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.
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.
Year First Posted
Studies at Start of Year
Studies During Year
Studies at End of Year
2015
181,304
24,130
205,434
2016
205,434
27,809
233,243
2017
233,243
29,198
262,441
2018
262,441
17,836
280,277
2019
293,275
32,519
325,794
2020
325,794
36,740
362,534
Source: Clinical Trials.gov and The Insight Partners Analysis
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, by type, is segmented into laboratory balances and laboratory scale. 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. The laboratory balances segment held the largest share of the market in 2021, whereas the same segment is anticipated to register the highest CAGR of 5.8% in the market during the forecast period.
The regional trends and factors influencing the Laboratory Balances and Scales Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Laboratory Balances and Scales Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1.46 Billion |
| Market Size by 2028 | US$ 2.13 Billion |
| Global CAGR (2021 - 2028) | 5.5% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Laboratory Balances and Scales Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Laboratory Balances and Scales Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
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.
The List of Companies - Laboratory Balances and Scales Market
The costs of the Laboratory Balances and Scales are much higher, and they may cost US$ 300–1500, or more, per type. The cost may also differ from product to product types.
Driving factors include 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.
Micro catheter is small-diameter catheter, preferably used during minimally invasive surgeries. . Laboratory balances are specifically used to measure mass of the substance, while laboratory scales are utilized to measure weight of the substances. These scales and balances are classified on the basis of weighing capacity. Weighing of materials play a vital role in research and development as well as production monitoring and quality control.