Inspection Machines Industry Overview:
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.
The report provides market sizing and forecast across 7 major currencies - USD, EUR, JPY, GBP, AUD, CAD, and CHF. It helps organization leaders make better decisions when currency exchange data is readily available.
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Market Segmentation & Coverage:
This research report categorizes the Inspection Machines to forecast the revenues and analyze the trends in each of the following sub-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
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
Based on End User, the inspection machines market 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 is expected to witness the highest growth during the forecast period.
Based on Region, 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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Competitive Strategic Window:
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.
Market Share Analysis:
The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.
Inspection Machines Market Dynamics
Driver: Growing number of regulatory mandates to maintain compliance with GMP in the healthcare industry
Restraint: Lack of access in emerging markets
Opportunity: Outsourcing of operations and the growing number of manufacturing facilities in emerging economies
Challenge: Complexities in integrating inspection machines
The report provides insights on the following pointers:
- Market Penetration: Provides comprehensive information on the market offered by the key players
- Market Development: Provides in-depth information about lucrative emerging markets and analyze penetration across mature segments of the markets
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product 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%.
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