South America Laboratory Balances and Scales Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Laboratory Balances and Laboratory Scale) and End User (Pharmaceutical/Biotechnology Products Testing Laboratories, Cosmeceutical Product

South America Laboratory Balances and Scales Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Laboratory Balances and Laboratory Scale) and End User (Pharmaceutical/Biotechnology Products Testing Laboratories, Cosmeceutical Products Laboratories, Academic Institutes, and Research Laboratories)

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. Such developments are also likely to drive the market in years to come.

The laboratory balances segment led the SAM laboratory balances and scales market based on product in 2020. Laboratory balances are basically used to measure liquids, solids, tissues, and other biological components in clinical, research and environmental settings. Some of the widely used laboratory balances includes micro and semi-micro balances, triple beam balance, and analytical balance. These balances are capable to measure the mass of substances in the sub-milligram range up to 3,200g. Rising number of research and development activities in the field of pharmaceuticals and biotechnology are projected to contribute to the laboratory balances market during the forecast period. Furthermore, strong focus on implementation of food safety regulations are also likely to drive the segment growth.

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.

The overall SAM laboratory balances and scales market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the SAM laboratory balances and scales market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the SAM laboratory balances and scales market. A&D Company, Limited., Adam Equipment Ltd, BONSO Electronics International Inc., GRAM PRECISION, METTLER TOLEDO, OHAUS, Sartorius AG, and Scientech Inc. are among a few players operating in the SAM laboratory balances and scales market.

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