The global lab balances and scales market is projected to reach USD 1.6 billion by 2023 from USD 1.3 billion in 2018, at a CAGR of 3.7%. Factors such as technological advancements in laboratory balances and scales; 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 are driving the growth of the lab balances and scales market. However, the limited replacement rate among end users is expected to restrain the growth of this market during the forecast period.
The major players operating in the lab balances and scales market include 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), and Essae Group (India), and Danaher Corporation (US), among others. The analysis of the market developments between 2014 and 2018 revealed that several growth strategies such as product launches & enhancements and strategic market expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the lab balances and scales market.
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Mettler Toledo International, Inc. (US) dominated the global lab balances and scales market in 2017. The company has a strong foothold in the market, with a broad range of lab balances and scales 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 has a strong geographic presence in more than 100 countries such as the US, China, Switzerland, Canada, France, Switzerland, India, Japan, Malaysia, Australia, New Zealand, Vietnam, Singapore, Brazil, Mexico, Denmark, and Poland. Mettler-Toledo International mainly focuses on the development of technologically innovative products to further strengthen its position in the laboratory balances and scales market. As a part of this organic growth strategy, the company launched XPR Micro and Ultra-Micro Balances in June 2016.
A&D Company Ltd (Japan) held the third position in the global lab balances and scales market in 2017. The company has a broad product portfolio of lab balances and scales, including analytical balances, precision balances, compact balances, bench scales and counting scales, among others. The company has a strong geographic presence across the countries such as Japan, the US, Canada, the UK, Russia, China, South Korea, Australia, New Zealand, India, Taiwan, Vietnam, and Indonesia. The company primarily focuses on product development to enhance and maintain its market share.
Laboratory Balances and Scales Market by Product (Balances (Analytical, Precision, Micro, Portable, Moisture), Scales (Bench, Counting, Compact)), End User (Pharmaceutical, Biotechnology, Chemical, Beverage, Petroleum, Academia) - Global Forecast to 2023
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