(PharmaNewsWire.Com, August 10, 2021 ) The Key Growth Elements in Detailed?
The growth of Inspection Machines 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).
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.
Worldwide Growth Opportunities in Terms of Revenue:
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.
Growth Opportunity: Outsourcing of operations and the growing number of manufacturing facilities in emerging economies;
During the last decade, businesses in developed markets, such as the US and Europe, have increasingly outsourced their manufacturing and packaging operations to China, South Korea, Taiwan, and India to leverage the lower labor costs and less-stringent government regulations in these countries. Contract manufacturers have specialized teams that help understand customer expectations of quality and thus are a significant OEM asset. The importance of CROs and CMOs in manufacturing and packaging has also risen due to the potential for tightening time-frames while providing external validation and expertise.
The fully automated machines segment is expected to grow at the highest CAGR during the forecast period
Based on type, the inspection machines market is segmented into fully automated machines, semi-automated machines, and manual machines. The fully automated machines segment is expected to witness the highest growth during the forecast period. The growing demand for quality requirements as part of the zero-error strategy, increasing need to reduce particles and cosmetic defects, and technological advancements in this segment will continue to drive market growth.
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 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. Moreover, several major global players are based in the US, owing to which the US is a center for innovation in the inspection machines market.
Major Key Players Mentioned in the research report are:
The prominent players in Inspection Machines Market are Robert Bosch GmbH (Germany), Körber AG (Germany), METTLER-TOLEDO International Inc. (US), ACG Group (India), Cognex Corporation (US), OMRON Corporation (Japan), Teledyne Technologies Incorporated (US), Brevetti CEA SpA (Italy).
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
