Inspection Machines Market Is Projected To Reach USD 871 Million By 2025, At A CAGR Of 5.4%
Summary
- What the Market Looks Like?
- What are Key Trends in the Market?
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
What the Market Looks Like?
The Inspection machines market is projected to reach USD 871 million by 2025 from USD 671 million in 2020, at a CAGR of 5.4% during the forecast period. 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.
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.
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What are Key Trends in the Market?
The growth of the Inspection machines market is primarily influenced by the following factors:
- Growing number of regulatory mandates to maintain compliance with GMP in the healthcare industry
- Increasing pharmaceutical & biotechnology R&D expenditure
- Growing product recalls
- The increasing number of inspection checkpoints throughout the production line
- Growth in the medical devices industry
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 in 2019.
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