Healthcare and Laboratory Labels Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMPAC4214 | Last Updated On: Apr 20 2022 | Available Formats

> Global Healthcare and Laboratory Labels Market is Expected to reach a high CAGR By 2029: DataM Intelligence

Global Healthcare and Laboratory Labels Market is segmented By Material(Nylon, Polyester, Polyolefin, Vinyl, Paper and Others), By End-User(Pharmaceuticals, Nutraceutical, Medical Devices, Blood Banks, Hospital Services and Laboratory), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Market Overview

The global healthcare and laboratory labels market size was worth US$ XX million in 2020 and is estimated to reach US$ XX million by 2028, growing at a CAGR of XX % during the forecast period (2022-2029).

Medical workers use healthcare and laboratory labels to identify and track laboratory samples and effective communication within a medical lab and institution. To increase patient safety, workflow efficiency, communication, and regulatory compliance, they can reliably identify patients, specimens, and blood units. Furthermore, these are employed in cryogenic applications that necessitate long-term storage.

Because healthcare labels provide vital information to doctors and patients, high-quality requirements must be maintained to ensure that the messages are received correctly.External labeling with the relevant data is particularly crucial for biological and pharmaceutical products such as blood, stem cells, tissue samples, and other patient sample collections in the medical profession. If labels are utilized, the label's endurance on the container is quite important.

Source: DataM Intelligence Analysis (2021)

Market Dynamics

The market is primarily driven by increased research efforts in the healthcare sector. The healthcare and laboratory labels market is growing due to rising demand for labeling and rising demand for pharmaceutical products.

During the projection period, continued developments in labeling technologies are projected to drive growth.

Continuous improvements in labeling technologies are helping to keep ahead of the related risk, which is propelling the global healthcare and pharmaceutical label market forward. Furthermore, the temperature-evident packaging provides a visible indicator of the package.Effective labeling has emerged as the optimum option for reducing laboratory errors, and this assumption is getting attention.

Handwritten labels on lab samples, for example, are very visible due to their ease of use in designating a product. They are, nevertheless, prone to unreadability and confusion when it comes to understanding sample specifics, which can lead to serious problems in studies and data trials. The risk has prompted the use of printed labels containing easily visible sample information.Furthermore, strong investment in medical infrastructure allows End-Users to use modern, smart labels. Smart labels use radio frequency identification (RFID) technology to enable sample tracking and tracing, and this characteristic is propelling the market forward.

Its expansion is projected to be fueled by counterfeiting in the healthcare and pharmaceuticals industries and enforcement.

Several fraudulent activities are currently circling the markets, and the laboratory and healthcare labeling sector is expected to follow suit in the next years. The fake labeling has misled public and harmed brand image and these are some of the major problems that manufacturers globally are dealing with.

According to the World Alliance for Patient Safety 2010, written labels are the leading cause of medical errors, resulting in revenue losses of between US$ 5.8 billion and US$ 27.3 billion.Medical errors are the leading causes of death in the U.S., with packing and labeling misunderstanding accounting for more than 33% of all errors. As a result, demand for precise and dependable healthcare labels skyrockets in laboratories, hospitals, and the pharmaceutical industry.

Stringent guidelinesexhibit dual impact and hinder growth.

While the implementation of labeling requirements boosts adoption, it is simultaneously having a detrimental impact on the market's growth. Manufacturers and healthcare institutions are finding it difficult to comply with language requirement restrictions enforced by government organizations to facilitate and improve authority surveillance. Manufacturers' lives have been made more difficult by the requirement of imprinting details in national and regional languages around the world.

Pharmaceutical makers in places where a variety of languages are spoken, such as Europe and Asia, face practical and legal challenges due to the restrictions. Because the size of the labels limits the amount of information that can be printed, manufacturers are being driven to adapt solutions to match a variety of font sizes and styles, resulting in greater operational costs.

COVID-19 Impact Analysis

COVID-19 has had a big impact on many companies all around the world. The market for healthcare & laboratory labels is expected to increase due to rising demand for simple yet effective informatory solutions in the healthcare environment, such as medical devices, diagnostic samples, medications, and so on. The COVID-19 outbreak has turned into a potential growth opportunity for market players, resulting in an unprecedented demand for labeling and testing samples of COVID-19.

Segment Analysis

By material, the healthcare and laboratory labels marketisclassified into nylon, polyester, polyolefin, vinyl, paper, and others.

The wide availability and low price of paper labels are expected to drive the segment’s growth.

Paper-based labels are expected to continue to be the most popular during the projection period, expected to be accounting for just under two-thirds of global market value. The material's appeal is due to its widespread availability, inexpensive cost, and lightweight, makingit perfect for small containers.

Papers are also quite popular among both manufacturers and End-Users because of their recyclability and ease with which they can be obtained due to their ecologically friendly nature.Handwritten labels are prone to illegibility and can misunderstand sample characteristics, resulting in serious faults in studies and data trials. The risk has prompted the use of printed labels containing easily visible sample information.

Source: DataM Intelligence Analysis (2021)

Geographical Analysis

North Americaregion holds the lion’s sharein the global healthcare and laboratory labels market.

Throughout the projection period, North America, led by the U.S., is likely to remain the largest regional market for healthcare and laboratory labels. The area is expected to hold a quarter of global market value over the assessment period, thanks to a strict regulatory framework from the Food and Drug Administration (FDA).Medical errors are the third leading cause of death in the U.S., with packing and labeling misunderstanding accounting for more than 33% of all errors.

As a result, demand for precise and dependable healthcare labels skyrockets in laboratories, hospitals, and the pharmaceutical industry.Medical errors are responsible for approximately 5 million fatalities in India, according to Harvard University research. Regulatory organizations enforce stringent norms across the healthcare sector, including labeling, to reduce these unnecessary deaths.

Source: DataM Intelligence Analysis (2021)

Competitive Landscape

The competitive environment of the healthcare and laboratory labels industry is fragmented, with established and rising businesses competing on an equal footing. Players have highlighted having a diverse product portfolio as a key growth strategy.  Some of the key players which are contributing to the growth of the market includeAvery Dennison Corporation, CCL Industries Inc, 3M Company, Multi-Color Corporation, UPM Raflatac Corporation, Brady Corporation, Sato Holdings Corporation, Weber Packaging Solutions, Inc., Schreiner Group GmbH & Co., and KG Diagramm.

Avery DennisonCorporation:

Overview: Avery Dennison is a materials science firm that designs and manufactures a wide range of labeling and functional materials.Pressure-sensitive materials for labels & graphic applications; tapes and other bonding solutions for industrial, medical, and retail applications; tags, labels, and embellishments for apparel; and radio frequency identification (RFID) solutions for retail apparel and other markets are among the company's products, which are used in nearly every major industry.The corporation, headquartered in Glendale, California, employs more than 32,000 people in more than 50 countries.

Product Portfolio: The company's portfolio comprisespressure-sensitive materials for labels and graphic applications; tapes and other bonding solutions for industrial, medical, and retail applications; tags, labels and embellishments for apparel; and radio frequency identification (RFID) solutions serving retail apparel and other markets.

Key Developments:Avery Dennison predicts the latest food labeling trends for 2020. Private label brands are becoming more popular, according to Avery Dennison. Kasl says that private label products are gaining market share, with 3% vs. 1% for major names.Premium private label products are driving the expansion, with 40% of Americans saying they would pay the same or more for the appropriate store-branded products, compared to only 26% who believe name brands are worth the extra cost. Consumers are also more likely to swap brands, with 46% of consumers saying they are more likely to test new brands today than they were five years ago.

Why Purchase the Report?

  • Visualize the composition of the healthcare and laboratory labels market segmentation by material, End-User and region, highlighting the key commercial assets and players.
  • Identify commercial opportunities in the healthcare and laboratory labels market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of healthcare and laboratory labels market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key product of all major market players

The global healthcare and laboratory labels market report would provide access to an approx. 53market data table, 48 figures and 180 pages.

Target Audience

  • Healthcare Industry
  • Raw Material Suppliers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals
  • Emerging Companies
  • Labels Manufacturers

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