(PharmaNewsWire.Com, June 19, 2020 ) The report "Laboratory Balances and Scales Market by Product (Balances (Analytical, Precision, Micro, Portable, Moisture), Scales (Bench, Counting, Compact)), End User (Pharmaceutical, Biotechnology, Chemical, Beverage, Petroleum, Academia) - Global Forecast to 2023", The global Laboratory Balances and Scales Market is projected to reach USD 1.6 billion by 2023 from USD 1.3 billion in 2018, at a CAGR of 3.7%.
The major factors driving the growth of the laboratory balances and scales market are the technological advancements in laboratory balances and scales; increasing research investments and activities among pharma-biotech companies and CROs; increasingly stringent regulatory framework for product safety in bio-pharmaceutical industries; implementation of stringent food safety guidelines; and emerging markets.
The analytical balances segment is expected to account for the largest share of the laboratory balances market, by product type, in 2018
Based on product type, the laboratory balances market is segmented into micro & ultra-micro balances, top loading/precision balances, analytical balances, portable/compact balances, moisture analyzers, and other balances. The analytical balances segment is expected to account for the largest share of the laboratory balances and scales market in 2018. The increasing adoption of analytical balances among biopharmaceutical industries, owing to its procedural benefits (such as portability, easy to operate, less weighing time, high durability, low cost, and high precision) is the major factor driving the growth of this market segment.
The bench scales segment is expected to witness high growth rate in the laboratory scales market, by product type, in 2018
Based on product type, the laboratory scales market is segmented into bench scales, counting scales, compact scales, and other scales. The bench scales segment is expected to witness high growth rate in the laboratory scales market in 2018. The increasing adoption of laboratory scales among bio-pharmaceutical industry due to the procedural benefits offered by these instruments, such as flow-thru design ensures protection from liquids, touchless sensors, minimum stabilization time, ease of handling, and fast measurement time is the major factor driving the growth of this market segment.
Pharmaceutical, cosmeceutical, and biotechnology product testing laboratories to account for the largest share of the global balances and scales market during the forecast period
Based on end user, the laboratory balances and scales market is segmented into pharmaceutical, cosmeceutical, and biotechnology product testing laboratories; chemical and material testing laboratories; food and beverage testing laboratories; petroleum product testing laboratories; research laboratories & academic institutes, and other end users. The pharmaceutical, cosmeceutical, and biotechnology product testing laboratories segment is expected to account for the largest share during the forecast period. Growing developmental pipeline of key manufacturers, expansion of research facilities by the product manufacturers & private organizations in the industry, and need to comply with product safety and quality regulations are the key factors driving the growth of this segment.
North America to dominate the laboratory balances and scales market during the forecast period
The laboratory balances and scales market is segmented into four regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. The North America region is expected to account for the largest share of the global laboratory balances and scales market in 2018, and this trend is expected to continue during the forecast period. Dominant position of North America is mainly attributed to presence of stringent regulatory guidelines & extensive regulatory compliance for product quality among target end user industries, the strong presence of major market players in the region, and growing research pipeline among the biopharmaceutical companies.
The major players operating in the laboratory balances and scales market are A&D Company, Ltd (Japan), Metler Toledo international, Inc. (US), Sartorius AG (Germany), Shimadzu Corporation (Japan), PCE Instruments (UK), Kern & Sohn GmbH (Germany), RADWAG Balances and Scales (Poland), Adam Equipment Co. (UK), Avery Weigh-Tronix, LLC (UK), Bonso Electronics International, Inc. (China), Essae Group (India), and Gram Precision S.L (Spain).
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