Healthcare & Laboratory Labels Market: Pharmaceutical Labels Retain Maximum Value Share European Regulations Provide Stimulus to Market Growth: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018 - 2028
- Future Market Insights
- April 2018
- 248 pages
Labeling market comprises foremost demand from the healthcare and laboratory labels market. It is a result of the rapidly growing research industry. The introduction of new products as well as the demand of pharmaceutical products marks growth of healthcare and laboratory market. Generally, pharmaceutical, nutraceutical, blood banks, and hospital services are included under the healthcare label segment. Whereas, the labels for laboratories, are used on general equipment & lab spaces, glassware & containers, vials & tubes and slide labels, among others.
According to projections presented in a new research report, pharmaceutical market is way ahead of all the other industries in terms of demand for labeling. The pharmaceutical label segment is expected to dominate the market with a value of over US$ 5,500 Mn by the end of 2028. It is also anticipated to witness a CAGR of 4.7% during the forecast period, which is higher than the growth of any other product in the global healthcare and laboratory labels market.
Counterfeiting ignorance to stand out as key factor leading to the prevalence of labels in pharmaceutical market
Counterfeiting has become a significant challenge for companies as well as enforcement agencies in the pharmaceutical and healthcare sector. Many fraudulent practices are surrounding the markets currently. The same has been a scenario of healthcare and laboratory labels market too. The fake labeling has mislead people and also degraded brand image of many companies. One of the ideal solutions for the counterfeiting peril is proper labeling and packaging. Aside from endangering consumer health and safety, counterfeiting negatively impacts the companies, mainly in terms of revenue loss and damage to the brand image. Ongoing developments in labeling technologies are playing a major role in staying one step ahead of the risk, which is driving the overall healthcare and pharmaceutical label market.
The labels are helping in keeping the track of products as well as ensuring the originality of the products with necessary signs on the labels. This also includes tamper-evident packaging which alerts the consumers of possible safety concerns before they purchase a product. Tamper-evident packaging provides a visual indication of package truthfulness when handled in a particular manner, supply, distribute or retail. Such factors are expected to make manufacturers to completely depend on labels and drive sales of healthcare and laboratory labels market.
Certain challenges continue to restrict growth of healthcare and laboratory labels market
Packaging and labeling of many products has become a major issue for manufacturers who are looking for exporting these products. The major concern is the language printed on these products. Every country has its own language, which people in that area are used to. However the exported products are printed with the labels in language of the countries it is exported from. For devices and diagnostics that are to be sold across the EU and non-EU European Union countries, this poses practical and legal difficulties. There is limited space on labels and large information needs to be included.
Translations need to be technically accurate, but most of the time they are literal and not sensible or idiomatic. Many products are even difficult to label, due to its small size and different shapes. Ever-changing end user requirements pertaining to medical device or pharmaceutical labels, material, dimension, printing, etc. encompass a major restraining factor for the label manufacturers. Variable data printing, text font formats and state regulations might pose significant challenge for the producers.
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