Growth in the lab balances and scales market is primarily driven by factors such as technological advancements in laboratory balances and scales; expansion of research pipeline among pharma-biotech and CROs; increasingly stringent regulatory framework for product safety in biotechnology and pharmaceutical industries; and growing public emphasis on Implementation of stringent food safety guidelines.
The Laboratory Balances and Scales Market is projected to grow from an estimated USD 1.3 billion in 2018 to USD 1.6 billion by 2023, at a CAGR of 3.7% during the forecast period. Laboratory balances are used to compare the mass of two different objects (such as solids, liquids, and tissues) those are used in laboratories. The growth of the lab balances segment is attributed to factors such as the greater regulatory compliance for product quality and increased research pipeline that replicate into higher lab balances usage.
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Pharmaceutical, cosmeceutical, and biotechnology products testing laboratories utilize lab balances and scales to determine the weight of biopharmaceutical substances for research & development activities and quality assurance. Factors driving the growth of the pharmaceutical, cosmeceutical, and biotechnology products testing laboratories segment include growing developmental pipeline of key manufacturers and expansion of research facilities by the product manufacturers & private organizations in the industry.
The North America is one of the major revenue generating regions in the lab balances and scales market. North America and Canada are the major countries responsible for the dominant position of this regional market owing to factors such as presence of stringent regulatory guidelines and extensive regulatory compliance for product quality among target end user industries and the strong presence of major market players in the region. Furthermore, growing research pipeline among the biopharmaceutical companies and ongoing technological advancements in the field of lab balances and scales are also driving the growth of this regional market.
Key Market Players
A&D Company, Ltd (Japan), Metler Toledo international, Inc. (US), Sartorius AG (Germany), and Shimadzu Corporation (Japan) were the top players in the global laboratory balances and scales market. Other prominent players present in this market include 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), Gram Precision S.L (Spain), Humboldt Scientific, Inc. (US), Scientech, Inc. (US), and Danaher Corporation (US), among others.
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