Pharmaceutical/Biotechnology Products Testing Laboratories Segment to Dominate Europe Laboratory Balances and Scales Market during 2021–2028
According to a new market research study on “Europe 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$ 532.36 million by 2028 from US$ 380.37 million in 2021. The market is estimated to grow at a CAGR of 4.9% from 2021 to 2028. The report provides trends prevailing in the Europe laboratory balances and scales market along with the drivers and restraints pertaining to the market growth. Growth in number of research pipelines of pharma-biotech companies and contract research organizations is the major factor driving the growth of the Europe laboratory balances and scales market. However, issues associated with the confined replacement rate among end users hinder the growth of Europe laboratory balances and scales market.
The market for Europe 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.
The European economy is seriously hit due to the exponential growth of COVID-19 cases in the region. Russia, Spain, Italy, Germany, France, and the UK are among the most affected European countries. Many countries are declaring more cases each day now than during the first wave earlier this year. Lockdowns are being reintroduced in UK, Spain, and Italy, and Ireland, as per the European Centre for Disease Prevention and Control (ECDC). Due to the second wave of COVID-19 crises, the government of many nations is managing towards mounting up testing capacity. The rising occurrence rate of coronavirus results in increased stress on the region's healthcare system, which is also rising the demand for diagnostic tests in its healthcare system, supporting the expansion of the sector in this region. As of June 15, 2021, the virus has affected over 47,237,939 people across the region and killed at least 1,087,476, as per Worldometer. Moreover, Spain, Italy, Germany, France, and the UK are among the most affected European countries. As per the data provided by Worldometer, till June 15, 2021, the UK, France, Spain, Italy, and Germany recorded 4,573,419; 5,741,354; 3,741,767; 4,245,779; and 3,724,201; respectively, COVID-19 cases and the death counts are also huge in these nations. Most of the region's sectors are massively hit by the pandemic's spread, with most nations being locked down.
A&D Company, Limited. , Adam Equipment Ltd, BONSO Electronics International Inc., GRAM PRECISION, METTLER TOLEDO, OHAUS, PCE Instruments, RADWAG Balances and Scales, Sartorius AG, and Scientech Inc are among the leading companies in the Europe 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.
The report segments the Europe Laboratory Balances and Scales market as follows:
Europe Laboratory Balances and Scales Market – By Type
- Laboratory Balances
- Analytical Balances
- Top-Loading/Precision Balances
- Micro and Ultra-Micro Balances
- Moisture Balances
- Portable Balances
- Other Balances
- Laboratory Scale
- Bench Scales
- Counting Scales
- Compact Scales
- Other Scales
Europe Laboratory Balances and Scales Market – By End User
- Pharmaceutical/Biotechnology Products Testing Laboratories
- Cosmeceutical Products Laboratories
- Research Laboratories
- Academic Institutes
Europe Laboratory Balances and Scales Market – By Country
- Rest of Europe
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