Laboratory Balances and Scales Market Size, Trends and Growth Analysis by 2027

The global market for laboratory balances and scales is projected to grow significantly, reaching approximately US$ 2,131.14 million by 2028, up from US$ 1,463.53 million in 2021. This growth represents a compound annual growth rate (CAGR) of 5.5% from 2021 to 2028.

Several factors are propelling this market expansion, notably the rapid advancement of the pharmaceutical and biotechnology sectors. The increasing number of research initiatives from pharmaceutical-biotech companies and contract research organizations (CROs) is also contributing to this growth. However, a challenge to this market is the relatively low replacement rate of laboratory equipment among end users, which may hinder growth to some degree.

In recent years, the pharmaceutical sector has experienced remarkable growth. Major pharmaceutical companies and CROs are actively developing new medications and therapies to address a wide array of health conditions. This surge in innovation is a key driver of the laboratory balances and scales market.

The biopharmaceutical market is witnessing substantial growth, fueled by a strong demand for biologics and biosimilars. This sector is a vital component of the global economy, with the United States leading in both biopharmaceutical research and development (R&D) and market size. According to the Pharmaceutical Research and Manufacturers Association (PhRMA), U.S. companies account for over half of the global pharmaceutical R&D expenditure, which amounts to around US$ 75 billion, and they hold the largest number of patents for new drugs.

In addition to the established markets, emerging economies such as Brazil, China, and India are rapidly developing their research capabilities. Factors such as an increase in biologics approvals, a growing pipeline of biosimilars, and heightened investment in research activities are driving the growth of the biopharmaceutical industry in these regions.

Furthermore, biopharmaceutical research is accelerating in these emerging markets, presenting significant opportunities for the laboratory balances and scales market. The rise in approvals for gene and cell therapies is also contributing positively to market growth. These developments are leading to an increased demand for large-scale production of various therapeutics, which in turn supports the expansion of the laboratory balances and scales market on a global scale.

The market is categorized by type into two main segments: laboratory balances and laboratory scales. The laboratory balances segment is further divided into several categories, including analytical balances, top-loading/precision balances, micro and ultra-micro balances, moisture balances, portable balances, and other types of balances. The laboratory scales segment is also subdivided into bench scales, counting scales, compact scales, and additional scales. In 2021, the laboratory balances segment commanded the largest market share and is expected to achieve the highest CAGR of 5.8% during the forecast period.

When considering end users, the laboratory balances and scales market is segmented into various categories, including pharmaceutical and biotechnology product testing laboratories, cosmeceutical product laboratories, academic institutions, and research laboratories. The pharmaceutical and biotechnology product testing laboratories held the largest market share in 2020 and are projected to experience the highest CAGR of 6.7% throughout the forecast period.

Key secondary sources utilized in the preparation of the report on the laboratory balances and scales market include organizations such as the Central Drugs Standard Control Organization, the Commission for Protection against Health Risks, various Contract Research Organizations, and the Drug Safety and Effectiveness Network. These sources provide valuable insights and data that inform market analysis and projections.