Market Introduction
North America is the largest market for laboratory balances and scales, with the US holding the largest market share, followed by Canada. North America now owns the largest market share and is projected to maintain its dominance during the projection period. The presence of large healthcare businesses and the growing usage of laboratory balances and scales in academic and research institutions are propelling the market's expansion in this area. The increasing investments and rising funds dedicated to the pharma manufacturing companies as well as academic and research institutes for the development of various medicines, growing geriatric population, infectious disease, and other therapeutics is one of the major driving factors. During the forecast era, the market's growth will be aided by the growing geriatric population. According to the UN Department of Economic and Social Affairs' Population Division, there were approximately 727 million people over the age of 65 in the world in 2021, with that figure projected to double by 2050. Swift growth of pharmaceutical and biotechnology industry is the major factor driving the growth of the North America laboratory balances and scales market.
In the North American region, the US was profoundly affected by the outbreak of the COVID-19 pandemic. The country has marked the highest number of positive patients and still facing the second wave of COVID-19. For instance, according to the WHO, between 3 January 2020 to 17 June 2021, 33,163,632 confirmed cases of COVID-19 had been registered. Also, the country has registered 595,256 death. Similarly, other countries have experienced a rise in the incidences of COVID-19 positive. Across the various healthcare sectors, the effect of a pandemic can be felt, resulting in various changes in the health care industry. Scientists are working together to produce and exchange genomic sequence data information, which can be used in disease detection and control efforts and conversely it is rising the demand for laboratory balances and scales market. The FDA has increased its efforts to support the health of people and has imposed several guidelines and for hospitals and medical device companies. Various companies also enhanced their research and development activities for diagnostics tests and therapeutic devices. For instance, companies such as Thermo Fisher Scientific, F. Hoffmann-La Roche AG, EverlyWell, and Abbott are producing COVID-19 tests. Whereas, Thermo Fisher Scientific has increased its production and has produced 5 million tests per week in April. Likewise, Abbott has received Emergency Use Authorization (EUA) for a point-of-care test that can provide results in minutes. Thus, increased production by the companies has resulted in profits, and the outbreak of COVID-19 has shown a positive impact on market growth.
Market Overview and Dynamics
The laboratory balances and scales market in North America is expected to grow from US$ 660.05 million in 2021 to US$ 976.49 million by 2028; it is estimated to grow at a CAGR of 5.8% from 2021 to 2028. Country such as Mexico in this region is emerging as attractive outsourcing locations for pharmaceuticals and biopharmaceuticals industries. Low manufacturing and operating costs in emerging economies are key factors attracting these manufacturing businesses toward the region. Flourishing domestic pharmaceutical market in region and increasing number of pipeline drugs are further opening new avenues for the contract manufacturers as well as generic drug manufacturing in the region. Additionally, to meet the growing demand, many contract-based organizations are expanding their manufacturing capabilities. Thus, this expansion of manufacturing facilities is expected to offer favorable environment for the growth of the North America laboratory balances and scales market during the forecast period across the region.
Key Market Segments
The market for North America 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.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the laboratory balances and scales market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are A&D Company, Limited. , Adam Equipment Ltd, BONSO Electronics International Inc., GRAM PRECISION, METTLER TOLEDO, OHAUS, PCE Instruments, Sartorius AG, and Scientech Inc. among others.
Reasons to buy report
North America Laboratory Balances and Scales Market Segmentation
North America Laboratory Balances and Scales Market -By Type
North America Laboratory Balances and Scales Market -By End User
North America Laboratory Balances and Scales Market -By Country
North America Laboratory Balances and Scales Market -Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 660.05 Million |
| Market Size by 2028 | US$ 976.49 Million |
| CAGR (2021 - 2028) | 5.8% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Laboratory Balances and Scales Market is valued at US$ 660.05 Million in 2021, it is projected to reach US$ 976.49 Million by 2028.
As per our report North America Laboratory Balances and Scales Market, the market size is valued at US$ 660.05 Million in 2021, projecting it to reach US$ 976.49 Million by 2028. This translates to a CAGR of approximately 5.8% during the forecast period.
The North America Laboratory Balances and Scales Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Laboratory Balances and Scales Market report:
The North America Laboratory Balances and Scales Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Laboratory Balances and Scales Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Laboratory Balances and Scales Market value chain can benefit from the information contained in a comprehensive market report.
Please tell us your area of interest
(Market Segments/ Regions and Countries/ Companies)
E 1803, Panchshil Towers,
Wagholi, Haveli,
Pune - 412207,
Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For North America Laboratory Balances and Scales Market
