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(Health-NewsWire.Net, July 11, 2020 ) Regulatory mandates in the healthcare industry to maintain compliance with Good Manufacturing Practices, increasing number of inspection checkpoints in production lines, growing number of product recalls, rising penetration of automated inspection systems in the pharmaceutical & biotechnology industries, and technological evolution in inspection systems are the major factors driving the growth of this market.
The global inspection machines market is projected to reach USD 774 million by 2024 from USD 592 million in 2019, at a CAGR of 5.5%.
Fully automated inspection machines segment to account for the largest share of the inspection machines market, by type, in 2019
The fully automated machines segment is expected dominate the inspection machines market, by type, in 2019. The large share of this segment can majorly be attributed to advantages offered by fully automated inspection machines (such as high-throughput, maximum inspection accuracy, high detection rate, and compliance with high-standard regulations), growing demand for quality requirements as part of the zero-error strategy, and the increasing adoption of automated machines by various end users.
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Pharmaceutical & biotechnology companies are estimated to be the largest end users of inspection machines in 2019
Pharmaceutical & biotechnology companies are expected to account for the largest share of the inspection machines market, by end user, in 2019. The large share of this segment can majorly be attributed to stringent government regulations regarding packaging quality and the increasing need to combat counterfeit pharmaceutical products, product recalls, and the prevention of loss of business revenue.
APAC market is estimated to grow at the highest CAGR during the forecast period
The inspection machines market in the APAC is estimated to grow at the highest CAGR during the forecast period. The high growth in this regional market can be attributed to factors such as the increasing number of regulatory mandates to maintain compliance with Good Manufacturing Practices; growing number of pharmaceutical & biotechnology manufacturers; significant growth in the pharmaceutical, food processing & packaging, and medical device industries; and favorable government initiatives to promote the inspection of products in the pharmaceutical and biopharmaceutical industries in several Asia Pacific countries .
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Top Companies
The prominent players operating in the global inspection machines market are ACG Worldwide (India). Körber AG (Germany), METTLER TOLEDO International Inc. (US), Brevetti C.E.A SPA (Italy), Teledyne Technologies (US), Cognex Corporation (US), Omron Corporation (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Jekson Vision Private Limited (India), Thermo Fisher Scientific (US), Antares Vision (Italy), OPTEL Group (Canada), and Robert Bosch GmbH (Germany).
Recent Developments
+ In April 2019, METTLER-TOLEDO International Inc. launched the Tablex-Pro metal detection systems to enhance its portfolio in the inspection machines market.
+ In December 2018, Antares Vision and ALP.I SPAC signed an agreement to merge both the companies by February 2019 to provide support for pharmaceutical companies and accelerate the growth path undertaken by Antares Vision for the inspection machines market.
+ In April 2017, Körber AG acquired Fargo Automation Inc. (US). This acquisition strengthened Körber’s pharma systems business and extended its offerings for pharmaceutical and biopharmaceutical customers in the North American market.
+ In September 2016, Robert Bosh GmbH planned to invest more than USD 113.5 million (EUR 100 million) on Indian manufacturing and development locations. This will help the company to establish its position in the Indian market.
MarketsandMarkets™
Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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