Laboratory Balances and Scales Market worth $1.6 billion by 2023

(IT-NEWSWIRE.COM, January 26, 2019 ) The laboratory balances and scales market are 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; 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.

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.

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Pharmaceutical, cosmeceutical, and biotechnology products testing laboratories utilize laboratory 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.

Key Players:
The major players operating in the laboratory balances and scales market are A&D Company, Ltd (Japan), Metler Toledo international, Inc. (US), Sartorius AG (Germany), Shimadzu Corporation (Japan), 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), and Gram Precision S.L (Spain).

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Laboratory Balances and Scales Market worth $1.6 billion by 2023