Laboratory Balances and Scales is expected to grow at a CAGR of 5.4% during the forecast period 2019 – 2027
Laboratory balances and scales are precision instruments that measure the weight of samples in various forms such as solid, liquid, gel and others. Laboratory balances and scales are also widely used in various industries for determination of density, dynamic weighing, and formulation. The laboratory balances and scales market is driven by stringent regulatory framework in pharmaceutical, medical, biotechnology and others. The market is growing at a significant rate, owing to the high adoption of laboratory balances and scales in end-use industries, stricter regulatory compliance, and expanded research pipeline.
The global laboratory balances and scales market is expected to grow at a CAGR of 5.4% during the forecast period. The laboratory balances and scales market was valued at US$ 1,271.4 Mn in 2017, and is projected to grow significantly to reach US$ 2,129.7 Mn by 2027.
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Micro & Ultra-micro Precision Laboratory Balances Gaining Traction Owing to Rapid Adoption in Quality Assurance and Product Testing Laboratories
Micro balances or ultra-microbalances deliver highly precise results, since they have high sensitivity that is required to weigh samples that are low as micrograms. Leading manufacturers in the laboratory balances and scales market are offering micro-analytical laboratory balances that have high adoption in heavily regulated industries such as pharmaceuticals, medical, and others. Various types of precision laboratory balances available in the market are semi-micro laboratory balances (0.00001 g), micro-balances (0.000001 g), and ultra-micro laboratory balances (0.0000001g). These balances are highly adopted in product testing and quality assurance laboratories. They are being rapidly adopted in chemistry laboratories and mining industries where there is high requirement for measuring small amounts of powders and minerals. For instance, Mettler Toledo (manufacturer of scales and analytical instruments, based in the U.S.), introduced micro laboratory balances, ultra-microbalances, and micro-analytical balances that can weigh the smallest amount of samples with precise results.
New Product Launches with Upgraded Functionalities Key Strategy Adopted by Leading Manufacturers of Laboratory Balances and Scales
Key manufacturers in the laboratory balances and scales market are focusing on the launch of up-graded laboratory balances and scales that are customized as per latest end user requirements. For instance, in 2018, Kern & Sohn GmbH (Germany), a key player of laboratory balances and scales, launched premium single cell generation analytical balances for accurate and rapid results with stable temperature behaviour. In 2018, Radwag Balances and Scales (Poland), a manufacturer of laboratory balances and scales, introduced an ultra-micro balancing instrument that can measure very minimal samples for research centres for better visibility and precise measurement. Apart from this, various leading manufacturers are launching new products with distinguishing features. For example, A&D (manufacturer of laboratory balances and scales based in Japan) introduced laboratory balances with better customized features such as LED for better quality. In 2018, Kern & Sohn (manufacturer of laboratory balances and scales based in Germany) launched a robust industrial platform scale with an AD converter box, which is used for quick transfer of weighing data to connected computers and networks for wide ranging applications in the industry.
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High Expenditure on Research & Development Driving Growth of the Laboratory Balances and Scales Market
High expenditure on research and development in various industries such as pharmaceuticals, medical, biotechnology and others is driving the growth of the laboratory balances and scales market. The pharmaceutical industry is expected to invest over US$ 181 billion in research and development globally by 2022. Leading pharmaceutical companies such as Roche and Merck are among those companies that spend the most on research and development. Increasing government funding and research activities driven by the development of large-scale healthcare infrastructural projects across the globe are driving the growth of the laboratory balances and scales market. In the recent past, it has been observed that, governments of major economies such as the United States, Germany, France, Russia, India, China, U.K., Japan, and others are increasing their spending on research and development in various industries. To remain competitive in the laboratory balances and scales market, these countries are investing significant portions of their budgets in research and development activities.