Laboratory Balances and Scales Market Growth Driven by Increasing Adoption in Healthcare and Pharmaceutical Industries
According to FMI analyst’s laboratory balances and scales market is going to expand its research and development part, sooner or later. Manufacturers and key players are regularly focussing on expanding strategies and putting in advanced phenomenon by implanting better weighing features as it will help market witness steady growth, thereby, paving a path for opportunities. Tough competition between players is acting as a key restraint in the market currently.
“With the noticeable expansion of this market, manufacturers are focussing on product innovation and building strong collaborations with medical companies. The escalating need for precise-measuring and error-free weighing machines in laboratories or in chemical and food sector, is likely to drive the market growth in near future,” states the FMI Analyst.
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Laboratory Balances and Scales Market- Key Highlights
- Hospitals and laboratories are planning create better incremental opportunity in the market by 2028.
- Research and development sector of this market is gaining traction due to rising need in major industries like good, chemical, jewellery, biotechnology etc.
- By application, chemical industry will witness steady growth in near future and is likely to present numerous opportunities.
- Region wise, APEJ and China will register a higher CAGR value in the upcoming years due to presence of key players and research laboratories.
Laboratory Balances and Scales Market – Driving Factors
- Due to precise measurement and error-free weighing that it provides, major industries like food, medical, chemical and biotechnology relies on it.
- Chemical and food industries need to follow strict rules of weight before the products go to the market, thereby boosting profit.
- Demand for these balances have risen in the medical sector for drug development and monitoring medicinal samples, helping the market gain proper momentum.
Laboratory Balances and Scales Market – Key Restraints
- There still exists production of balances which gives wrong measurements and this drawback is hampering market growth to a great extent.
- Due to tough competition between key players of the market and limited quality production, new players are facing challenges.
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Expected Impact on Market by Coronavirus Outbreak
Strict lockdown and social distancing is likely to reduce the production but demand will revive soon due to reliance on better weighed products and improved treatment measures. Key producers and players are likely to improve their strategies by producing excellent measuring scales with least error and precise measurements. United States will increase production and also work on research and development area of the market very soon.
Key players in the market include Thermo Fischer Scientific, Mettler Toledo, Sartorius, Ohaus Instruments, A&D Company, Adam Equipments, Gram Precision, PCE Instruments, Precisa Gravimetrics AG, RADWAG Balances and Scales, Sciencetech Inc., Bonso Electronic International, Inc.
Companies are planning to follow unique strategies to expand their market by collaborating with major industries. Key players are strengthening their links with universities for developing research and development area while also paying attention towards product innovation with better incorporated weighing scales.
More on the report
This report presents an analysis on the basis of segments including product type (analytical, precision and moisture balances etc.) end-use (hospitals, research institutes, laboratories, chemical, jewellery etc.) and region (North America, Europe, Latin America, APEJ)
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