Los Angeles, March 05, 2020 -QY Research predicts the global lab balance market to grow at a moderate CAGR of 5.2% between 2020 and 2026. In its new report, titled “Global Lab Balance Industry Research Report, Growth Trends and Competitive Analysis 2020-2026,” the market researcher mentions that the global market value is expected to reach US$879.3 Mn by 2026, increasing from US$614.2 Mn achieved in 2019. Lab Balance manufacturers are expected to acquire chemical, biotechnology, and cell culture media companies to establish a strong position in the global market. In December 2019, Sartorius acquired a majority stake in Biological Industries for approximately €45.0 Mn in cash.
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Global Lab Balance Market: Key Drivers
● Need for reliable and exact lab weighing results
● Increasing regulatory standards in the pharma industry
● High accuracy requirements for lab quantitative analysis and analytical testing
● Increase in biotech, cosmeceutical, and pharma products testing activities
● High number of lab research and analysis activities in pharma-biotech companies
Top Loading Balance to Find High Demand from Research and Quality Control Labs
Based on type, the global lab balance market is segmented into analytical balance and top loading balance. The authors of the report have also focused on key application segments of the global lab balance market, viz. research center, university, and others. According to market experts, top loading balance accounted for a larger share of the global lab balance market. Also called as precision lab balance, it finds application in a wide range of industries, including education, food and textile, chemical, and pharma. It is commonly used by research and quality control labs.
High Demand for Lab Analytical Testing and Quantitative Analysis to Support Growth in North America
North America is expected to collect a considerable share of the global lab balance market due to increasing investments in biopharmaceutical research, heavy presence of key players, and strong lab technological advancement. Stringent government regulations for lab practices could also help strengthen the growth of the lab balance market in the region.
Players to Launch Technologically Innovative and Broader Range of Lab Balances
The report covers leading players competing in the global lab balance market, including Mettler Toledo, Radwag, Sartorius, BEL Engineering, A&D, Shimadzu, Bonso Electronics, Thermo Fisher, Adam Equipment, and Techcomp (Precisa). Lab balance suppliers and manufacturers are expected to introduce new products to gain competitive edge over other market participants. In 2019, Sartorius introduced the Cubis II portfolio of lab balance products enabling enhanced flexibility and operational efficiency for analytical and research and development laboratories.