Healthcare and Laboratory Labels Market - Size, Share, Industry Trends, and Forecasts (2023 - 2031)

By Material :

The material segment is categorized into polyester, nylon, polypropylene, polyolefin, paper, and others. In 2022, the paper segment accounted for the highest market revenue in the healthcare and laboratory labels market and is also expected to grow at the fastest CAGR over the forecast period. Paper is widely utilized for the preparation of a variety of labels in the healthcare and laboratory labels market. The strong development of this segment is mainly attributed to factors such as the large availability of paper in the market and increased preference for labels prepared from paper owing to the ability to write on paper material. In addition, according to the analysis, disadvantages associated with plastic labeling material is another dominant factor driving the assertive development of the segment in the approaching years.

Moreover, the eco-friendly composition of recycled paper labels is expected to drive the significant demand for these labels in the market. For instance, according to the data updated by the State of California in 2023, eco-choice papers contain a minimum of 50% total recycled fiber with at least 10% content from post-consumer sources. Hence, the aforementioned factors are further inducing the phenomenal development of the segment.

By Type :

The type segment is categorized into product label, warning label, sample label, slide label, pharmacy label, barcode label, identification label, and others. In 2022, the product label segment accounted for the highest market share of 29.78% in the healthcare and laboratory labels market and is also expected to grow at fastest CAGR over the forecast period. The product label segment has a vast range of applications in medical supplies, medical equipment, medicines, medical devices, among others, owing to its high potential to improve identification of product. As per the analysis, the extraordinary development of the segment is primarily driven by prevalent use of this label in all types of healthcare, laboratory, pharmaceutical, and supplemental products.

Moreover, the impeccable advantages of product label are also expected to drive the significant demand for these labels in the market over the next few years. For instance, according to the data updated by the Commonwealth of Massachusetts in November 2020, a product label is essential to any business as it delivers two functions, which are sales and marketing. The label also provides key information for the consumer such as what is the product, what ingredients it contains, nutrition information, contact information, and more. Hence, the above-mentioned factors are contributing to phenomenal market expansion and trends of the segment in the upcoming years.

By Application :

The application segment is categorized into medicines, laboratory chemicals, medical equipment, medical supplies, medical devices, and others. In 2022, the medicines segment accounted for the highest market revenue in the healthcare and laboratory labels market and is also expected to grow at fastest CAGR over the forecast period. Medicines have the largest share in the overall healthcare products sector. According to the analysis, the high requirement for directions, dosage, product identification, and allergies in medicines is another incredible factor promoting the phenomenal market development of the segment. In addition to this, the ability of labels to improve organized handling of medicines is also contributing to superior market expansion.

Moreover, the growing production of medicines is one of the profound factors expected to drive market in the upcoming years. For instance, according to the data published by the Association of the British Pharmaceutical Industry (ABPI) in January 2023, manufacturing of medicines in UK has the potential to drive the growth of UK over the next 10 years. Therefore, the above-mentioned factors are also expected to generate strong demand for these labels in the market over the forecast period.

By End-use Industry :

The end-use industry segment is categorized into healthcare, pharmaceutical, nutraceutical, blood banks, research centres, and others. In 2022, the pharmaceutical segment accounted for the highest market share in the this market and is also expected to grow at the fastest CAGR over the forecast period. Pharmaceutical segment utilizes wide range of labeling products for better identification and recognition of pharmaceutical items. Similarly, based on the healthcare and laboratory labels market analysis, strong rise of this segment is also driven by increasing emphasize on mentioning instructions and precautionary measures on pharmaceutical products.

Furthermore, the growth of the segment is also driven by the continuously proliferating market of pharmaceuticals across the globe. For instance, according to the report published by the Business Indonesia in July 2023, pharmaceutical market of Indonesia is the largest market in the Southeast Asia region, with sales of medicines in Indonesia valued at USD 7.6 billion in 2020 and is anticipated to reach USD 176.3 trillion by 2025, with a CAGR of 10.7%. Therefore, the aforementioned factors are expected to support the strong demand for these labels and in turn propel the healthcare and laboratory labels market trends in the next few years.

By Region :

The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.

In 2022, North America accounted for the highest market share of 38.73% valued at USD 3,526.85 Million in 2022 and USD 3,695.42 Million in 2023 and is expected to reach USD 5,537.22 Million in 2031. In the North American region, the U.S. accounted for the highest healthcare and laboratory labels market share of 65.52% in 2022. The growth of this region is majorly attributed to increased healthcare and laboratory labels market demand in North American countries, owing to dominant presence of manufacturers of healthcare and pharmaceutical products. In addition to this, the phenomenal escalation in the production of pharmaceutical sector is another major sector promoting the development of the market in the region. For instance, according to the report published by the European Federation of Pharmaceutical Industries and Associations (EFPIA) in May 2022, North America accounted for 49.1% of world pharmaceutical sales in 2021, compared to 23.4% in Europe, while U.S. had 64.4% of sales of newly launched medicines during the period 2016-2021, compared to 16.8% in the European market. Thus, contributing to increased requirement for these labels to further propel the market in the region.

However, Asia Pacific is expected to grow at the fastest CAGR of 5.8% during the forecast period. The expansion of this region is majorly attributed to increasing demand for labels in the steadily growing healthcare and pharmaceutical sectors in the region. Similarly, the rising awareness about communicating information about products to their users is another influential factor expected to create opportunities and healthcare and laboratory labels market trends over the forecast period.