CHICAGO, Jan. 24, 2023 /PRNewswire/ -- Inspection Machines Market is projected to reach USD 905 million by 2027 from USD 721 million in 2022, at a CAGR of 4.7% during the forecast period according to a new report by MarketsandMarkets. The growth of this market is majorly driven as companies are now increasingly adopting inspection systems throughout their production lines due to the increasing issues in the mandates of regulatory introduced by the government.
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Browse in-depth TOC on "Inspection Machines Market"
253 - Tables
46 - Figures
272 - Pages
Inspection Machines Market Scope:
Report Coverage | Details |
Market Size | USD 905 million by 2027 |
Growth Rate | 4.7% of CAGR |
Largest Market | North America |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2022-2027 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product, Type, Packaging Type, End User |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Technological advancement |
Key Market Drivers | The increasing number of inspection checkpoints throughout the production line |
The combination system segment is expected to grow at the highest CAGR during the forecast period
On the basis of product, the inspection machines market is divided into vision inspection systems, X-ray inspection systems, combination systems, checkweighers, metal detectors, software, leak detection systems, and other inspection systems. During the forecast period (2022-2027), the combination system segment is projected to witness the highest growth in the inspection machines market. The growth of this segment is driven by factors including, minimal human inspection, and the rising demand for faster inspection of products.
The fully automated machines segment is expected to account for the largest share of the inspection machines market
On the basis of type, the inspection machines market is divided into fully automated machines, semi-automated machines, and manual machines. In 2021, the fully automated machines segment dominated the inspection machines market in 2021, based on market share. Factors responsible for the highest share of this segment include, high detection and throughput rate, and high inspection accuracy as compared to other systems.
Syringes segment is expected to grow at the highest rate during the forecast period
On the basis of packaging type, the inspection machines market is divided into syringes, blister, bottles, ampoules & vials, and other packaging types. During the forecast period (2022-2027), the syringes segment is expected to grow at the highest CAGR. The factor responsible for growth is that syringes are growth in adoption for injectable vaccines and drug delivery.
By end-user, the pharmaceutical & biotechnology companies is expected to account for the largest share of the inspection machines market in 2021
The inspection machines market, by end-user, is divided into medical device manufacturers, pharmaceutical & biotechnology companies, food processing & packaging companies, and other end-users (nutraceuticals and cosmetic companies). In 2021, the pharmaceutical & biotechnology companies segment accounted for the largest market share. Factors responsible for the high market share of this segment are, emerging markets and growing biotechnology and pharmaceutical companies, stringent government regulations.
During the forecast period Asia Pacific is expected to account for the highest CAGR in the inspection machines market
During the forecast period 2022-2027, the Asia Pacific inspection machines market is expected to grow at the highest CAGR. Factors such as the significant economic development in emerging markets such as China and India, growth in the inspection machine market in Asia pacific region is expected to drive the growth of this market during the forecast period.
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Inspection Machines Market Dynamics:
Drivers:
- Growing mandates to maintain GMP compliance
- Increasing pharmaceutical & biotechnology R&D expenditure
- Growing product recalls
- Increasing inspection checkpoints throughout production
- Growth in medical devices industry
Restraints:
- Growing demand for refurbished equipment due to high cost of inspection machines
- Lack of access in emerging markets
Opportunities:
- Technological advancements
- Rising outsourcing of manufacturing operations to emerging economies
Challenges:
- Complexities in integrating inspection machines
Key Market Players:
The prominent players in this market are Robert Bosch GmbH (Germany), Körber AG (Germany), METTLER-TOLEDO International Inc. (US), Thermo Fisher Scientific (US), and Teledyne Technologies Incorporated (US).
Recent Developments:
- In 2022, METTLER TOLEDO International Inc. launched combination checkweighing and serialization system for pharma and cosmetics producers.
- In 2022, OPTEL acquires pharma track & trace unit of Körber. The acquisition, would allow OPTEL to leverage the unit's expertise in pharmaceutical and agrochemical track & trace technologies, provide the company with a second foothold in the European marketplace and contribute to its diversification plans.
- In 2021, Cognex Corporation Launched the In-Sight 3D-L4000 Vision System.
- In 2021, Antares Product Inspection Global Centre of Excellence for X-ray in Hertfordshire, UK increases the UK manufacturing footprint for x-ray inspection technologies by more than 80%.
- In 2020, Antares partnered with IMA; a company engaged in the design & production of machines for process automation and packaging of pharmaceutical & cosmetic products.
- In 2020, Thermo Scientific Sentinel 1000 Selectscan Metal Detector system features two technologies intended to help food and personal care manufacturers achieve a higher level of safety and quality.
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