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.
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COVID-19 Impact on Global Inspection Machines Market
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.
What the Market Looks Like?
Predicted to grow at a CAGR of 5.5% during the forecast period, the global inspection machine market is estimated to reach USD 774 million by 2024. North America is estimated to account for the largest share of the inspection machines market in 2019, closely followed by Europe.
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.
What Drives the Market?
The growth of the global market for inspection machines is primarily influenced by the following factors:
- Growing Number of Regulatory Mandates in the Healthcare Industry to Maintain Compliance with Good Manufacturing Practices
- Increasing Adoption of Automated Inspection Systems in the Pharmaceutical and Biotechnology Industries
- Growth in the Number of Product Recalls
- Increasing Number of Inspection Checkpoints throughout the Production Line
- Growth in the Medical Device Industry
North America is expected to account for the largest share of the inspection machines market in 2019
In 2019, 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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