The global healthcare and laboratory labels market is poised to achieve a value of US$ 14.89 billion by 2033, exhibiting a CAGR of 4.5% during the period from 2023 to 2033. The market’s growth is primarily driven by the increasing demand for pharmaceutical products and the introduction of new products in the healthcare industry. Among the various segments, the sector of pressure-sensitive labels and labeling tapes is expected to experience the highest growth rate, reflecting the rising demand for labeling across industries.
The healthcare and laboratory labels market is segmented based on product type, material, end-use, and region. In terms of product type, pressure-sensitive labels are the most widely used in the healthcare and laboratory sector due to their easy application and removal. Inkjet labels are preferred for printing high-quality images and text, while thermal transfer labels find application in barcode printing and data labeling.
Regarding material, paper labels are the most commonly utilized in the healthcare and laboratory industry due to their cost-effectiveness and ease of printing. Plastic labels offer enhanced durability, making them suitable for applications where labels require resistance against wear and tear. On the other hand, metal labels, although the most expensive, provide exceptional durability and are utilized when labels need to withstand challenging environmental factors.
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The end-use segment comprises pharmaceutical, medical devices, and laboratory industries. The pharmaceutical industry emerges as the largest consumer of healthcare and laboratory labels, employing them for identification and tracking purposes throughout the supply chain. The medical devices sector also heavily relies on labels to identify and track medical devices within the supply chain. Furthermore, the laboratory industry utilizes labels for identifying and tracking samples and equipment.
In conclusion, the healthcare and laboratory labels market is projected to experience substantial growth driven by the demand for pharmaceutical products and new product launches. The market’s expansion is fueled by the rising need for effective labeling solutions in various industries. With diverse product types, materials, and end-uses, the healthcare and laboratory labels market offers significant opportunities for manufacturers and suppliers operating in this sector.
Demand Study for Healthcare and Laboratory Labels (2017 to 2022) Compared to Market Prospects (2023 to 2033)
The UDI (Unique Device Identification) is a technique used to identify and brand medical equipment across the healthcare supply chain, as its name implies. The US FDA required a mechanism for uniquely identifying devices in order to correctly identify devices during distribution and use. Both plain text and an automatic identification and data capture (AIDC) format must be made available for each UDI.
The UDI must be immediately applied to a device that is intended for more than one use, and the device must be reprocessed before each use. Dates must be displayed consistently and in accordance with recognised international standards on device medical laboratory labels and packages.
Additionally, by advocating for harmonized legislation for Unique Device Identification (UDI), based on international standards, The IMDRF (International Medical Device Regulator Forum) and the European Commission are focusing on a globally consistent and unified approach that is to improve patient safety.
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Key Takeaways
- The Polyolefin segment in the material category is to advance at a CAGR of 5% from 2023 to 2033, worth US$ 4.02 billion by 2023.
- The laboratory segment in the end user category is to develop at a CAGR of 5.4% between 2023 and 2033, worth US$ 2.46 billion by 2023.
- The paper segment in the material category of the healthcare and laboratory labels industry is to acquire a market share of 64.9% by 2023.
- The Pharmaceutical segment, in the end, user category is to grab a market share of 30.1% by 2023.
- The United States to capture a CAGR of 3.7% between 2023 and 2033, worth US$ 3,862.9 million in 2023.
- German healthcare and laboratory labels industry to advance at a CAGR of 3.6% from 2023 to 2033, reaching US$ 686.4 million in 2023.
- India is to expand at a CAGR of 7.4% during the forecast period, worth US$ 2354.7 million by 2023.
- China healthcare and laboratory labels market is to expand at a CAGR of 6% from 2023 to 2033, reaching US$ 2332 million in 2023.
- The United States to obtain 89.4% of the market share by 2023.
- Germany healthcare and laboratory labels industry to hold a market share of 21.7% by 2023.
- France to secure a market share of 16.8% by 2023.
- India is to witness 79.6% of the market share by 2023.
- China healthcare and laboratory labels industry to grab a market share of 56.1% by 2023.
Economic Analysis
The healthcare and laboratory label manufacturers that operate in this market are very focused on mergers and acquisitions to accelerate healthcare and laboratory labels market expansion in the upcoming year. Healthcare and laboratory label manufacturers are concentrating on the rollout of novel goods to create and acquire a global footprint.
Key Players:
- Avery Dennison Corporation
- CCL Industries Inc.
- 3M Company
- Multi-Color Corporation
- UPM Raflatac Corporation
- Brady Corporation
- Sato Holdings Corporation
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Key Segments Covered in healthcare and Laboratory Labels Industry Research
Market By End-user :
- Pharmaceuticals
- Nutraceuticals
- Medical Devices
- Blood Banks
- Hospital Services
- Laboratories
By Region :
- North America Healthcare and Laboratory Labels Market
- Latin America Healthcare and Laboratory Labels Market
- Europe Healthcare and Laboratory Labels Market
- East Asia Healthcare and Laboratory Labels Market
- South Asia Healthcare and Laboratory Labels Market
- Oceania Healthcare and Laboratory Labels Market
- Middle East & Africa (MEA) Healthcare and Laboratory Labels Market
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