The global market for Laboratory Balances and Scales is projected to reach US$1.5 billion by 2025, driven by the increased demand for laboratory services in healthcare, academics, life sciences, pharmaceutical, food, and chemical industries. The market is also driven by the stringent guidelines, regulations and recommendations for laboratory analysis such as stringent contractual laboratory testing agreements and arrangements. Growing safety standards in food and pharmaceutical sectors will continue to shift the emphasis towards analytical quality, thereby driving demand for laboratory balances and scales. The rapid growth of pharmaceutical and biotechnology sectors and increased funding support for academia R&D activities, the resulting increase in laboratories performing quality control of medicines will present significant opportunities for growth. Technology innovations will also fuel growth, especially against the backdrop where the need to replace old and obsolete lab balances with advanced technology-based instruments remains strong. Key trends in this regard driving adoption rates include refreshing innovations in advanced micro, semi-micro, analytical and precision balances; and launch of lab balances and scales with touchscreen digital displays and ergonomic designs. Drug development and manufacturing will emerge as key growth drivers in the pharmaceutical end-use industries. In drug manufacturing, precision weighing of compounds and substances is vital for quality and safety of medicines. In drug discovery, on the other hand, accurate weighing in toxicology tests marks the difference between drug success and failure. Few of the factors driving increased investments in pharma R&D thereby setting the stage for growth in the market include growing population, aging population and increasing healthcare burden; increased access to and demand for healthcare services; increased per capita spending on medicines worldwide; growing demand for effective drugs and therapies; wave of impending patent expiries and the ensuing need for companies to invest in new drug development to prevent freefall of revenues; and increasing focus on improving pharma R&D efficiency. Read More…

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