“The lab balances and scales market is projected to grow at a CAGR of 3.7% during the forecast period”
The global lab 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 growth of this market is largely driven by factors such as increasingly stringent regulatory framework for product safety in biotechnology and pharmaceutical industries; growing public emphasis on Implementation of stringent food safety guidelines; and expansion of research pipeline among pharma-biotech and CROs. However, limited replacement rate of lab balances among end users is expected to hamper the market.
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“The lab balances segment is expected to account for the largest market share during the forecast period”
Based on product, the lab balances and scales market is segmented into lab balances and lab scales. The lab balances segment is expected to account for the largest share of this market in 2018. The growing adoption of balances among key end users industries (owing to the greater regulatory compliance for product quality and increased research pipeline that replicate into higher lab balances usage) is the major factors driving the growth of this market segment.
“The pharmaceutical, cosmeceutical, and biotechnology product testing laboratories segment is estimated to grow at the highest rate during the forecast period”
On the basis of end user, the lab balances and scales market has been 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 estimated to grow at the highest rate during the forecast period due to factors such as need to comply with product safety & quality regulations and growing public-private investments to strengthen the pipeline development of novel pharmaceutical and biotechnology products.
“Asia Pacific to witness high growth rate in global lab balances and scales market during the forecast period”
The lab balances and scales market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World. Asia Pacific is expected to register high growth rate in global lab balances and scales market in 2018. The increasing number of R&D activities, rising government healthcare expenditure, and presence of stringent regulatory policies (especially for food and drug safety) are some of the key factors supporting the growth of the Asia Pacific market. Furthermore, increasing usage of analytical instruments (include lab balances and scales) in the food industry (owing to the growing food safety concerns) and growth of the biotechnology and pharmaceutical industry are some of the other major factors driving the growth of the lab balances and scales market in Asia Pacific.
Breakdown of supply-side primary interviews:
- By Company Type: Tier 1–25%, Tier 2–30%, and Tier 3–45%
- By Designation: C-level–26%, Director-level–30%, and Others–44%
- By Region: North America–35%, Europe–26%, APAC–23%, and RoW–16%
The major players in the market include 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).
- This report studies the lab balances and scales market based on product, end user, and region. The report also studies factors (such as drivers, restraints, and opportunities) affecting market growth. It analyzes the drivers, restraints, and opportunities in the market and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to four main regions (and the respective countries in these regions).
Key Benefits of Buying the Report
- This report focuses on various levels of analysis industry trends, market share of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the lab balances and scales market, and high-growth regions and their drivers, restraints, and opportunities. The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.