Market Introduction
South America laboratory balances and scales market is studied based on the two major countries such as Brazil, Argentina and based on rest of South America. The recent technological developments have had a direct impact on the economy of Brazil that has advanced to a large extent. The cost savings advantage and higher work efficiencies achieved are cited as the major attracting points for manufacturing companies to establish bases in South America. Latin American economy is facing a lot instability in the current times and poses a challenge to the developing economies. Brazil has manufacturing plants of many pharmaceutical companies. Added to that, many foreign companies often collaborate and partner with Brazilian laboratories and local companies for the development of biotechnology-based medicines. The collaborative efforts are expected to yield in development of novel products in Brazil over the forecast years. Most of the research is conducted in universities and other federal state institutions in Brazil. As per the DWIH São Paulo, biotechnology research is one of the first-tier priorities in Brazil. Thus, the government has established various policies and rules to stimulate the biotech research in the country. For instance, the government established National Policy of Science since 2004 that aims to transform the biotechnology sector into strategic component for revenue generation and development of country. Fast growth of pharmaceutical and biotechnology industry is the major factor driving the growth of the SAM laboratory balances and scales market.
COVID-19 cases are increasing in SAM. With the outbreak of the second wave of COVID-19, the number of cases in Latin American countries has increased. Now, the nation is increasingly expanding its clinical services to combat the novel corona virus. The COVID-19 pandemic has badly impacted countries such as Brazil and Argentina. According to Worldometers, as of June 28, 2021, Brazil had 18, 448, 402 COVID-19 positive cases, and in Argentina, there were 4,423,636. The increasing incidences of COVID-19 have increased demand for several laboratory testing which consequently create vital growth opportunities for the target market.Despite this impact, the region's biotechnology industry is doing little to fight the virus, and the lack of projects has exposed the sector's vulnerability. There are a few unrelated and autonomous projects going on, but they are happening independently of one another, meaning that there is no strong biotech network. The Brazilian pharmaceutical industry is facing challenges of trying to contain the COVID-19 pandemic while dealing with enormous cost pressures. In Brazil, the rise in the dollar has made importing APIs more expensive and also there is increase in logistics costs, due to the reduction in air traffic, with the consequent upsurge in freight costs. Additionally, there is also significant increase in the prices of raw materials, inputs and finished products. These factors are likely to have negative impact on the market.
Market Overview and Dynamics
The laboratory balances and scales market in SAM is expected to grow from US$ 73.91 million in 2021 to US$ 102.08 million by 2028; it is estimated to grow at a CAGR of 4.7% from 2021 to 2028. Laboratory balances and scales are used to measure mass and weight of pharmaceutical as well as biotechnology substances in research laboratories. These scales and balances are used to weigh pharmaceutical chemicals, biological samples, stents, and tiny components of medical devices. Maintaining proper weights and mass plays a vital role in early stages of any clinical trials. Hence, these instruments are crucial for drug and devices development. Continual research and development activities conducted by market players are leading to new product introductions with enhanced capabilities. Furthermore, the industry players are also emphasizing on incorporating new software and programing technologies in laboratory balances and scales. In November 2020, METTLER TOLEDO announced launch of its new brand XPR106DUH in order to offer superior precision for material weighing. The newly introduced product offers weight readability from 0.01 mg to 220 g. In addition, the increasing number of business activities among market players is anticipated to accelerate the growth of the laboratory balances and scales market during the forecast period. For instance, in January 2021, Cole-Parmer, an Antylia Scientific Company, completed acquisition of ZeptoMetrix in order to expand its quality control products portfolio. Such developments are also likely to drive the market in years to come.
Key Market Segments
The market for SAM 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 SAM 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, Sartorius AG, and Scientech Inc. among others.
Reasons to buy report
SAM Laboratory Balances and Scales Market Segmentation
SAM Laboratory Balances and Scales Market -By Type
SAM Laboratory Balances and Scales Market -By End User
SAM Laboratory Balances and Scales Market -By Country
SAM Laboratory Balances and Scales Market -Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 73.91 Million |
| Market Size by 2028 | US$ 102.08 Million |
| CAGR (2021 - 2028) | 4.7% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South America Laboratory Balances and Scales Market is valued at US$ 73.91 Million in 2021, it is projected to reach US$ 102.08 Million by 2028.
As per our report South America Laboratory Balances and Scales Market, the market size is valued at US$ 73.91 Million in 2021, projecting it to reach US$ 102.08 Million by 2028. This translates to a CAGR of approximately 4.7% during the forecast period.
The South 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 South America Laboratory Balances and Scales Market report:
The South 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 South America Laboratory Balances and Scales Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Laboratory Balances and Scales Market value chain can benefit from the information contained in a comprehensive market report.
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