Surging demand for simple yet effective informatory solutions in the healthcare landscape related to medical devices, drugs, diagnostic samples, etc. is expected to remain the primary growth attribute to the healthcare and laboratory labels market. As labels offer details of the medical samples such as purpose, longevity, and safety hazards, among others, they are considered crucial across hospitals and laboratories. Furthermore, the usage of labels is proving highly helpful to consumers in understanding the properties and functionalities of complex medical devices in home care settings.
Advent of technologies such as NFC, IoT, and RFID coupled with penetration of cloud platforms into healthcare settings have enabled the development of intelligent labels, and it is expected to further fuel the growth of the market. The development of smart labels that facilitate tracking, tracing, and automated data collection of the products is projected to give a major boost to the market.
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Along similar lines, implementation of stringent regulations pertaining to healthcare labels to curb the incidence of medical errors caused by faulty labeling is also forecasted to bestow remunerative opportunities to market players. In addition to mentioning details of the product, healthcare and laboratory labels have eased managing and gathering information, thus reducing chaos in data management applications across clinics, blood banks, pharmaceutical industries, and hospitals, among other end-uses.
On the back of these factors, the global healthcare and laboratory labels market is forecasted to grow in value at a steady CAGR of 4.8% between 2020 and 2030, according to a new market study by Future Market Insights. Some of the key takeaways from the report are:
- The global healthcare and laboratory labels market is projected to attain a valuation of US$ 22,700 Mn by the end of the forecast period.
- Based on material, paper-based labels are expected to remain the most sought-out material type, accounting for nearly 65% of the value, since they are easily available and affordable.
- Polyolefin-based labels are expected to create an incremental opportunity of US$ 1,450 Mn between 2020 and 2030, owing to increasing preference in nutraceutical applications due to strong adhesiveness.
- By end-use, the pharmaceutical segment is anticipated to channel the majority of revenue through the assessment period, backed by a high need for labeling novel drugs.
- North America is projected to maintain hegemony over the regional landscape, accounting for nearly 30% of market share, ascribed to the high emphasis on medical safety across healthcare and pharmaceutical sectors in the region.
- South Asia is exhibiting tremendous growth potential, due to increased spending on healthcare settings and is poised to expand at a 7.5% value CAGR.
“Players operating in the market are focusing on developing smart labeling solutions to stay intact with the ever-evolving consumer requirements and regulatory guidelines, which also ensures a strong foothold,” remarks FMI analyst.
COVID-19 Impact on Healthcare and Laboratory Labels Market
The outbreak of COVID-19 has emerged as a lucrative growth opportunity to market players, creating an unprecedented demand for labeling testing samples of COVID-19. While governments of severely impacted nations continue to upscale the testing capacity of COVID-19, the demand for laboratory labels is expected to witness a significant uptick. Moreover, surging numbers of COVID-19 care centers and infections have necessitated the maintenance of data and labels are proving helpful in identifying, tracking, and testing patients. On the back of these factors, the COVID-19 has catalyzed the growth of the market and the demand for labels will persist high through the pandemic period.
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Who is Winning?
Players operating in the healthcare and laboratory labels market are directing their efforts to develop advanced, innovative solutions that comply with the regulations while also adding value to the medical experience. On these lines:
- In March, 2020, Schreiner Group announced a partnership with RIFD tracking solutions provider, Kit Check to produce RFID-based smart labeling solutions.
- United Ad Label is also working on developing RFID-based labels to leverage the growing trend of smart technologies.
FMI’s report includes profiles of some of the most prominent names in the market including Avery 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. KG, Diagramm Halbach GmbH & Co. KG, The Aenova Group, and Shamrock Labels.