LOS ANGELES, April 30, 2020 /PRNewswire/ -- Acumen Research and Consulting, Recently Published Report on "Healthcare and Laboratory Labels Market Size, Share and Forecast, 2020-2027".
The global healthcare and laboratory labels market is expected to grow at a CAGR of around 5.3% during the forecast period 2020 to 2027 and reach the market value of over US$ 8,233.4 Mn by 2027.
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Healthcare and laboratory labels are used to identify and explain about the product and its uses. These are strictly regulated because the printed information is directly or indirectly influence the life of the people. The global healthcare and laboratory labels can be segmented into product type and application. Product type is divided into nylon, polyester, polyolefin, vinyl, paper, and others. Additionally, pharmaceutical, nutraceutical, medical devices, blood banks, hospital services, and laboratory labels are the applications of healthcare and laboratory labels.
Moreover, the application segment including pharmaceutical, nutraceutical, medical devices, blood bank, and hospital services comes under healthcare labeling. The pharmaceutical label segment is leading the global healthcare and laboratory labels market and the segment is also anticipated to maintain its dominance over the estimated period. The necessity of pharmaceutical label is important as it is used to figure out the important information associated with the use and components of the drug. The technological advancements pertaining to gain a competitive advantage is further supporting the segmental market value.
In 2019, North America held the major share of the global healthcare and laboratory labels market in 2019 and the region is also projected to maintain its dominance over the forecast timeframe from 2020 to 2027. North America is attributed for maximum share owing to the strong footprint of the healthcare sector with advance technology in the region. The major economies of the region including the US and Canada are particularly supporting the market value. Additionally, the presence of leading manufacturers and heavy investment in research and development activities in the regional market is further contributing to the regional market value.
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Furthermore, Asia Pacific is projected to exhibit the fastest growth during the estimated period. The region is particularly gaining pace owing to the rising investment in the healthcare sector by the government of emerging economies. The major countries of the region including China, Japan, South Korea and India are contributing to the market growth over the estimated period from 2020 to 2027. The increasing purchasing power of people and the rising focus of global manufacturers in the regional market is further supporting the market value.
Some of the leading competitors are 3M, Aenova, Avery Dennison, BRADY, CCL, Diagramm Halbach, Multi-Color, Schreiner, UPM Raflatac, Weber. Healthcare and laboratory labels companies have announced mergers and acquisitions to expand their position in the Healthcare and Laboratory Labels industry. Major players are also moving into new regions or advanced technologies.
Some of the key observations regarding healthcare and laboratory labels industry include:
- In 2020, major government public health agencies and disease control centers across the UK, Europe, and the USA are working with Computer Imprintable Label Systems (CILS) for providing rapid response labels to meet the demand for coronavirus specimen testing. According to the WHO, COVID-19 specimens must be stored at 2-8°C for up to 72 hours after collection and if the delay in testing or shipping is expected then the specimens must be stored at -70°C on dry ice.
- Merck's LANEXO™ system through the digital data capture and RFID labels provides rapid access to information such as open dates and expiry dates of consumables and documents lab reagent data in real-time. The technology reduces human errors and improves the reliability and traceability of compliance documentation with a digital inventory. Whereas, Merck's custom-developed LANEXO™ RFID lab is a vendor-neutral solution that offers complete lab coverage in-terms of inventory, safety, and compliance management.
- In 2020, Epson has introduced new media for ColorWorks C3500, which is British Standard BS-5609 certified for GHS chemical labeling applications and are well-suitable for GHS pharmaceutical labels, chemical labels, medical device labels, laboratory labels, product labels which require water or chemical resistance. Whereas, GHS stands for globally harmonized system of classification and labeling of chemicals.
- CILS has launched a solvent-resistant, computer printable durable label in 2020. The labels are resistant to Xylene, MEK, IPA, DMSO and are perfect for microscope slides, tissue cassettes, HPLC columns, vials, and tubes.
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