A report by Future Market Insights finds rising demand for medical and laboratory labels due to growth in US blood banks and pathology labs. Accurate labeling is vital for effective tracking, and sustainable label innovations are expected to further expand the industry. Eco-friendly labels are also in high demand due to environmental concerns and regulations.
NEWARK, Del., Feb. 27, 2024 /PRNewswire/ -- A new forecast by Future Market Insights, Inc. reveals that the US healthcare and laboratory label industry reached US$1.056 billion in 2023. Over the next decade, the market is expected to exhibit a steady growth rate, with a Compound Annual Growth Rate (CAGR) of 3.2%. This translates to a projected increase from US$1.082 billion in 2024 to US$1.478 billion by 2034.
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The need for medical and laboratory labels is increasing due to the growth of blood banks and pathology labs in the United States. Accurate labeling is essential for appropriately tracking and recognizing the huge volume of samples and goods these facilities handle. The rising innovation and investment in developing sustainable healthcare & laboratory labels are further expected to expand the industry.
The need for dependable and compatible labeling solutions is rising along with a surge in blood donations and medical testing in the United States. Regulatory standards and compliance in label development are essential to the healthcare industry.
The flexible packaging industry is experiencing a surge in demand for eco-friendly healthcare and laboratory labels due to increased environmental sustainability and strict regulations imposed by the FDA and other government authorities. Growing eco-consciousness in manufacturers and consumers is increasing the demand for eco-friendly labels and is expected to rise continually.
Key Takeaways from the United States Healthcare and Laboratory Label Industry
- Over the forecast period, healthcare & laboratory label demand in the United States is anticipated to rise at 3.2% CAGR.
- The industry is predicted to reach US$ 1,478.2 million in 2034.
- By adhesive, the removable segment is expected to surge at a CAGR of 4.3% by 2034.
- By end-use, the hospital segment is anticipated to gain incremental opportunity of US$ 103.6 million during the forecast years.
- Based on printing technology, the direct thermal segment is expected to exhibit a CAGR of 2.1% during the forecast period.
"Medical and laboratory products face environmental conditions like freezing and refrigeration, requiring labels with adhesive properties like chemical resistance, easy dispensing, and clear graphics. The growing demand for superior adhesive labeling is expected to drive industry growth during the forecast period."- says Ismail Sutaria (Lead Consultant, Packaging and Materials)
Competitive Landscape
CCL Industries Inc., Brady Corporation, Cardinal Health Inc., Sato Holdings Corporation, Schreiner Group, and Shamrock Labels are the leading players in the industry. The tier 1 players hold 15 to 25% of the overall healthcare & laboratory label industry share.
Manufacturing companies operating in the healthcare & laboratory label industry are developing innovative solutions catering to specific products or applications. Leading players are expanding their presence and manufacturing capabilities and moving toward adopting and offering sustainable solutions to customers. Key players are investing in collaborating with flexible packaging companies to provide innovative labeling solutions.
Recent activities and developments:
- In July 2023, CCL Industries Inc. acquired privately held Creaprint S.L., based in Alicante, Spain.
- In September 2023, Schreiner MediPharm, part of Schreiner Group, developed a Freeze-Light-Protect syringe label from Schreiner MediPharm.
Purchase now and gain full access to the U.S. Healthcare and Laboratory Labels Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.
The United States Healthcare and Laboratory Label Industry Report
Future Market Insights (FMI), in its new report, offers an unbiased analysis of the healthcare & laboratory label industry, analyzing historical demand from 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals industry growth projections on the global healthcare & laboratory label industry based on material type (polyolefin, polyethylene terephthalate (PET), polyvinyl chloride (PVC), paper, others), printing technology (direct thermal, thermal transfer, inkjet printing, laser printing), adhesive (permanent and removable), and end-use (hospitals, laboratories, clinical trials, independent clinics, blood banks, diagnostic centers, veterinary labs, ambulatory surgery centers (ASCs), outpatient surgery centers).
United States Healthcare and Laboratory Label Industry Segmentation by Category
By Material Type:
- Polyolefin
- Polyethylene Terephthalate (PET)
- Polyvinyl Chloride (PVC)
- Paper
- Others
By Printing Technology:
- Direct Thermal
- Thermal Transfer
- Inkjet Printing
- Laser Printing
By Adhesive:
- Permanent
- Removable
By End-use:
- Hospitals
- Laboratories
- Clinical Trails
- Independent Clinics
- Blood Banks
- Diagnostic Centers
- Veterinary Labs
- Ambulatory Surgery Centers (ASCs)
- Outpatient Surgery Centers
By Sub-region:
- Northeast
- Southwest
- West
- Southeast
- Midwest
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About the Packaging Division at Future Market Insights (FMI)
The packaging division at Future Market Insights (FMI) provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials and packaging machinery to packaging designs & formats, Future Market Insights (FMI) has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
About the Author:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading market intelligence and consulting service provider, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, the U.S., and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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