According to the latest inspection machine market report for 2019-2024, which includes medical devices inspection machines, the market is projected to reach $774 million by 2024, up from $592 million in 2019, at a CAGR of 5.5%
The growth of the inspection machines market is primarily tied to the increasing number of regulatory mandates in the healthcare industry to maintain compliance with Good Manufacturing Practices (GMPs) and the increasing adoption of automated inspection systems in the applied industries.
Factors such as the growth in the number of product recalls, an increasing number of inspection checkpoints throughout the production line, and technological advancements in inspection systems are also expected to drive the growth of this market during the forecast period. However, the growing demand for used and refurbished inspection systems is expected to restrain the growth of this market to a certain extent during the forecast period.
The combination systems segment is estimated to grow at the highest CAGR during the forecast period. This can primarily be attributed to the advantages offered by combination systems (such as low time consumption and multiple inspection processes at a single checkpoint), technological advancements, increasing demand for inline product inspection, growing need to comply with GMP requirements, and the rising demand for the integration of innovative technologies.
Further, the Asia-Pacific is estimated to be the fastest-growing regional market for inspection machines during the forecast period. Researchers say the increasing number of regulatory mandates to maintain GMP compliance, the significant growth in the region’s medical device sector, and the implementation of government initiatives for ensuring product safety throughout the Asia-Pacific are driving market growth.