Laboratory Balances and Scales Market to Grow at a CAGR of 5.5% to reach US$ 2,131.14 Million from 2020 to 2028

The laboratory balances and scales market is expected to reach US$ 2,131.14 million in 2028 from US$ 1,463.53 million in 2021. The market is estimated to grow with a CAGR of 5.5% from 2021-2028.

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.

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Laboratory Balances and Scales Market: Strategic Insights

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Market Insights

Increase in Number of Research Pipelines of Pharma-Biotech Companies and Contract Research Organizations

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.

Number of Registered Studies for Clinical Trials

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.

Type-Based Insights

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.

Laboratory Balances and Scales Market Regional Insights

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.

Laboratory Balances and Scales Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. METTLER TOLEDO
2. Sartorius AG
3. PCE Instruments
4. OHAUS
5. Adam Equipment Ltd

Disclaimer: The companies listed above are not ranked in any particular order.

End User -Based Insights

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.

By Type

• Laboratory Balances
  • Analytical Balances
  • Top-Loading/Precision Balances
  • Micro and Ultra-Micro Balances
  • Moisture Balances
  • Portable Balances
  • Other Balances
• Laboratory Scales
  • Bench Scales
  • Counting Scales
  • Compact Scales
  • Other Scales

By End-User

• Pharmaceutical and Biotechnology Products Testing Laboratories
• Cosmeceutical Products Laboratories
• Academic Institutes
• Research Laboratories

By Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • UK
  • Spain
  • Rest of Europe
• Asia Pacific (APAC)
  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC
• Middle East & Africa (MEA)
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA
• South and Central America (SCAM)
  • Brazil
  • Argentina
  • Rest of SCAM

Company Profiles

• METTLER TOLEDO
• Sartorius AG
• PCE Instruments
• OHAUS
• Adam Equipment Ltd
• GRAM PRECISION
• RADWAG Balances and Scales
• Scientech Inc.
• BONSO Electronics International Inc.
• A&D Company, Limited