The global healthcare and laboratory labels market is expected to reach a value of US$ 14.89 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 4.5% from 2023 to 2033. The market’s growth is primarily attributed to the increasing demand for pharmaceutical products and the introduction of new products in the healthcare industry. Among the different segments, pressure-sensitive labels and labeling tapes are projected to experience the highest growth rate, reflecting the growing demand for labeling across various industries.
The healthcare and laboratory labels market is segmented based on product type, material, end-use, and region. Pressure-sensitive labels are the most commonly used in the healthcare and laboratory sector due to their ease of application and removal. Inkjet labels are preferred for high-quality printing of images and text, while thermal transfer labels find application in barcode printing and data labeling.
In terms of materials, paper labels are the most widely 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 need to withstand wear and tear. Metal labels, although the most expensive option, provide exceptional durability and are used when labels require resistance to challenging environmental factors.
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The end-use segment includes the pharmaceutical, medical devices, and laboratory industries. The pharmaceutical industry is the largest consumer of healthcare and laboratory labels, utilizing them for identification and tracking purposes throughout the supply chain. The medical devices sector heavily relies on labels to identify and track medical devices within the supply chain. Additionally, the laboratory industry uses labels for identifying and tracking samples and equipment.
In conclusion, the healthcare and laboratory labels market is expected to witness significant growth driven by the demand for pharmaceutical products and the introduction of new products. The market offers opportunities for manufacturers and suppliers, given its diverse product types, materials, and end-uses across various industries.
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
Frequently Asked Questions
• How much is the global healthcare and laboratory labels market worth?
• At what CAGR is the healthcare and laboratory labels market projected to grow in the forecast period (2022-2032)?
• Which is the leading segment in the healthcare and laboratory labels market?
• What are the key factors driving the market?
• Who are the leading players in the market?
• Which region held the highest market share in the market?
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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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