(PharmaNewsWire.Com, January 08, 2022 ) This study involved the extensive use of both primary and secondary sources. 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.
According to the new market research report “Inspection Machines Market by Product (Vision Inspection, Checkweigher, Metal Detector, Software), Type (Manual, Automatic), Packaging Type (Vials, Syringes, Blisters), End User (Pharmaceutical, Medical Device), COVID-19 Impact – Global Forecast to 2025″, published by MarketsandMarkets™, the Inspection machine 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.
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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). 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.
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 software segment is expected to grow at the highest CAGR during the forecast period
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 software segment is projected to witness the highest growth in the market during the forecast periods (2020-2025). Growth in this segment is driven mostly by the increasing demand for faster inspection of products in the manufacturing process and minimal human inspection leads to the growth of adopting digital solutions for better imaging and accuracy. Software integrated with such systems is improving the overall process efficiency.
The fully automated machines segment is expected to account for the largest share of the market
Based on type, the market is segmented into fully automated machines, semi-automated machines, and manual machines. The fully automated machines segment accounted for the largest share of the inspection machines market in 2019. The large share of the fully automated machines segment can be attributed to these systems benefits, such as high throughput rate, maximum inspection accuracy, high detection rate, and compliance with high standard regulations compared to the other systems. The real-time defect tracking capability of these systems makes it a choice to avoid re-inspection, and are thus being adopted across various industries.
Syringes segment is expected to grow at the highest rate during the forecast period
Based on application, the inspection machines market is segmented into ampoules & vials, syringes, blister packaging, bottles, and other packaging types. The syringes segment is expected to grow at the highest CAGR during the forecast period, primarily due to the increasing adoption of inspection machines being used to check pre-filled syringes as these syringes are witnessing a surge in adoption for injectable drug delivery and vaccines. Also, the benefits of reduced drug wastage increased product life span, and the easy self-administer of injectable drugs at home are expected to support market growth in this segment.
The pharmaceutical & biotechnology companies end-user segment is expected to account for the largest share of the market
The inspection machines market, by end-user, is segmented into pharmaceutical & biotechnology companies, medical device manufacturers, food processing & packaging companies, and other end-users (nutraceuticals and cosmetic companies). The pharmaceutical & biotechnology companies segment accounted for the largest market share in 2019. Inspection machines are widely used in pharmaceutical & biotechnology companies for quality checks and quality assurance, which is a major factor in driving the market growth. Furthermore, a growing number of pharmaceutical & biotechnology companies are utilizing inspection machines owing to factors such as the increasing compliance to GMP guidelines and the increasing number of inspection checkpoints in the production & packaging lines, stringent government regulations, the increasing need to combat counterfeit pharmaceutical products, product recalls, and the prevention of loss of business revenue due to the deployment of inspection machines.
Asia Pacific is expected to account for the highest CAGR for players operating in the market
The Asia Pacific inspection machines market is expected to grow at the highest CAGR from 2020 to 2025. Factors such as the increasing number of regulatory mandates in the healthcare industry to maintain compliance with good manufacturing practices (GMP); the growing number of pharmaceutical & biotechnology manufacturers; significant economic development in emerging markets such as China and India; tremendous growth in the pharmaceutical, food processing & packaging, and medical device industries; and favorable government initiatives to promote the inspection of products in the pharmaceutical & biopharmaceutical industries are expected to drive the growth of this market during the forecast period.
The prominent players in this 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).
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