Pharmaceutical/Biotechnology Products Testing Laboratories Segment to Dominate APAC Laboratory Balances and Scales Market during 2021–2028
According to a new market research study on “APAC Laboratory Balances and Scales Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and End User” is expected to reach US$ 460.33 million by 2028 from US$ 305.15 million in 2021. The market is estimated to grow at a CAGR of 6.0% from 2021 to 2028. The report provides trends prevailing in the APAC laboratory balances and scales market along with the drivers and restraints pertaining to the market growth. Augmentation of pharmaceutical sector in emerging markets is the major factor driving the growth of the APAC laboratory balances and scales market. However, issues associated with the sparse replacement rate among end users hinder the growth of APAC laboratory balances and scales market.
The market for APAC laboratory balances and scales market is segmented into type, end user, and country. Based on type, the market is segmented into laboratory balances and laboratory scale. The laboratory balances segment dominated the market in 2020 and is expected to be the fastest growing during the forecast period. Further laboratory balances has been bifurcated into analytical balances, top-loading/precision balances, micro and ultra-micro balances, moisture balances, portable balances, and other balances. Similarly laboratory scale is bifurcated into bench scales, counting scales, compact scales, and other scales. Based on end user the market is segmented into pharmaceutical/biotechnology products testing laboratories, cosmeceutical products laboratories, research laboratories, and academic institutes. The pharmaceutical/biotechnology products testing laboratories segment dominated the market in 2020 and is expected to be the fastest growing during the forecast period.
Following a string of pneumonia cases in Wuhan, the Chinese health authorities, the capital city of Hubei province (China), declared in January 2020 that these cases were caused by a novel coronavirus. The Asia Pacific healthcare industry is highly affected as the source of the COVID-19 pandemic was from an Asian country. Therefore, several governments have made numerous regulatory changes in the medical sector. For instance, in China, the Center for Medical Device Evaluation (CMDE) has announced adjustments of its medical device application acceptance and consultation services to start from February 3, 2020. It has encouraged the use of its online eRPS system. Also, it has temporarily suspended on-site acceptance of applications and consultation services. Similarly, in Singapore, the Singapore Health Sciences Authority (HSA) has issued an exemption order on January 31, 2020, for the health products. If this pandemic lasts for a longer time, it may impact the supply of active material and ingredients along with the import and export of pharmaceuticals. There is also the potential for negative impacts of both a medium- and longer-term nature on R&D and manufacturing activities, and delay on projects. Restrictive measures have been taken to control the spread of this pandemic.
A&D Company, Limited. , Adam Equipment Ltd, BONSO Electronics International Inc., GRAM PRECISION, METTLER TOLEDO, OHAUS, Sartorius AG, and Scientech Inc are among the leading companies in the APAC laboratory balances and scales market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Adam Equipment, expanded its washdown line with the introduction of the Aqua washdown scale.
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