Market Size of Inspection Machines Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Inspection Machines Market Analysis
The inspection machines market is projected to register a CAGR of 5.2% during the forecast period.
The COVID-19 pandemic had a significant impact on the growth of the inspection machines market. For instance, a research study published in Clinical Therapeutics, in December 2021, stated that the COVID-19 pandemic has affected the management and operation of regulatory agencies as well as the pharmaceutical industry around the world. However, the increased government restrictions to comply with good manufacturing (GMP) practices, resumed services and the growing product recalls across the globe have increased the demand for inspection machines. For instance, in January 2021, Stevanato Group collaborated with Microsoft Italy to meet the challenges that the pharmaceutical glass industry was experiencing during the COVID-19 pandemic. The company provides packaging and syringes for the major international anti-COVID-19 vaccine programs, as well as pharmaceutical inspection equipment. Thus, the studied market is anticipated to grow and regain its full potential over the forecast period.
Factors such as increasing regulatory compliance with good manufacturing practices (GMP) and product recalls are boosting market growth. For instance, in December 2022, Accord Healthcare, Inc. voluntarily recalled a single lot of Daptomycin for Injection 500 mg/vial, and Daptomycin for Injection 350 mg/vial product as they received a product complaint report from a hospital pharmacy that vials labeled as Daptomycin for Injection 500 mg/vial' were found in cartons labeled as 'Daptomycin for Injection 350 mg/vial'. Also, the lot and expiration date printed on the outer carton and inner vial are the same and correspond to 'Daptomycin for Injection 500 mg/vial'. Such instances are contributing to market growth.
Furthermore, new product launches are also anticipated to augment the market growth over the forecast period. For instance, in March 2022, EPIC Systems launched a new turnkey vision inspection product, matching label inspection and lid package verification that is designed to provide industry-leading vision inspection solutions for manufacturers. Also, in February 2022, Mettler Toledo introduced X34C X-ray, a fast and effective vertical X-ray inspection system optimized for contaminant detection of individual products within a defined application ste, blister packs, and sachets in the pharmaceutical industry.
Therefore, owing to the aforementioned factors, the studied market is expected to grow over the forecast period. However, the growing demand for refurbished equipment is likely to hinder the growth of the inspection machines market over the forecast period.
