The global laboratory balances and scales market is expected to reach US$ 2,131.14 million in 2028 from US$ 1,463.53 million in 2021. The market is estimated to grow with a CAGR of 5.5% from 2021-2028.

Driving factors include rapid growth of pharmaceutical and biotechnology industry and increasing number of research pipeline of pharma-biotech companies and contract research organizations. However, the limited replacement rate among end users is likely to hamper the growth of the market to a certain extent.

In recent years, the pharmaceutical industry has been growing at an unprecedented pace. Big pharmaceutical companies and contract research organizations (CROs) are coming up with new medicines and therapy forms to treat a wide range of indications.

The biopharmaceuticals market is increasing. The strong demand for biologics and biosimilars has driven the growth of the industry. The biopharmaceutical industry is one of the most significant contributors to the economy. The US is the largest market for biopharmaceuticals and a leader in biopharmaceutical R&D. As per the Pharmaceutical Research and Manufacturers Association (PhRMA), the US firms conduct over half the world's R&D in pharmaceuticals (US$ 75 billion ) and hold the highest number of patents in new medicines. Besides developed economies, there has been a rapid growth in the research environment in emerging economies such as Brazil, China, and India. Factors such as increasing biologics approval, growing biosimilar pipeline, and rising investment in research activities are facilitating the growth of the industry.

Moreover, biopharmaceutical research activities are gaining pace in emerging economies such as Brazil, China, and India, and offering lucrative opportunities for the growth of the market. Apart from this, increasing approvals in gene and cell therapies are favoring the growth of the market. The factors mentioned above are increasing the demand for the large scale production of various therapeutics, thereby facilitating the growth of the laboratory balances and scales market globally.

Based on type the market is segmented into, laboratory balances and laboratory scale Laboratory balances segment is further sub-segmented as analytical balances, top loading/precision balances, micro and ultra-micro balances, moisture balances, portable balances, and other balances. Laboratory scale segment is also further sub-segmented as bench scales, counting scales, compact scales, and other scales. The laboratory balances segment held the largest share of the market in 2021, whereas the same segment is anticipated to register the highest CAGR of 5.8% in the market during the forecast period.

Based on end user, the laboratory balances and scales market, is segmented into, pharmaceutical and biotechnology products testing laboratories, cosmeceutical products laboratories, academic institutes, and research laboratories. The pharmaceutical and biotechnology products testing laboratories held the largest share of the market in 2020, and the same segment is estimated to register the highest CAGR of 6.7% in the market during the forecast period.

Central Drugs Standard Control Organization, Commission for Protection against Health Risks, Contract Research Organizations, Drug Safety and Effectiveness Network are among the major secondary sources referred to while preparing the report on the Laboratory Balances and Scales market.