Laboratory balances and scales play an important role in scientific, industrial, pharmaceutical, and academic sectors. They help measure the mass of the substances accurately. Thus, they form an important part of any experimental and quality control procedure. These are categorized by their precision and are capable of measuring small quantities as well. Scales are used where less precision is needed. This includes weighing large samples or containers and more. Balances are used for precision and scales are used for durability.
Laboratory balances and scales are majorly used in reagent formulation and sample preparation. They help measure the weight of the ingredients accurately, which helps maintain consistency and product quality. Modern laboratory balances are integrated with touchscreen interfaces, auto-calibration, data logging, and connectivity features. These smart balances allow integration with laboratory information management systems and thus help improve traceability, data integrity, and regulatory compliance.
As per the report published by Allied Market Research on laboratory balances and scales market, the sector is projected to grow at a CAGR of 4.4% from 2022 to 2031. It was valued at $1.1 billion in 2021. Further, the market is estimated to reach $1.6 billion by 2031. The market is studied on the basis of product type, end user, and region. On the basis of product type, the analytical balance segment held the highest market share in 2021; by end user, the pharmaceutical, cosmeceutical, biotechnology product testing laboratories segment held the highest share in 2021; and by region, North America held the highest market share in 2021.
Frequently Asked Questions
What would be the forecast period in the laboratory balances and scales market report?
Which is base year calculated in the market report?
What are the driving factors for the growth of the laboratory balances and scales market?
Which are the top companies holding the laboratory balances and scales market share in the report?
Rise in demand for accurate measurement is the major factor that drives the growth of the laboratory balances and scales market. In addition, advancements in technology, such as integration of automation, IoT and smart data management also boost the market growth. However, high cost of precision equipment limits the adoption of laboratory balances and scales in small scale laboratories. Moreover, the cost of maintenance of high-end balances and the lack of skilled personnel for the same also hampers the market growth. Nevertheless, awareness about laboratory balances and scales in emerging markets and integration of these laboratory balances and scales with the digital laboratory infrastructure is projected to foster the growth of the laboratory balances and scales market in the upcoming years.
List of Key Players
A&D Company Ltd.
Adam equipment Ltd.
Kern & Sogn GmbH
Scientech Inc.
Sartorius AG
Metler Toledo international, Inc.
Essae Group
PCE Instruments
Schimadzu Corporation
Radwag
The above key players have adopted partnership and acquisition to improve their product portfolio in the market. For instance, ALRT signed a partnership with Infinovo Medical Co. Ltd. in June 2022. Also, ALRD signed an agreement with Covetrus, Inc. in December 2022. These agreements helped the company to improve its foothold in the market. Another example, Zoetis announced the acquisition of Ethos Diagnostic Science in October 2019.
Summing up
Allied Market Research published a report on laboratory balances and scales, which also offers a detailed view on drivers, restraints, and opportunities to help understand the market dynamics. The report also focuses on key areas of investments and studies the competitive scenario of the industry through Porter's five forces analysis. In addition, value chain analysis along with various key strategies adopted by the key players to maintain their foothold in the market are also highlighted in the report.
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