Micro Balance Market Size, Share, Growth, And Industry Analysis By Type (Ultra Micro Balance and Micro Balance), By Application (Laboratory, Hospitals, Companies and Others), Regional Insights, and Forecast To 2031

Updated On: 08 July 2024

Micro Balance Market Report Overview

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The global micro balance market size is anticipated to be USD 380.1 million in 2021 and is projected to touch USD 668.41 million by 2031, at a CAGR of 5.8% during the forecast period. 

A micro balance is equipment used in the measurement of the weight of a relatively smaller mass. It is a laboratory instrument, less sensitive and precise to 0.1 milligrams. It is favoured for its precision above other lab devices.

Biotechnological research and developments are growing worldwide due to the necessity and the compulsion to launch improved drugs in the market. In contrast to previous stereotypes, the laboratories are getting more government and private funding for the installation of expensive and technologically efficient equipment. Moreover, the upscale modernization and technological advancement will drive the micro balance market.

COVID-19 Impact: Rise in Healthcare Infrastructure Boosted the Market Demand

The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with the micro balance market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

COVID-19 has revolutionized the production structure of all industries. The sudden onset of the virus and spike in the cases resulted in global lockdowns and shutting down of international borders. The transportation and physical communication came to a halt as the business was struggling to navigate through the internal problems of the industry like lack of raw materials, human resources and investments. The global supply chain was affected and the micro balance market witnessed slow growth during the initial phase of the pandemic. 

As the healthcare infrastructure was given a boost and laboratories and pharmaceutical companies were under pressure to develop vaccines in a shorter duration of time. The focus on healthcare and the large-scale up-gradation of the hospitals, testing units and research facilities boosted the micro balance market size. In the period of the ongoing pandemic, the market is anticipated to witness an unparallel growth in the forthcoming years.

LATEST TRENDS

"Continuous Developments and Diverse Applications to Boost the Product Sale"

Continuous developments and experiments are being made to improve the efficiency of the product and make it more precise and accurate. In addition to that, the application base of the product is not limited to biotechnology labs or the food processing industry. In light of recent developments, microbalances have been found advantageous in the chemical laboratories and mining industry. It is beneficial in the weighting of small sample minerals and powders. The post-pandemic chemical industry is setting new heights and continue to grow in the future. The micro balance market is anticipated to diversify its usage and application in various industries.

Micro Balance Market Segmentation

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• By Type

Based on type, the market is divided into ultra micro balance and micro balance. The ultra micro balance segment is expected to lead the market during the forecast period.

•  By Application

Based on the application, the market is divided into laboratories, hospitals, companies and others. The laboratories segment is anticipated to lead this market in the coming years.

DRIVING FACTORS

"Increase in Demand for Micro Balance in Laboratories to Accelerate the Product Sale"

The pharmaceutical industry is growing due to the high demand for quality products in a shorter duration. The COVID-19 pandemic has triggered the growth of pharmaceutical companies which has led to R&D activities and laboratory experiments. The past decades have witnessed a rising amount of diseases affecting human beings. The increase in the infection rate has compelled scientists to research and launch products with higher potential. The government and private organizations fund research projects and the installation of technologically advanced laboratory equipment. The laboratories are facing stiff competition to decrease the turnover period and launch better products.  The developing nations are making investments to enhance their infrastructure emphasizing more on the healthcare sectors. The rise in the health care sector and the increase in hospitals, laboratories and test clinics will boost the micro balance market growth. Moreover, the usage of micro balance in life science studies will drive the market in the forecasted year.  

"Growing Usage of Micro Balance in the Food and Beverage Industry to Boost Market Demand"

The food and beverage industry is growing steadily and there has been a raised consciousness of the consumer and the popularity of sustainable consumption is transforming the food and beverage industries. The past decades have seen the rise in infectious diseases and most often it has been the result of unregulated food production and packaging. The pathogen leads to illness in human beings and degrades the overall quality of the food.   The consumers are precise about the quality of the purchased products and would always prefer quality assured food items. The food companies are compelled to increase the implementation of food testing units to keep up with the competition and market trends. It also ensures an effective operation of the global supply chain. The quartz micro balance is used in product testing and quality assurance. It determines the presence of pathogens, and pesticides and monitor the formation of biofilm on the food. Moreover, the strict government regularities for food testing will drive the micro balance market share in the upcoming years.

RESTRAINING FACTORS

"High cost of the Product Hampers Market Growth "

A micro balance is a technologically advanced equipment with higher potentiality. However, the high cost of the product is a major concern restraining its market growth. The small laboratories finding difficult to invest in this product owing to limited financial resources. As a result, they are on the lookout for other alternatives and cost-effective options. The expensive nature will hamper the micro balance market growth.

Micro Balance Market Regional Insights

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"North America to Dominate the Market due to Advanced Healthcare Infrastructure. "

North America is one of the developed nations with advanced infrastructure and a healthcare structure. Research and development are booming owing to the capital investments and the presence of key players stimulating the growth of micro balance in this region. The biotechnology research developments are witnessing a demand after the pandemic and the compulsion to produce the best drug and vaccines on the market. In this scenario, the micro balance sale is anticipated to rise in this region in the forecasted year.

KEY INDUSTRY PLAYER

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Mettler-Toledo (U.S.)
• Sartorius AG (Germany)
• Citizen Scales (U.K.)
• RADW (U.S.)
• Scientech (India)
• CI Precision (U.K.)
• Contech Instruments (India)

REPORT COVERAGE

This report covers the analysis of micro balance providing a comprehensive market insight focusing on the existing key players who would play a crucial role in the forecasting period. It also analyses based on segmentation, industrial developments, trends, growth, size, share, restraints and revenue. The report covers an overview of the latest driving factor in the industry, dominant region, latest innovations and opportunities.