Laboratory Balances and Scales Market to Reach $1.6 Billion, Globally, by 2031 at 4.4% CAGR: Allied Market Research
The improving pharmaceutical industry, rise in unmet industry needs, and surge in the demand for accurate weighing balances drive the growth of the global Laboratory Balances And Scales market.
PORTLAND, Ore., Jan. 27, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Laboratory Balances And Scales Market by Product Type (Micro Balance, Analytical Balance, Compact Scale, Precision Balance, Moisture Balance, and Others), and End User (Pharmaceutical, Cosmeceutical, Biotechnology Product Testing Laboratories, Chemical & Material Testing Laboratories, Food & Beverage Testing Laboratories and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global Laboratory Balances and Scales industry generated $1 billion in 2021, and is estimated to reach $1.6 billion by 2031, witnessing a CAGR of 4.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
Advancements In the healthcare manufacturing industry, rise in unmet industry needs, and surge in the demand of accurate weighing balance drive the growth of the global Laboratory Balances and Scales market. On the other hand, long shelf life, issue related to calibration, and low manufacturing capacity restrain the growth to some extent. However, the expansions in manufacturing capacity and rise in demand of various scales and balances are expected to create lucrative opportunities in the industry.
- The outbreak of the pandemic restricts the demand for balances and scales due to disrupting the supply chain of Laboratory Balances and Scales and limitations in manufacturing capacity. This factor impacted the market negatively.
- However, the global market for Laboratory Balances and Scales has recovered slowly and steadily.
The analytical balance segment to maintain its dominance during the forecast period-
By product type, the analytical balance segment held the largest share in 2021, garnering nearly three-fourths of the global Laboratory Balances and Scales market revenue, and is projected to maintain its dominance by 2031. The same segment would also showcase the fastest CAGR of 5.8% during the forecast period. This is driven by the rising demand for analytical balances in the industry.
The pharmaceutical, cosmeceutical, biotechnology product testing laboratories segment to rule the roost-
By end user, the pharmaceutical, cosmeceutical, biotechnology product testing laboratories, chemical & material testing laboratories, the segment contributed to more than two-thirds of the global Laboratory Balances and Scales market share in 2021, and is projected to rule the roost by 2031. The food & beverage testing laboratories segment would also display the fastest CAGR of 5.7% throughout the forecast period. The expansion of the pharmaceutical industry drives segment growth.
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North America garnered the major share in 2021-
By region, North America held the major share in 2021, garnering more than three-fifths of the global Laboratory Balances and Scales market revenue, and is expected to dominate by 2031. This is due to the prevalence of a large number of mumps cases in the U.S. and other major regions across North America. Asia-Pacific, on the other hand, would showcase the fastest CAGR of 8.6% from 2022 to 2031.
Leading Market Players-
- A&D Holon Holding Company Ltd.
- Adam Equipment Ltd.
- Essae Group
- Kern & Sogn GmbH
- Metler Toledo international, Inc.,
- PCE Instruments,
- Radwag Balances and Scales
- Sartorius AG,
- Shimadzu Corporation,
- Scientech Inc.
The report analyzes these key players in the global Laboratory Balances and Scales market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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