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Inspection Machine Market Report Up to 2031
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Supervisory obligations in the healthcare industry to sustain compliance with good manufacturing practices, growing number of inspection frontiers in production lines, growing number of product evokes, rising dispersion of automated inspection systems in the pharmaceutical & biotechnology industries, and technological advancement in inspection systems are the major aspects driving the growth of this market.
COVID-19 Impact on Inspection Machine Market
The rise of pandemic of COVID19 can prove as a growth prospect for Inspection Machine Market industry. This growth is attributed to the growing use of inspection machine in the pharmaceutical segment, which is in-turn growing due to the rising demands of medical and clinical needs globally. Thus the rise in pharmaceutical and clinical segment is driving the growth of Inspection Machine Market.
Market Drivers
Rising supervisory regulations in the manufacturing practices in order to maintain good manufacturing practices is driving the demand of inspection machine market.
The evolution of automation and technological advanced inspection system in various end-user industries such as pharmaceuticals and biotechnology industry is driving the market growth.
Market Opportunities
Growing manufacturing facilities in the majority of developing economies has given rise to the use of inspection machine market globally.
Market Restraints
High cost of inspection machines is hindering the growth of inspection machine market and the users are getting inclined towards the use of used and refurbished equipment
Regional Analysis
The inspection machines market in the Asia-Pacific is projected to grow at the highest CAGR during the projection period. The high growth in this regional market is owing to features such as the growing number of supervisory obligations to maintain compliance with Good Manufacturing Practices; rising number of pharmaceutical & biotechnology manufacturers; noteworthy growth in the pharmaceutical, food processing & packaging, and medical device industries; and encouraging government initiatives to promote the inspection of products in the pharmaceutical and biopharmaceutical industries in several Asia Pacific countries.
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Competitive Landscape
The key market 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
Robert Bosch GmbH is the leading provider of inspection machines worldwide. The company offers a wide-range of product portfolio, including automatic & semi-automatic inspection machines, Checkweighers, and metal detectors. It also has a wide geographic presence with strong distribution channels to offer its products and services in approximately 150 countries across the globe.
Europe and North American regions are significant target markets for the company. Robert Bosch is mainly concentrated on organic growth strategies such as product launches and expansion to enhance its market position. For instance, in May 2017, the company introduced the KLV Series for leak detection. For growth in developing countries, Robert Bosch focuses on expanding its product portfolio and equipment in the mid-range performance segment. The company invested USD 8.21 billion on R&D activities in 2017, up from USD 7.26 billion in 2016. These high investments in R&D allow the company to develop advanced products that cater to the needs of end users.
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