Analytical Balance Market size is poised to cross USD 698 Million by the end of 2036, growing at a CAGR of 8% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of analytical balance was USD 454 Million. The market growth can be attributed to the rise of industrialization. According to United Nation Industrial Development Organization, there was a 2.4% growth in industrial sector in the year 2023 globally. Furthermore, the chemical and pharmaceutical industry requires accurate mass of the product for quality check in the process of preparing drugs and manufacturing of chemicals increasing the demand for analytical balance instrument.
In addition, there are emerging technological advancements in analytical balance such as improved precision, better readability, and integration with analytical tools. Furthermore, manufacturing sectors are working on enhancing user experience and measurement accuracy by including innovative features in analytical balance instruments.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 8% |
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Base Year Market Size (2023) |
~ USD 454 Million |
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Forecast Year Market Size (2036) |
~ USD 698 Million |
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Regional Scope |
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Product Type (Top-Loading Balances, Microbalances, Semi-Microbalances)
The top-loading balances segment in the analytical balance market is estimated to gain the largest revenue share of about 53% by the end of 2036. The segment growth can be attributed to factor that these balances offer a wide weighing range and completely suitable for general weighing applications. Moreover, these types of balances provide high accuracy and readability and also are available in different capacity ranges to meet the diverse customer requirements. In addition, top-loading balances are user-friendly, which allow for convenient placement and removal of samples on the weighing machines, as it is advantageous when dealing with delicate and small samples which is making the balances popular choice for wide range of laboratory applications.
End-Use Industry (Pharmaceutical, Chemical, Food and Beverage)
The pharmaceutical segment in the analytical balance market is estimated to gain the largest revenue share of about 47% in the year 2036. The segment growth can be attributed to the rising need for precision, accuracy and safety with rigorous quality standards in the industry. Furthermore, as the pharmaceutical research and manufacturing process continue to grow, the role of analytical balance remains integral. According to Insights10, pharma revenue worldwide reached UDS 1.42 trillion. In addition, academic and private research laboratories within the pharmaceutical sector depend on analytical balance for various experiments, studies and research as this contribute to the discovery of new drugs.
Our in-depth analysis of the global market includes the following segments:
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Product Type |
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End-Use Industry |
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North American Market Forecast
Analytical balance market in North America region is anticipated to hold the largest share of about 36% by the end of 2036. The regional growth is attributed to the research and development activities across diverse sectors such as pharmaceutical, chemical among others are driving the demand for precise analytical measurements. Countries such as United States and Canada are key contributors to market growth in the region. According to Innovation, Science and Economic Development, Canadian pharmaceutical business R&D expenditure in the year 2021 was USD 922 million. Moreover, regional market is also characterized by a competitive landscape with prominent key players including Mettler-Toledo and OHAUS Corporation offering precision weighing solutions. Factors such as advancement in technology, stringent regulations in industries like chemical and research, and the growing demand for accurate measurements stimulating the regional market.
European Market Analysis
The Europe analytical balance market is estimated to the second largest, share of about 29% by the end of 2036. The market’s expansion can be attributed to the collaboration between manufacturers and research institutions, along with a focus on sustainability with evolving needs of industries like pharmaceutical requiring accurate analytical measurements and their collaboration foster innovation, leading to better technologies that address the evolving need of laboratories and industries in Europe. According to KBV research, Germany comprises of one of the most prominent pharmaceutical industry in Europe. Revenues in pharmaceutical industry as a whole climbed by 5.7% in 2019. The pharmacy sector produced about 86% of revenues. Furthermore, the emphasis on sustainable practices and the integration of user-friendly features in analytical balance further boost the market in the region. In addition, there is ongoing commitment to precision and quality in scientific and industrial processes throughout the Europe region, which further boosting market growth.
Author Credits: Rushikesh, Richa Gupta
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