Market for Petroleum Product Testing Laboratories, By Region, 2016-2023 (USD Million)

The lab balances and scales market is projected to grow from an estimated USD 1.3 billion in 2018 to USD 1.6 billion by 2023, at a CAGR of 3.7% during the forecast period. Growth in the lab balances and scales market is primarily driven by factors such as technological advancements in laboratory balances and scales market; expansion of research pipeline among pharma-biotech and CROs; increasingly stringent regulatory framework for product safety in biotechnology and pharmaceutical industries; and growing public emphasis on Implementation of stringent food safety guidelines.

By product, the lab balances segment is expected to grow at the highest rate during the forecast period

Laboratory balances are used to compare the mass of two different objects (such as solids, liquids, and tissues) those are used in laboratories. The growth of the lab balances segment is attributed to factors such as the greater regulatory compliance for product quality and increased research pipeline that replicate into higher lab balances usage.

By End User, pharmaceutical, cosmeceutical, and biotechnology product testing laboratories are expected to be the largest contributor to the lab balances and scales market

Pharmaceutical, cosmeceutical, and biotechnology products testing laboratories utilize lab balances and scales to determine the weight of biopharmaceutical substances for research & development activities and quality assurance. Factors driving the growth of the pharmaceutical, cosmeceutical, and biotechnology products testing laboratories segment include growing developmental pipeline of key manufacturers and expansion of research facilities by the product manufacturers & private organizations in the industry.

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Laboratory Balances and Scales Market

North America is expected to hold a significant share in the lab balances and scales market during the forecast period

The North America is one of the major revenue generating regions in the lab balances and scales market. North America and Canada are the major countries responsible for the dominant position of this regional market owing to factors such as presence of stringent regulatory guidelines and extensive regulatory compliance for product quality among target end user industries and the strong presence of major market players in the region. Furthermore, growing research pipeline among the biopharmaceutical companies and ongoing technological advancements in the field of lab balances and scales are also driving the growth of this regional market.

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Key Players:

A&D Company, Ltd (Japan), Metler Toledo international, Inc. (US), Sartorius AG (Germany), and Shimadzu Corporation (Japan) were the top players in the global laboratory balances and scales market. Other prominent players present in this market include PCE Instruments (UK), Kern & Sohn GmbH (Germany), RADWAG Balances and Scales (Poland), Adam Equipment Co. (UK), Avery Weigh-Tronix, LLC (UK), Bonso Electronics International, Inc. (China), Essae Group (India), Gram Precision S.L (Spain), Humboldt Scientific, Inc. (US), Scientech, Inc. (US), and Danaher Corporation (US), among others.

Mettler-Toledo International, Inc. (US) is one of the leading players operating in the lab balances and scales market. The company has manufacturing facilities across the US, Germany, the UK, Switzerland, and China and has a strong distribution network across more than 100 countries includes Canada, France, Switzerland, India, Japan, Malaysia, Australia, New Zealand, Vietnam, Singapore, Brazil, Mexico, Denmark, and Poland, among others.

The company offers a wide range of laboratory balances; those are used across various testing laboratories such as drug testing labs, food testing labs, beverages testing labs, and biotechnology labs, and petrochemical testing labs. The company mainly focuses on the development of technologically innovative products to further strengthen its position in the market. As a part of this organic growth strategy, the company launched XPR Micro and Ultra-Micro Balances in June 2016.