The major factors driving the growth of the laboratory balances and scales market are the technological advancements in laboratory balances and scales; increasing research investments and activities among pharma-biotech companies and CROs; increasingly stringent regulatory framework for product safety in bio-pharmaceutical industries; implementation of stringent food safety guidelines; and emerging markets.
The global Laboratory 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%.
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Based on product type, the laboratory balances market is segmented into micro & ultra-micro balances, top loading/precision balances, analytical balances, portable/compact balances, moisture analyzers, and other balances. The analytical balances segment is expected to account for the largest share of the laboratory balances and scales market in 2018.
Based on product type, the laboratory scales market is segmented into bench scales, counting scales, compact scales, and other scales. The bench scales segment is expected to witness high growth rate in the laboratory scales market in 2018. The increasing adoption of laboratory scales among bio-pharmaceutical industry due to the procedural benefits offered by these instruments, such as flow-thru design ensures protection from liquids, touchless sensors, minimum stabilization time, ease of handling, and fast measurement time is the major factor driving the growth of this market segment.
Based on end user, the laboratory balances and scales market is 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 laboratory balances and scales market is segmented into four regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World.
The major players operating in the laboratory balances and scales market are A&D Company, Ltd (Japan), Metler Toledo international, Inc. (US), Sartorius AG (Germany), Shimadzu Corporation (Japan), Avery Weigh-Tronix, LLC (UK), Bonso Electronics International, Inc. (China), Essae Group (India), and Gram Precision S.L (Spain).