Laboratory Balances and Scales Market to Grow at a CAGR of 5.5% to reach US$ 2,131.14 Million from 2020 to 2028
NEW YORK, UNITED STATES, November 15, 2021 /EINPresswire.com/ — According to The Insight Partners new research study on “Laboratory Balances and Scales Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End User,” The report highlights trends prevailing in the market, and the factors driving and hindering the market growth. The market growth is primarily attributed to rapid growth of pharmaceutical and biotechnology industry and increasing number of research pipeline of pharma-biotech companies and contract research organizations. However, the limited replacement rate among end users is likely to hamper the growth of the market to a certain extent.
Report Coverage (Details)
Market Size Value in (US$ 1,463.53 million in 2021)
Market Size Value by (US$ 2,131.14 million in 2028)
Growth Rate (CAGR of 5.5% from 2021-2028)
Forecast Period (2021-2028)
Base Year (2021)
No. of Pages (188)
No. Tables (139)
Segments covered (Type, End User and and Geography)
Regional scope (North America; Europe; Asia Pacific; Latin America; MEA)
Country scope (US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina)
Report coverage (Revenue forecast, company ranking, competitive landscape, growth factors, and trends)
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The scope of the Laboratory Balances and Scales market includes type, end-user, and region. The market for laboratory balances and scales, based on region, is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the laboratory balances and scales market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world. It also includes COVID–19 impact analysis across all the regions.
Increase in Number of Research Pipelines of Pharma-Biotech Companies and Contract Research Organizations
Healthcare infrastructure is witnessing extensive growth in the number of clinical trials and research pipeline across the world. Clinical trial is a crucial and significant step to evaluate the safety and effectiveness of a medical strategy, treatment, or device for commercial usage. These studies also help understand and determine the best medical approaches for a particular therapeutic area. Clinical trials are conducted primarily to collect data regarding the safety and efficacy of a new drug and device development. Before the approval of drug molecules or medical devices by the regulatory authorities, a series of clinical studies are conducted.
Hence, the increasing number of clinical trials accelerates the demand for laboratory instruments and equipment, which will ultimately drive the laboratory scales and balances market during the forecast period.
The laboratory balances and scales market is witnessing substantial decline amid the COVID-19 pandemic. Certain factors such as decline in pharmaceutical production and drug discovery activities are hampering the adoption of laboratory balances and scales worldwide. However, research activities associated with the COVID-19 are expected to have marginal positive impact on the market.
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Based on type, the laboratory balances and scales market is bifurcated into laboratory balances and laboratory scales. Laboratory balances segment is further sub-segmented as analytical balances, top loading/precision balances, micro and ultra-micro balances, moisture balances, portable balances, and other balances. Laboratory scale segment is also further sub-segmented as bench scales, counting scales, compact scales, and other scales. In 2020, the laboratory balances segment held the largest share of the market and is expected to register a higher CAGR during the forecast period.
Based on indication, the laboratory balances and scales market pharmaceutical and biotechnology products testing laboratories, cosmeceutical products laboratories, academic institutes, and research laboratories. The pharmaceutical and biotechnology products testing laboratories held the largest share of the market in 2020, and the same segment is estimated to register the highest CAGR of 6.7% in the market during the forecast period.
Inorganic strategies such as partnerships, and mergers and acquisitions are commonly adopted by companies to cater to changing customer demand and maintain their brand name across the world. Market players operating in the Laboratory Balances and Scales market also adopt organic strategies such as product launch and expansion to outstretch their footprint and product portfolio worldwide as well as to meet the growing demand.
Laboratory Balances and Scales Market: Competitive Landscape and Key Developments
METTLER TOLEDO; Sartorius AG; PCE Instruments; OHAUS; Adam Equipment Ltd; GRAM PRECISION; RADWAG Balances and Scales; Scientech Inc.; BONSO Electronics International Inc.; and A&D Company, Limited are among the leading companies operating in the laboratory balances and scales market.
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Source: EIN Presswire