The laboratory balances and scales market is anticipated to expand its roots at an average CAGR of 4.3% during the forecast period. The market is expected to hold a share of USD 1.31 billion in 2023 while it is anticipated to cross a value of USD 2.0 billion by 2033.
The research report on the laboratory balances and scales market reveals that the increasing usage of measuring scales laboratory equipment along with the high precision laboratory balances are fuelling the demand. Furthermore, electronic scale balances are also in high demand as it is consumed in education institutes and the chemical industry. Technological advancements in R&D expansion while expanding the pipeline among pharma-biotech and healthcare industries.
The rising number of laboratories and research facilities due to the higher medical expenditure is also a driving factor for the market. The enhanced weighing time and higher measurement stability are leading to the demand for laboratory balances and scales. Vendors provide higher efficiency, advanced systems, and increased visibility for research laboratories. Higher development of life-science products coupled with big government investments is also garnering growth for the laboratory balances and scales market. There are different types of balances in the laboratory such as digital weighing balance for laboratory
The laboratory balances and scales market outlook state the increased application of laboratories for research and development initiatives fuel the sales of lab equipment. Furthermore, laboratory balances and scales are used for measuring the formulas, products, and other elements.
New academic institutes deal with lots of research and experiments related to different verticals such as chemistry, electronics, and another line of study. Though, the lack of awareness around its applications is limiting the demand for laboratory balances and scales. The advanced nano-technology and the research around it increase the demand for accurate lab equipment including balances and scales.
| Attributes | Details |
|---|---|
| Laboratory Balances and Scales Market CAGR (2023 to 2033) | 4.3% |
| Laboratory Balances and Scales Market Size (2023) | USD 1.31 billion |
| Laboratory Balances and Scales Market Size (2033) | USD 2.0 billion |
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Short-term Growth (2023 to 2026): The market observed a steady growth rate during this period. The growth was attributed to the expanding research facilities due to the pandemic. The pharmaceutical industry implements different experiments during this period to enhance drug formation. The major application of laboratory balances and scales is for the monitoring of chemical samples. Though, the market flourished at a comparatively higher CAGR of 5.4% between 2017 and 2022.
Mid-term Growth (2026 to 2029): This period is likely to witness peak demand from across the end-user industry such as chemical, industrial, and healthcare industries. Furthermore, the demand for high precision and accuracy in highly regulated industries is fuelling the demand for laboratory balances and scales. The government’s stringent policies around chemical measurement, research and development, and product manufacturing are also expected to drive the demand for laboratory balances and scales.
Long-term Growth (2029 to 2033): The growing demand for the high precision laboratory balances in education institutes is fuelling market growth. Furthermore, the requirement for accurate equipment along with promotional activities are contributing to the market. Thus, the laboratory balances and scales market are anticipated to thrive at a strong CAGR of 4.3% between 2023 and 2033.
Various industries such as healthcare, pharmaceutical, and biotechnology are facing challenges in standardization of products and the exact composition number of samples. Laboratory balances and scales are being rapidly adopted in laboratories to measure the mass of objects, which includes solids, liquids, and tissues. Monitoring the weight/mass of a sample is a crucial step while conducting an experiment, and it is checked again after the final step. For Instance, the application of an electronic scale laboratory for measuring different masses and values of chemicals/elements is contributing to the overall market expansion.
A rapid increase in research and development experiments in institutes, and testing of samples/compounds in the medical and biotechnology sectors are fuelling the demand for laboratory equipment such as laboratory balances and scales. Furthermore, the high adoption of laboratory balances and scales is being witnessed in various areas such as jewelry stores and art galleries, which is significantly driving the growth of the laboratory balances and scales market.
An increase in the applications of laboratory balances and scales in biotechnology as well as chemical industries where the weighing of samples is required on a regular basis is further expected to boost the growth of the laboratory balances and scales market over the forecast period.
Principal Consultant
| Region | Absolute Market Growth |
|---|---|
| United States | USD 235.3 million |
| United Kingdom | USD 24.1 million |
| China | USD 44.1 million |
| Japan | USD 29.0 million |
| India | USD 13.3 million |
Proliferating Research Facilities for Educational and Industrial Purposes are Propelling the Growth for the Region
| United States Market CAGR (2023 to 2033) | 4.1% |
|---|---|
| United States Market Absolute Doller Growth (USD Million/Billion) | USD 235.3 million |
As per FMI’s analysis, the United States laboratory balances and scales market is thriving at a steady CAGR of 4.1% between 2023 and 2033. The market is anticipated to cross a value of USD 708.6 million by 2033. The government is spreading awareness around the implementation of measuring scales and laboratory equipment to prevent hazardous lab accidents. Furthermore, the expanding biotechnology, nanotech, and chemical industry is expected to flourish the market growth. Through these factors, the United States market is likely to hold an absolute dollar growth of USD 235.3 million between 2023 and 2033.
Government Compliances along with the Expanding Pharmaceutical Industry is Garnering the Regional Growth
| Chinese Market CAGR (2023 to 2033) | 3.7% |
|---|---|
| Chinese Market Absolute Doller Growth (USD Million/Billion) | USD 44.1 million |
China laboratory balances and scales market thrives at a CAGR of 3.7% between 2023 and 2033 while it is anticipated to hold a value of USD 143.5 million by 2033.
This is followed by China, with an approximate investment of USD 475 billion in 2018. APEJ is expected to grow at a relatively high CAGR during the forecast period in the global laboratory balances and scales market, due to the presence of various key players in the region, as well as many research laboratories present here. The rapidly growing pharmaceutical and healthcare industry is also flourishing the growth in Asian economies like China and India.
However, India flourishes at a CAGR of 2.2% between 2023 and 2033 while it reaches a value of USD 69.0 million.
| Japan Market CAGR (2023 to 2033) | 2.9% |
|---|---|
| Japan Market Absolute Doller Growth (USD Million/Billion) | USD 29.0 million |
The Japanese laboratory balances and scales market fuels at a CAGR of 2.9% between 2023 and 2033. The market is anticipated to hold a value of USD 117.3 million. Japan spends more on research & development as a share of its GDP than the USA and China. Japan is expected to increase its funding for research and development in the upcoming years. The focus of various countries on research and development is boosting the growth of the laboratory balances and scales market in various regions across the globe.
| Segment | Top Product Type |
|---|---|
| Top Sub-segment | Analytical Balances |
| CAGR (2023 to 2033) | 4.1% |
| Segment | Top End Use Type |
|---|---|
| Top Sub-segment | R&D Laboratory |
| CAGR (2023 to 2033) | 3.8% |
Analytical laboratory balances and scales have been adopted well by users in various heavily regulated industries such as pharmaceuticals and medicine. These laboratory balances and scales provide precise measurements, which is a mandate in various industries. The analytical laboratory balances segment is expected to remain dominant during the forecast period.
Analytical laboratory balances and scales are quick and accurate and can identify the weight of very small samples. They can provide precise measurements up to four decimals. Thus, the analytical laboratory balances segment is expected to capture a large market share over the forecast period with a CAGR of 4.1% between 2023 and 2033.
Based on end use, the R&D laboratory fuels at the leading CAGR of 3.8% between 2023 and 2033. The growth is attributed to the higher number of R&D programs fuelled by government spending. Research facilities that demand for sartorius analytical balance specifications also expand the market size as it consumes different measuring balances and scales. While many of private chemical/industrial companies are also setting up their research facilities to produce better products. Previously, the segment thrived at an elevated CAGR of 5.0% between 2017 and 2022.
Among the different types of laboratory balances and scales available in the market, precision laboratory balances are expected to witness maximum growth during the forecast period, owing to high demand from industries such as healthcare, pharmaceuticals, biotechnology, and others. Due to stringent regulations related to drug development processes in the pharmaceutical industry, the monitoring of samples becomes a crucial step before and during experiments.
Other industries such as chemicals and food also have stringent regulations that need to be adhered to before a product can go to the market, which acts as a driving force for the adoption of precision laboratory balances and scales.
Nowadays, these precision laboratory balances and scales are installed with advanced software that ensure error-free weighing and also provide an option to transfer data to a personal computer or laptop. Many research professionals recommend these laboratory balances for the precise measurement of samples, which also includes medicines in pharmacies and for the analysis of various samples in pharmaceutical laboratories.
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Leading manufacturers are focusing on the up-gradation of laboratory balances and scales for improving the accuracy while weighing samples. Laboratory balances and scales with high precision and accuracy are in demand in highly regulated industries. Leading manufacturers are focusing on the introduction of varied laboratory balances and scales such as ultra-micro laboratory balances, micro laboratory balances, analytical laboratory balances, precision laboratory balances, and others.
Market Developments
The projected revenue of the market by 2033 is USD 2.0 billion.
The market CAGR for 2033 is projected to be 4.3%.
The market is valued at USD 1.31 billion in 2023.
North America holds the largest market share.
North America is growing fast due to the increasing demand for the pharmaceutical industry.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Analytical Balances 5.2. Precision Balances 5.3. Moisture Balances 5.4. Bench Balances 5.5. Compact Balances 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By End Use 6.1. R&D Laboratory 6.2. Education Institutes 6.3. Healthcare and Pharmaceutical 6.4. Chemical Industry 6.5. Others 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific Excluding Japan 7.5. Japan 7.6. Middle East and Africa 8. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Excluding Japan Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. Japan Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. Middle East and Africa Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Mettler Toledo 16.2. Sartorius Group 16.3. Ohaus Instruments Co, Ltd. 16.4. A&D Company Ltd. 16.5. Adam Equipment Inc 16.6. Gram Precision Ltd. 16.7. PCE Instruments 16.8. RADWAG Balances and Scales 16.9. Scientech Inc. 16.10. Bonso Electronics International Inc. 16.11. KERN & SOHN GmbH 16.12. Alliance Scale Inc. 16.13. Humblod Mfg. Co. 16.14. Avery Weight-Tronix 16.15. Precisa Gravimetrics AG 17. Assumptions & Acronyms Used 18. Research Methodology
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Laboratory Balances and Scales Market
