Healthcare and Laboratory Labels Market Size, Share, Trends, Growth and Forecast 2028

Industry Perspective:

The global healthcare and laboratory labels market size was worth USD 8.90 billion in 2021 and is estimated to grow to USD 11.72 billion by 2028, with a compound annual growth rate (CAGR) of approximately 4.7% over the forecast period. The report analyzes the healthcare and laboratory labels market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the healthcare and laboratory labels market.

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Healthcare and laboratory Labels Market: Overview

Medical labels include healthcare and laboratory labels. These labeling techniques are employed in a number of healthcare settings, including the labeling of pharmaceuticals, ophthalmic equipment, eyedrops, and consumer goods, including over-the-counter (OTC) drugs. Additionally, it has uses in laboratory goods and nutraceuticals. Throughout the forecast period, factors such as a high frequency of illnesses increased hospital patient admissions, and an increase in product releases are anticipated to fuel market revenue growth. In the pharmaceutical and healthcare industries, labels are crucial. To improve patient safety, healthcare and laboratory labels are used in a variety of clinical care, administrative, and operational settings. Many different labels may streamline the process, increase effectiveness and patient safety, decrease mistakes, safeguard and manage patient data, and organize overall workflow. These labels are also used to track assets like instruments or medical equipment.

COVID-19 Impact:

Globally, COVID-19 has had a significant influence on a variety of businesses. Due to the increased need for straightforward but efficient informatory solutions in the healthcare industry, including medical equipment, diagnostic samples, pharmaceuticals, and other items, the market for healthcare and laboratory labels is anticipated to grow. The COVID-19 epidemic has transformed into a significant growth opportunity for market participants, creating an unprecedented need for COVID-19 sample labeling and testing.

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Key Insights

• The global healthcare and laboratory labels market value is predicted to grow at a CAGR of 4.7% over the forecast period.
• The global healthcare and laboratory labels market size was worth USD 8.90 billion in 2021 and is estimated to grow to USD 11.72 billion by 2028.
• One of the major reasons driving demand for this market in the upcoming years is the ongoing development of labeling technologies. Furthermore, temperature-evident packaging provides a visible indicator of packing, which is another element boosting the need for healthcare and laboratory labels shortly.
• Geographically, due to the growing number of participants in this area, North America accounts for the most market share. It is anticipated that new medication formulations and sophisticated pharmaceutical goods will be developed in this region in response to the rising demand for these items to improve healthcare services.
• The launch of new goods and the rising demand for medicines will likely fuel market expansion in the near future.
• Paper labels' widespread availability and affordable cost are anticipated to fuel the segment's expansion
• Based on application, the pharmaceutical segment holds significant growth during the forecast period.

Healthcare and Laboratory Labels Market: Growth Drivers

The responsibility for increased medical device adoption is likely to boost the market growth

The labeling of medical devices helps patients or their caregivers understand the item, its use, how to maintain it, how it interacts with the body to serve its purpose, and any disposal or safety concerns. Medical device labeling is crucial to guarantee equipment’s safe and efficient use. It provides clear information in a language that patients or their careers may understand regarding the device's correct usage, dangers, and advantages. In addition, to make gadgets safe and functional, proper operation instructions are required. For instance, medical device labeling is now required as more patients utilize sophisticated medical equipment at home in order to improve communication with the user.

Healthcare and Laboratory Labels Market: Restraints

Strict government regulations may hamper the surge of global healthcare and laboratory labels market

For several reasons, including laws from government bodies to assure compliance, greater competent authority surveillance, language needs, and many more, healthcare and laboratory labeling has grown challenging for manufacturers. The requirement of national language by individual nations has made medical device labeling one of the more challenging concerns for manufacturers. Legal issues surface for medical diagnostics and products to be offered in both EU and non-EU nations. Large amounts of information must be included on labels, yet there isn't much room for them. Technically exact translations could be necessary, but it is usually literal.

Healthcare and Laboratory Labels Market: Opportunity

Growing need for tamper-evident packaging, smart labeling, and continuous advancements will provide opportunities for the market growth

Both new and established market participants could benefit from the attractive growth prospects that the increasing demand for smart labels, tamper-evident packaging, and ongoing labeling technology improvements will bring about. In addition, leading market companies are also concentrating on creating inventive and original labels to meet the growing number of launches of pharmaceutical or nutraceutical products, which is anticipated to generate substantial development potential for the global healthcare and laboratory labels market.

Healthcare and Laboratory Labels Market: Challenges

Healthcare labeling expectations of millennials might be difficult to follow

It appears that millennials are a generation that sets trends. Healthcare brands need to be ready for millennial attitudes and habits about how consumers consume and learn before making decisions. They like to connect with transparent and open companies by tackling socio-economic and environmental challenges. Due to market competitiveness, brands that don't adhere to these ideals will soon be replaced.

Healthcare and Laboratory Labels Market: Segmentation

The global healthcare and laboratory labels market is segregated on the basis of product type, application, and region.

Paper labels' widespread availability and affordable cost are anticipated to fuel the segment's expansion

The market for healthcare and laboratory labels is segmented by product type into nylon, polyester, polyolefin, vinyl, paper, and others. Paper-based labels are anticipated to remain the most common during the forecast period, representing slightly under two-thirds of the worldwide market value. The material is popular because it is widely available, affordable, and lightweight, making it ideal for tiny containers. Because of their simplicity of acquisition and capacity to be recycled, papers are also quite popular with both producers and end users. This is because they are environmentally benign and easy to get. However, handwritten labels can seriously undermine research and data trials because of their propensity for illegibility and the potential for misinterpreting sample features. Because of the risk, printed labels with clearly visible sample information are now being used.

Based on application, the pharmaceutical segment holds the significant growth prospects

The market for healthcare and laboratory labels is segmented by application into pharmaceutical, nutraceutical, medical devices, blood bank, hospital services, and laboratory labels. According to the application, the pharmaceutical section is anticipated to account for the biggest revenue share over the projection period. This may be ascribed to elements including expanding pharmaceutical product demand, strict Food and Medication Administration (FDA) regulations, an increase in the number of new product releases, and rising investments in drug research. The practice of attaching labels to items so that end users may comprehend critical product information is referred to as pharmaceutical labeling. The written information on medication or prescription pills is collectively referred to as the pharmaceutical label. These are closely controlled by the FDA and offer helpful details about the company's products. When creating or printing a pharmaceutical label, it is vital to consider legal requirements, linguistic needs, and brand protection.

Recent Development:

• April 2021: Herrods, an Australian and New Zealand-based developer of in-mold label solutions (IML), was purchased by Multi-Color Corporation (MCC), a top supplier of label solutions for a variety of industries. This purchase would be anticipated to expand their product offering and create new chances for local and worldwide growth.
• January 2022: PRISYM ID, a producer, and supplier of solutions for managing regulated content and labels for hospitals and labs, has been acquired by Loftware Inc. With the help of PRISYM ID's sophisticated clinical trial labeling, the purchase is anticipated to improve Loftware's end-to-end, cloud-based labeling platform and expand its labeling solutions for the pharmaceutical and medical device sectors.

Report Scope:

Healthcare and Laboratory Labels Market: Regional Landscape

The North American area dominates the global market for healthcare and laboratory labels

North America, led by the U.S., is expected to continue being the largest market in the global healthcare and laboratory labels market during the course of the projected period. Due to a stringent regulatory environment set up by the Food and Drug Administration (FDA), the region is anticipated to account for one-fourth of the worldwide market value throughout the assessment year. As a result, the need for accurate and trustworthy healthcare labels is growing rapidly in labs, hospitals, and the pharmaceutical sector. Regulatory groups impose strict standards on the healthcare industry to decrease these avoidable fatalities, including labeling.

Asia Pacific is anticipated to increase at the quickest rate over the projected period. According to Harvard University research, medical mistakes cause almost 5 million fatalities in India each year.

Competitive Landscape

• Healthcare and laboratory labels market include 3M
• Aenova
• Avery Dennison
• BRADY
• CCL
• Diagramm Halbach
• Multi-Color
• Schreiner
• UPM Raflatac
• Weber.

Global healthcare and laboratory labels market is segmented as follows:

By Product type

• Nylon
• Polyester
• Polyolefin
• Vinyl
• Paper
• Others

By Application

• Pharmaceutical
• Nutraceutical
• Medical Devices
• Blood Bank
• Hospital Services
• Laboratory Labels

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa