.Com, February 18, 2021 ) The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies. This study involved the extensive use of both primary and secondary sources.
Key Factors Driving Market Growth:
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).
Revenue Growth Analysis:
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.
Don't miss out on business opportunities in Inspection Machines Market :
Furthermore, 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. However, the growing demand for used and refurbished inspection systems is expected to restrain this market's growth to a certain extent. Also, the complexities of introducing inspection machines in a production line may hamper the market's growth to a certain extent.
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.
Based on product, the inspection machines market is segmented into vision inspection systems, leak detection systems, X-ray inspection systems, combination systems, checkweighers, metal detectors, software, and other inspection systems. The vision inspection systems segment accounted for the larger market share in 2019. The high adoption of vision inspection systems in the pharmaceutical, biotechnology, medical device, cosmetic, and food industries compared to other systems due to their ease of use, easy adaptability, and high performance are contributing to the market for consumables.
The ampoules & vials segment accounted for the largest share of the market in 2019. This is attributed to the rising adoption in the pharmaceutical industry for biopharmaceutical and vaccine delivery, which leads to the increasing adoption of inspection systems.
North America is expected to account for the largest share of the inspection machines market in 2019
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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