Laboratory Balances and Scales Market Growth Driven by Increasing Adoption in Healthcare and Pharmaceutical Industries
Various industries such as healthcare, pharmaceutical, and biotechnology are facing challenges in standardization of products and the exact composition amount of samples. Laboratory balances and scales are being rapidly adopted in laboratories to measure the mass of objects, which includes solids, liquids, and tissues. Monitoring the weight/mass of a sample is a crucial step while conducting an experiment, and it is most commonly checked again after the final step.
A rapid increase in research and development experiments in institutes, and testing of samples/compounds in the medical and biotechnology sectors are fuelling the demand for laboratory equipment such as laboratory balances and scales. Furthermore, the high adoption of laboratory balances and scales is being witnessed in various areas such as jewelry stores and art galleries, which is significantly driving the growth of the laboratory balances and scales market.
An increase in the applications of laboratory balances and scales in biotechnology as well as chemical industries where the weighing of samples is required on a regular basis is further expected to boost the growth of the laboratory balances and scales market over the forecast period.
Laboratory Balances and Scales Market Segmentation
Precision Laboratory Balances are Gaining Traction, Owing to Rapid Adoption in the Heavily Regulated Pharmaceutical & Medical Industry
Among the different types of laboratory balances and scales available in the market, precision laboratory balances are expected to witness maximum growth during the forecast period, owing to high demand from industries such as healthcare, pharmaceuticals, biotechnology, and others. Due to stringent regulations related to drug development processes in the pharmaceutical industry, the monitoring of samples becomes a crucial step before and during experiments.
Other industries such as chemicals and food also have stringent regulations that need to be adhered to before a product can go to the market, which acts as a driving force for the adoption of precision laboratory balances and scales.
Nowadays, these precision laboratory balances and scales are installed with advanced software that ensure error-free weighing and also provide an option to transfer data to a personal computer or laptop. Many research professionals recommend these laboratory balances for the precise measurement of samples, which also includes medicines in pharmacies and for the analysis of various samples in pharmaceutical laboratories.
The Analytical Laboratory Balances Segment is Expected to Account for a Large Market Share in the Laboratory Balances and Scales Market
Analytical laboratory balances and scales have been adopted well by users in various heavily regulated industries such as pharmaceuticals and medicine. These laboratory balances and scales provide precise measurements, which is a mandate in various industries. The analytical laboratory balances segment is expected to remain dominant during the forecast period. Various manufacturers are launching analytical laboratory balances equipped with different features:
- In 2018, Mettler Toledo, a manufacturer of laboratory equipment, based in the U.S., launched high-precision analytical laboratory balancing instruments for laboratories for better precision measurement of weighing samples.
Analytical laboratory balances and scales are quick and accurate, and can identify the weight of very small samples. They are capable of providing precise measurements up to four decimals. Thus, the analytical laboratory balances segment is expected to capture a large market share over the forecast period.
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Increase in Research and Development Expenditure in Major Economies is Driving Growth of the Laboratory Balances and Scales Market
On the basis of geography, the laboratory balances and scales market is sub-segmented into North America, Latin America, Europe, Japan, APEJ (Asia Pacific Excluding Japan), and Middle East & Africa.
The governments of major economies such as the United States, Germany, China, Japan, and others are investing in research and development activities to remain competitive in various sectors. The United States is leading the global ranking in research & development, which is equivalent to 2.84% of its gross domestic product.
This is followed by China, with an approximate investment of US$ 475 billion in 2018. APEJ is expected to grow at a relatively high CAGR during the forecast period in the global laboratory balances and scales market, due to the presence of various key players in the region, as well as a large number of research laboratories present here.
Japan spends more on research & development as a share of its GDP than the U.S. and China. However, Germany is expected to increase its funding on research and development in 2019. The focus of various countries on research and development is boosting the growth of the laboratory balances and scales market in various regions across the globe.
The Launch of Upgraded & Customized Laboratory Balances and Scales is the Key Strategy Being Adopted by Leading Manufacturers
Leading manufacturers are focusing on the up-gradation of laboratory balances and scales for improving the accuracy while weighing samples. Laboratory balances and scales with high precision and accuracy are in demand in highly regulated industries. Leading manufacturers are focusing on the introduction of varied laboratory balances and scales such as ultra-micro laboratory balances, micro laboratory balances, analytical laboratory balances, precision laboratory balances, and others.
For instance, Mettler Toledo launched an analytical laboratory balance with a status light that indicate whether laboratory balances tests are up-to-date. It also includes features such as RFID technology and other relevant features for providing precise results.
As per FMI analysis, leading players in the laboratory balances and scales market are Thermo Fischer Scientific, Mettler Toledo, Sartorius, Ohaus Instruments, A&D Company, Adam Equipments, Gram Precision, PCE Instruments, Precisa Gravimetrics AG, RADWAG Balances and Scales, Sciencetech Inc., Bonso Electronic International, Inc., and Kern & Sohn Gmbh.
Laboratory Balances and Scales Market Segmentation
- Analytical Balances
- Precision Balances
- Moisture Balances
- Bench Scales
- Compact Scales
- R&D Laboratory
- Educational Institutes
- Healthcare and Pharmaceutical
- Chemical Industries
Key Regions Covered
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Rest of APEJ
- GCC Countries
- South Africa
- Rest of MEA