NEWARK, Del, April 19, 2023 (GLOBE NEWSWIRE) -- The global healthcare and laboratory labels market is to be worth US$ 9.59 billion in 2023 and is likely to be around US$ 14.89 billion by 2033, developing at a 4.5% CAGR between 2023 and 2033. By 2023, the market is to significantly rise at a 4.1% annual growth rate.
The skyrocketing demand for pharmaceutical products, as well as the introduction of new items, may propel market expansion in the near future. In terms of expanding demand for labeling, the pressure-sensitive labels and labeling tapes industry is to rising more significantly than all other industries.
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An Upsurge in Demand for Superior Adhesive Labeling
Labels for medical and laboratory products are likely to meet adhesive criteria such as resistance to chemicals and smearing, ease of dispensing, and clear images because they are frequently exposed to harsh climatic conditions, such as freezing and refrigeration. Throughout the forecast period, a growing demand for superior adhesive medical laboratory labels may likely accelerate healthcare and laboratory labels market expansion.
Devised Highly Scalable Labels
The medical laboratory labels can be applied in any manner by employing appropriate machinery to achieve high speed for labeling tasks. As a result, manufacturers have created enhanced healthcare and laboratory labels that accurately market their products.
This labeling assists in tracking medical devices like laboratory labels printers and healthcare products before they reach the end user, offering healthcare and laboratory labels market opportunities.
Barriers Curtailing Healthcare and Laboratory Labels Demand Growth
Healthcare and laboratory label manufacturers and healthcare facilities are struggling to meet linguistic criteria imposed by governments around the world to boost authority surveillance. Labeling rules are broad, and corporations have issues since what works for labeling on a product shipped to Asia may differ from what works for a product shipped to North America.
Another constraint that can impede healthcare and laboratory label market revenue growth is labeling size, which limits the quantity of information that can be printed by laboratory label printers, increasing operational costs.
Market Revenue for Healthcare and Laboratory Labels Worldwide is powered by Application Category
The pharmaceutical section is anticipated to account for the significant revenue share during the projection period, based on application. This can be ascribed to elements including expanding pharmaceutical product demand, strict Food and Drug Administration (FDA) regulations, increasing the number of new product launches, and rising investments in medication discovery.
There is the practice of attaching medical-grade laboratory labels to items so that end users may understand critical product information is referred to as pharmaceutical labeling.
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Regional Evaluation
Geographically, increasing market players in Europe and the Asia Pacific account for a prominent share globally. It is envisaged that new drug formulations and advanced pharmaceutical goods may be developed in this region in response to the rising demand for medical-grade laboratory labels to improve healthcare services. This may presumably stimulate the clinical research market in Europe, and it may contribute to the growth of this region’s healthcare and laboratory labels market in the years to come.
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.
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Milestones and Strategic Plan of the Businesses
- Acquisitions
- Multi-Color Corporation (MCC), a top supplier of label solutions for various industries, acquired Harrods, a company that offers in-mold label solutions (IML) in Australia and New Zealand, in April 2021. This acquisition is anticipated to expand their product offering and create new possibilities for both local and international growth.
- A manufacturer and supplier of regulated content and label management solutions for hospitals and laboratories, PRISYM ID was purchased by Loftware Inc. in January 2022. By integrating PRISYM ID's sophisticated clinical trial labeling into its end-to-end, cloud-based labeling platform, the acquisition is anticipated to improve Loftware's labeling solutions for the pharmaceutical and medical device industries.
Key Segments
By End-user:
- Pharmaceuticals
- Nutraceuticals
- Medical Devices
- Blood Banks
- Hospital Services
- Laboratories
By Material:
- Nylon
- Polyester
- Polyolefin
- Vinyl
- Paper
- Others
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Table of Content
1. Executive Summary | Healthcare and Laboratory Labels Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
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