Laboratory Balances And Scales Market Research, 2031
The global laboratory balances and scales market was valued at $1.1 billion in 2021, and is projected to reach $1.6 billion by 2031, growing at a CAGR of 4.4% from 2022 to 2031. Laboratory balances are used to determine the weight or mass of an object to a very high degree of precision. The weight of an object is usually estimated using metric units such as grams and kilograms or alternatively pounds and ounces. The balances have the ability to measure a wide range of substances from a single grain of a synthetic solid measured by a microbalance to the weight of a large beaker on a triple beam balance. Some of the common balances used are precision balances, compact balances, and analytical balances.
Historical Overview
The Laboratory Balances And Scales Market Size has been analyzed qualitatively and quantitatively from 2021 to 2031. The laboratory balance and scales market witnessed growth at a CAGR of around 4.4% during 2022-2031. Most of the growth during this period was from North America owing to the improvement in veterinary health awareness, rise in incidences of diabetes in pets, as well as well-established presence of domestic market players in the region.
Market Dynamics
The increase in the applications of balance and scales in pharmaceutical industry and chemical industry for chemical analysis where the precise weight of sample for quality analysis is required helps to create an opportunity for the Laboratory Balances And Scales Industry, pharmaceutical and chemical industries are the significant end users of balance instrument. Moreover, the rise in launch of new products made up of advanced technology by various key players across the globe is set to affect the Laboratory Balances And Scales Market Growth positively. For instance, in September 2020, Shimadzu Corporation announced the launch of six new models in its AP-AD series of analytical balances simultaneously in Japan and other countries. The new AP-AD series models offer excellent basic performance such as fast weighing times of about two seconds and high measurement stability that minimizes errors with new functionality that improves convenience, such as automatic doors and touchless sensors.
The growth of the laboratory balance and scales market is expected to be driven by high potential in developing countries due to increase in the demand of laboratory balance and scales in the research laboratories & academic institutes, surge in number of research and development activities and increase in laboratory efficiency. The ever-increasing demand for greater efficiency, scientific organizations are turning to advanced systems to provide visibility into lab operations and help drive decisions. The need for comprehensive visualization of all laboratory assets has become significantly demanding. Hence, the advanced lab-wide monitoring and management capabilities fill this need by bringing clarity and control to laboratory operations.
Furthermore, the healthcare industry in emerging economies is developing at a significant rate, owing to rise in development of effective life-science products, significant increase in investments by government to improve laboratory testing and development of the medical devices industry in emerging countries contributes to the growth of the market. The demand for laboratory balance and scales is not only limited to developed countries but is also being witnessed in the developing countries, such as China, Brazil, and India, which fuel the growth of the market. Factors such as rise in adoption of laboratory scales and increase in awareness about importance of laboratory balance in the measurement of the materials further drive the growth of the market. Moreover, an increase in promotional activities by manufacturers and the need for accuracy in laboratory results are expected to fuel their adoption in the near future.
However, the requirement for high levels of safety regulations is hampering the Laboratory Balances And Scales Market Size. The scales or balances in a hazardous setting need to be authorized and pre-approved by the federal, state, and local governments before installation is done. Moreover, the lack of awareness regarding the laboratory balance and scales among academic institutes are anticipated to hamper the growth of the market.
The COVID-19 pandemic affected the laboratory balance and scales industry in a negative way, like various other medical instrument industries were affected. The COVID-19 pandemic has adversely impacted and continued to pose risks to certain elements of equipment business and the financial statements. Moreover, COVID-19 has disrupted the supply chain, resulting in a global scarcity of laboratory equipment such as balances and scales.
The global operations of the market players expose us to risks associated with public health crises that could have an adverse effect on the business results and financial condition. For instance, the coronavirus pandemic (COVID-19) has spread globally in all countries where companies conduct business since late 2019. The COVID-19 pandemic is evolving and has led to the implementation of various responses, including government-imposed quarantines, stay-at-home orders and lockdowns, travel restrictions, vaccination and testing requirements, and other public health safety measures. In addition, the pandemic has interfered and may continue to interfere with general commercial activity related to the supply chain and customer base. The pandemic may also have negatively affected the customers’ businesses, which may result in delayed or reduced purchases from the companies. Some customers may also have difficulty meeting their payment obligations to companies, resulting in late payments or an inability of some customers to make payments at all.
Segmental Overview
The global laboratory balance and scales market is segmented based on product type, end user and region. On the basis of product type, the market is classified into micro balance, analytical balance, compact scale, precision balance, moisture balance and others. On the basis of end user, the market is classified into pharmaceutical, cosmeceutical, biotechnology product testing laboratories, chemical & material testing laboratories, food & beverage testing laboratories and others. Region wise, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
By Product Type
On the base of product type, the market is classified into micro balance, analytical balance, compact scale, precision balance, moisture balance and others. The analytical balance segment dominated the global Laboratory Balances And Scales Market Share in 2021 and is expected to remain dominant throughout the forecast period, owing to increase in adoption of analytical balance for sample and materials measurement in laboratories & academic institutes and availability of several types of advanced laboratory balances in the market by various key players.
By End User
The market is classified into pharmaceutical, cosmeceutical, biotechnology product testing laboratories, chemical & material testing laboratories, food & beverage testing laboratories and others. The pharmaceutical, cosmeceutical, biotechnology product testing laboratories segment held the largest Laboratory Balances And Scales Market Share in 2021 and is expected to remain dominant throughout the forecast period, owing to the preference of the laboratory balances for the weighing of the materials in pharmaceutical, cosmeceutical, biotechnology product testing laboratories along with the surge in the number of biotechnology and pharmaceutical companies and increase in government support for product testing and research activities.
By region: The laboratory balance and scales market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, North America was the dominant region and is expected to remain dominant throughout the Laboratory Balances And Scales Market Forecast period, owing to increase in the number of product testing in the laboratories, increase in the number of market players and surge in the number of products available in the region. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, owing to the increase in the concerns of safety of the pharmaceutical and cosmeceutical products, and the increasing number of various strategies and trends adopted by the market players.
COMPETITION ANALYSIS
Competitive analysis and profiles of the major players in the laboratory balance and scales, such as Sartorius AG, A&D Company Ltd. Metler Toledo international, Inc. Adam equipment Ltd., Essae Group, Kern & Sogn GmbH, PCE Instruments, Scientech Inc., Schimadzu Corporation, Radwag are provided in this report. There are some important players in the Laboratory Balances And Scales Industry such as Sartorius AG, A&D Company Ltd. Metler Toledo International, Inc., PCE Instruments. Various players have adopted strategies like partnership, and acquisition as key developmental strategies to improve the product portfolio of the Laboratory Balances And Scales Industry.
Partnership in the market
In June 2022, ALRT, the diabetes management company, announced the completion of a definitive manufacturing agreement with Infinovo Medical Co. Ltd. to manufacture and supply the Continuous Glucose Monitor (“CGM”) hardware that is utilized as a part of the ALRT GluCurve Pet CGM. This agreement gives ALRT the exclusive global rights to distribute the Infinovo CGM hardware for the animal health market, providing long-term production and supply.
In December 2022, ALRT, the diabetes management company, announced its co-branded distribution agreement with Covetrus, Inc., a global leader in animal-health technology and services, for ALRT's GluCurve Pet CGM, a continuous glucose monitoring (“CGM”) system for diabetic cats and dogs.
Acquisitions in the market
In October 2019, Zoetis, a leading animal health company, announced acquisition of Ethos Diagnostic Science, a veterinary reference lab business, to further expand its comprehensive diagnostics products and services as an enhanced value to veterinarians in the U.S.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the laboratory balances and scales market analysis from 2021 to 2031 to identify the prevailing Laboratory Balances And Scales Market Opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the laboratory balances and scales market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global laboratory balances and scales market trends, key players, market segments, application areas, and market growth strategies.
Laboratory Balances and Scales Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 1.6 billion |
 Growth Rate | CAGR of 4.4% |
 Forecast period | 2021 - 2031 |
 Report Pages | 218 |
 By Product Type |
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 By End users |
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 By Region |
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 Key Market Players | Kern & Sohn GmbH, Radwag Balances and Scales, Mettler Toledo international Inc, PCE Holding GmbH, Shimadzu Corporation, A&D Holon Holdings, Essae Group, Adam Equipment Co, Sartorius AG, Scientech Inc |
Analyst Review
The laboratory balances and scales can measure a variety of substances from a single grain of a chemical solid using a micro balance to the weight of a large beaker on a triple beam balance. More specifically, an analytical balance can measure in the sub-milligram range up to grams. Due to their high precision and advanced technology, laboratory balances are used in laboratories to efficiently perform specific tasks such as weighing test materials and sampling amounts, formulation, density determination, purity analysis, quality control testing and material and conformance testing.
Asia-Pacific is expected to witness the highest CAGR during the analysis period, owing to the increase in the research and development activities expenditure for the development of the new products that increases the adoption rate of laboratory instruments including the laboratory balance and scales, increase in awareness about the strictness in the accuracy of the measurements for increasing the efficiency in the working of the laboratories and increase in government support on research activities and other related trends adopted by the market players.
The total market value of the Laboratory Balances and Scales market is $1073.02 million in 2021.
The forecast period in the report is from 2022 to 2031
North America is the largest regional market for Laboratory Balances and Scales?
The market value of the Laboratory Balances and Scales market in 2022 was $1113.79 million.
The top companies that hold the market share in the Laboratory Balances and Scales market are Sartorius AG, A&D Company Ltd. Metler Toledo international, Inc. Adam equipment Ltd., Essae Group, Kern & Sogn GmbH, PCE Instruments, Scientech Inc., Schimadzu Corporation, Radwag
The base year for the report is 2021.
Yes, Laboratory Balances and Scales companies are profiled in the report
The key trends in the Laboratory Balances and Scales market are increasing demand for highly caliber scaless, and a surge in technological advancement in Laboratory Balances and Scales.
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