The global healthcare & laboratory labels market size was worth USD 8.90 billion in 2021 and is estimated to grow to USD 11.72 billion by 2028

SUITE N202, NEW YORK, UNITED STATES, January 17, 2023 /EINPresswire.com/ -- The report analyzes the global healthcare & 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 & laboratory labels market. The global healthcare & laboratory labels market is segregated based on product, application, and region. Based on the product, the market is divided into nylon, polyester, polyolefin, vinyl, paper, and others. Among these, the paper segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Based on application, the market is classified into pharmaceutical, nutraceutical, medical devices, blood bank, hospital services, laboratory labels. The pharmaceutical category dominated the market in 2021. Key players in the global healthcare & laboratory labels market include 3M, Aenova, Avery Dennison, BRADY, CCL, Diagramm Halbach, Multi-Color, Schreiner, UPM Raflatac, and Weber.

The global healthcare & 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 4.70 percent over the forecast period.

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Global Healthcare & Laboratory Labels Market Overview

Healthcare labels make it easier for patients and healthcare professionals to communicate, which is essential for patient wellness. Hospitals and healthcare facilities frequently employ labels for patient identification, medical purposes, charts, blood bags, and infection control. Similarly, laboratory labels are used for facility or lab communication, sample identification, and tracking. These labels, created with particular adhesive qualities, are used to label test tubes, blood bags, tubules, or poisonous compounds to facilitate the identification and avoid unintentional abuse. As a result of the many environmental conditions that medical and laboratory items are subjected to, such as freezing and refrigeration, labels are expected to meet adhesive criteria, such as resistance to smearing and chemicals, ease of dispensing, and clear graphics.

The need to improve hospital workflow, the rise in demand for pharmaceutical & nutraceutical goods, and the fast development of labeling techniques contribute to the global healthcare & laboratory labels market's revenue growth. Manufacturers and medical facilities are having trouble adhering to the language regulations imposed by governments of various nations to enhance authority supervision. The market's growth is largely driven by the expansion of research initiatives throughout the healthcare industry. In addition, the rising demand for pharmaceutical items and the rising need for labeling promote market expansion. Current advancements in labeling technology are accelerating industry expansion even more.

Healthcare & Laboratory Labels Market: Geographical Analysis

North America held the largest revenue share in the global healthcare & laboratory labels market in 2021. This is due to factors like the region's developed healthcare infrastructure & research facilities, increased clinical trials, and rising demand for research facilities & laboratories for accurate and dependable healthcare and laboratory labels. The market revenue growth in North America is also anticipated to be fueled by increased investments in medication development, an increase in the number of product launches, and a focus on creating high-quality labels. Furthermore, Asia Pacific is also anticipated witness considerable growth during the projection period. Due to the region's developing healthcare infrastructure, rising need for smart labels, expanding clinical research initiatives, and increasing demand for pharmaceuticals & nutraceuticals, the Asia-Pacific market's revenue is anticipated to grow quickly throughout the forecast period.

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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.

Browse the full “Healthcare and Laboratory Labels Market By Product Type (Nylon, Polyester, Polyolefin, Vinyl, Paper, Others), By Application (Pharmaceutical, Nutraceutical, Medical Devices, Blood Bank, Hospital Services, Laboratory Labels) and By Region -Global & Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/healthcare-laboratory-labels-market

Global 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.

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