DUBLIN, October 22, 2021--(BUSINESS WIRE)--The "Laboratory Balances and Scales Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type, End User, and Geography" report has been added to ResearchAndMarkets.com's offering.
According to this report the market is expected to reach US$ 2,131.14 million by 2028 from US$ 1,463.53 million in 2021; it is estimated to grow at a CAGR of 5.5% from 2021 to 2028. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth. The market growth is primarily attributed to rapid growth of pharmaceutical and biotechnology industry and increasing number of research pipeline of pharma-biotech companies and contract research organizations. However, the limited replacement rate among end users is likely to hamper the growth of the market to a certain extent.
Laboratory balances and scales are high performance instruments that measure accurate readings in various environments. Laboratory balances are specifically used to measure mass of the substance, while laboratory scales are utilized to measure weight of the substances. These scales and balances are classified based on weighing capacity. Weighing of materials play a vital role in research and development as well as production monitoring and quality control. Based on end user, the laboratory balances and scales market is segmented into pharmaceutical/biotechnology products testing laboratories, cosmeceutical products laboratories, academic institutes, and research laboratories. In 2020, the pharmaceutical/biotechnology products testing laboratories segment held the largest share of the market. Also, the same segment is estimated to register the highest CAGR of 6.7% during the forecast period.
The laboratory balances and scales market is witnessing substantial decline amid the COVID-19 pandemic. Certain factors such as decline in pharmaceutical production and drug discovery activities are hampering the adoption of laboratory balances and scales worldwide. However, research activities associated with the COVID-19 are expected to have marginal positive impact on the market.
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Rapid Growth of Pharmaceutical and Biotechnology Industry
Increasing Number of Research Pipeline of Pharma-Biotech Companies and Contract Research Organizations
Limited Replacement Rate Among End Users
Proliferation of Pharmaceutical Sector in Emerging Markets
Technological Advancements in Laboratory Balances and Scales
Adam Equipment Ltd
RADWAG Balances and Scales
BONSO Electronics International Inc.
A&D Company, Limited
For more information about this report visit https://www.researchandmarkets.com/r/pxx8pi
View source version on businesswire.com: https://www.businesswire.com/news/home/20211022005410/en/
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