Healthcare and Laboratory Labels Global Market Report 2024

The healthcare and laboratory labels market size has grown steadily in recent years. It will grow from $9.74 billion in 2023 to $10.21 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth observed in the historic period can be attributed to factors such as increasing regulatory complexity, a rise in data security concerns, audit and reporting requirements, quality improvement initiatives, and penalties for non-compliance.

The healthcare and laboratory labels market size is expected to see strong growth in the next few years. It will grow to $12.55 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The anticipated growth in the forecast period can be attributed to the evolution of the regulatory landscape, an increased emphasis on patient privacy, interoperability requirements, rising cybersecurity threats, and a focus on value-based care. Major trends expected in the forecast period include the adoption of remote healthcare services, digital transformation in healthcare, a focus on cloud-based solutions, interoperability and integration with EHR systems, as well as an emphasis on data security and privacy.

The anticipated surge in demand for pharmaceutical products is poised to drive the expansion of the healthcare and laboratory labels market. Pharmaceutical products, encompassing substances designed for the prevention, diagnosis, or treatment of medical conditions, rely on healthcare and laboratory labels to convey vital information to medical professionals regarding dosage instructions and potential side effects. This ensures the safe and effective use of medications. For instance, in February 2023, the Merck Group, a German pharmaceutical company, reported a 22% increase in pharmaceutical product sales for the year 2022, amounting to $59.3 billion compared to the full year 2021. Additionally, data from the European Federation of Pharmaceutical Industries and Associations in June 2022 revealed a rise in production within the European pharmaceutical industry, increasing from $307.57 billion (euro 286.69 billion) in 2021 to an estimated $321.84 billion (euro 300.0 billion) in 2022. Consequently, the escalating demand for pharmaceutical products is a driving force behind the growth of the healthcare and laboratory label markets.

The expansion of e-commerce is expected to contribute significantly to the growth of the healthcare and laboratory label market. E-commerce, encompassing online buying and selling activities, electronic payments, and digital marketing, relies on healthcare and laboratory labels to provide accurate product information, ensure compliance with regulatory standards, and enhance traceability for medical and laboratory supplies. For instance, in November 2023, the US Census Bureau reported that U.S. retail e-commerce sales in the third quarter of 2023 reached an estimated $271.7 billion, reflecting a 0.9% (±0.4%) increase from the previous quarter. Compared to the third quarter of 2022, e-commerce sales experienced a 7.8% (±1.2%) rise, while total retail sales increased by 2% (±0.4%) during the same period. E-commerce sales constituted 14.9% of total sales in the third quarter of 2023. Consequently, the expansion of e-commerce is a key driver of the healthcare and laboratory label market's growth.

The growth of the healthcare and laboratory labels market is anticipated to be impeded in the foreseeable future due to a scarcity of skilled labor. The healthcare sector is grappling with a critical shortage of professionals across various roles, including physicians, nurses, healthcare educators, and midwives, which could hinder the adoption of healthcare and laboratory label solutions. For example, as reported by the American Hospital Association in May 2021, the healthcare industry in the United States is expected to face a deficit of up to 124,000 physicians by 2033, while a yearly recruitment of at least 200,000 nurses is deemed necessary to meet escalating demands. Consequently, the limited availability of skilled workers is acting as a constraint on the expansion of the healthcare and laboratory labels market.

Prominent players in the healthcare and laboratory labels market are strategically concentrating on introducing advanced laboratory labels to enhance their market revenues. These specialized labels are specifically designed for usage in laboratory environments and play a crucial role in identifying and tracking laboratory samples, equipment, and other items. In April 2023, Brady Corporation, a US-based equipment manufacturing company, unveiled the Matt White Polypropylene RFID (Radio Frequency Identification) petri dish label for laboratories. This label, measuring 65 x 6 mm, is easily attachable to delicate and expensive lab equipment, including petri dishes. Engineered to withstand extreme temperatures and chemical environments, the label is ideal for efficiently tracking lab samples and equipment. Constructed from durable polypropylene material, it can endure temperatures up to 185°F and resist chemicals such as acids and bases. Additionally, it is water-resistant and autoclavable. Equipped with an RFID chip, the label facilitates quick and easy identification of the attached sample or equipment through scanning.

In January 2022, Loftware Inc., a US-based software company, completed the acquisition of PRISYM ID for an undisclosed sum. This strategic move is anticipated to enable Loftware Inc. to expand its labeling solution offerings for the medical device and pharmaceutical industries. The acquisition aims to strengthen its end-to-end, cloud-based labeling platform by incorporating advanced clinical trial labeling and regulated content management capabilities. PRISYM ID, based in the UK, specializes in providing label management solutions for pharmaceutical companies and medical device manufacturers.

Major companies operating in the healthcare and laboratory labels market report are Cardinal Health Inc., 3M Company, UPM Raflatac, Avery Dennison Corporation, CCL Industries Inc., Zebra Technologies Corporation, Steris Corporation, Multi-Color Corporation, Brady Corporation, Aenova Group, Schreiner Group, Resource Label Group, General Data Company, Sato America LLC, Caresfield, Tekra Corporation, PlatinumCode, Rippedsheets.com, ID Technology, Shamrock Labels, Tapecon Inc., DuraFast Label Company, Weber Packaging Solutions Inc., United Ad Label, LabTAG, NeuraLabel Printing Solutions, Optimedia Labs Inc., Consolidated Label Co., Coast Label Company, Watson Label Products.

North America was the largest region in the healthcare and laboratory labels market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare and laboratory labels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the healthcare and laboratory labels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Healthcare and laboratory labels are specialized labels used in the healthcare and laboratory industries to identify and track various items, including medical equipment, instruments, and samples. These labels are designed to withstand harsh environments and provide accurate information to healthcare professionals.

The main types of materials used in healthcare and laboratory labels include nylon, polyester, polyolefin, vinyl, paper, and others. Nylon, a synthetic polyamide material, is known for its strength, toughness, and elasticity. It is produced through the polymerization of specific chemical compounds and finds applications in various industries due to its flexibility, high melting point, and versatile uses. The technologies involved in producing these labels include thermal transfer, direct thermal, laser, and inkjet. Healthcare and laboratory labels cater to various end-users, including pharmaceuticals, nutraceuticals, medical devices, blood banks, hospital services, and laboratories.

The healthcare and laboratory labels market research report is one of a series of new reports that provides healthcare and laboratory labels market statistics, including healthcare and laboratory labels industry global market size, regional shares, competitors with a healthcare and laboratory labels market share, detailed healthcare and laboratory labels market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare and laboratory labels industry. This healthcare and laboratory labels market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The healthcare and laboratory labels market consists of sales of barcode labels, patient ID (identity document) labels, specimen labels, color-coding labels, quality control labels, and shelf and drawer labels. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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