Laboratory Balances and Scales Market Expected to Reach $1.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Laboratory Balances and Scales Market," The laboratory balances and scales market was valued at $1.1 billion in 2021, and is estimated to reach $1.6 billion by 2031, growing at a CAGR of 4.4% from 2022 to 2031.

The lab balances are equipped to meet the highest standards of speed, reliability, compliance, and safety in the measurement of the analytes and materials. It offers high levels of accuracy and precision in analytical testing and quantitative analysis. The recently developed balances and scales are much more advanced and have a multitude of application. Applications range from laboratories weighing of chemicals to weighing of packages for shipping purposes. The analytical balance, trip balance, spring balance, top-loading balance are commonly used balances in the laboratory.  

The laboratory balance and scales are commonly used in the research institutes and laboratories and Laboratory Balances And Scales Industry for measurement of the weight of the materials for the analysis. Hence, the increase the research and development activities for the development of the new products of the analysis of the any product is the driving the growth of the Laboratory Balances And Scales Market Size. Moreover, the research activities are funded by the private organizations, Laboratory Balances And Scales Industry or the government authorities for the study of the product pipelines. The growth in the expenditure from these authorities gives the boost to the research activities which can help in the increased use of laboratory balance and scales thereby driving the growth of the market. For instance, according to the data by World Health Organization (WHO), the total estimated U.S. R&D expenditures in 2020 the most recent year for which data are available were $708.0 billion. Among this amount, $107.9 billion (15.2%) was for basic research, $139.5 billion (19.7%) was for applied research, and $460.5 billion (65.1%) was for development.  

Moreover, the key Laboratory Balances And Scales Market Trends launch of new products with the advancement such that it fulfills the need of the hour and rise in the inclination towards research and development of the formulation which can be used to treat various illnesses would help the market boost in the coming years. Furthermore, the launch of new formulations requires the use of appropriate dosage to be measured in the weighing balance which is expected to boost the market in the coming years. However, the higher durability of the balances and scales with low replacement rates is expected to hinder the growth of this market. Conversely, rise in the application in the biotechnology for measuring the tissue masses and increase in demand of the balance for improved laboratory efficiency and need for accuracy in results are expected to create lucrative opportunities for the market. 

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, Europe, Asia-Pacific and LAMEA. 

On the basis of product type, the market is classified into micro balance, analytical balance, compact scale, precision balance, moisture balance and others. The precision balance segment is projected to exhibit the fastest Laboratory Balances And Scales Market Share growth during the Laboratory Balances And Scales Market Forecast period, owing to increase in the adoption of the laboratory balance in the research institutes for accuracy in the measurement in the materials. The laboratory balances are used to measure not only solids but also liquids and tissue. They have a wide range of uses in virtually any laboratory including clinical, research and environmental settings. This type of advantages of using the laboratory balance for weighing of the materials can help in the adoption thereby increasing the growth of the market.  

On the basis of end user, the market is classified into pharmaceutical, cosmeceutical, biotechnology product testing laboratories, research laboratories and institutes, chemical & material testing laboratories and others. The Food and Beverage testing Laboratories segment is anticipated to grow at the highest rate of Laboratory Balances And Scales Market Share, owing to upsurge in demand of laboratory scales and balance among the research laboratories and institutes. Moreover, increase in the number of research laboratories and institutes, rise in the awareness regarding the use of advanced instruments among the laboratory authorities of developing countries also contribute in the growth of the Laboratory Balances And Scales Market Size.  

On the basis of region, the Laboratory Balances And Scales Market Analysis is studied across North America (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). In 2021, North America was the dominant region and is expected to remain dominant throughout the forecast period, owing to high expenditure in the research and development activities by the market players, increase in the number market players present in the region and surge in the product launches in the region. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, owing to increase in the number of clinical trials which helps to accelerate the demand for laboratory balance and scales and the increasing number of strategies and trends adopted by the market players like product launch and acquisition. 

Key Findings Of The Study 

• By product type, the analytical balance segment accounted for major share of the laboratory balance and scales market in 2021.  

• By end user, the pharmaceutical, cosmeceutical, biotechnology product testing laboratories, research laboratories and institutes segment is anticipated to grow with the highest CAGR throughout the forecast period. 

• By region, North America occupied major share of the laboratory balance and scales market in 2021.