The projected growth in North America and Latin America’s healthcare sectors paints an optimistic outlook for the clinical research industry within NAFTA countries. With a Compound Annual Growth Rate (CAGR) of 3.7% from 2023 to 2033 in North America and 4.7% in Latin America, these regions are poised for significant expansion. In 2023, North America already commands a substantial market share of 26.4%, indicating a strong foundation for future growth. This momentum is expected to bolster the demand for the healthcare and laboratory labels market, essential tools for tracking and identifying medical products and samples.
Furthermore, the rising populations and the surge in medical tourism to countries like India, China, Malaysia, and Thailand add to the positive outlook, offering new opportunities for clinical research and healthcare industries. These trends highlight the evolving landscape of healthcare and research in the Americas and beyond.
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The global healthcare and laboratory labels market is poised for significant growth, with an estimated value of US$ 9.59 billion in 2023 and a projected surge to US$ 14.89 billion by 2033, marking a robust 4.5% compound annual growth rate (CAGR) between 2023 and 2033. By 2023, the market is expected to maintain a steady 4.1% annual growth rate.
Several key factors are driving this expansion. The increasing demand for pharmaceutical products, coupled with the continuous launch of new products, is expected to be a major catalyst for market growth. Particularly, the sector of pressure-sensitive labels and labeling tapes is anticipated to experience rapid growth due to escalating demand for labeling across various industries.
Furthermore, the prevalence of diseases, a rise in hospital admissions, and the introduction of new products during the forecast period are expected to contribute significantly to revenue growth in the healthcare and laboratory labels market. These labels play a crucial role in the healthcare and pharmaceutical sectors, enhancing patient safety across clinical, administrative, and operational domains.
Key Takeaways
- The Polyolefin segment in the material category is to advance at a CAGR of 5% from 2023 to 2033, worth US$ 4.02 billion by 2023.
- The laboratory segment in the end user category is to develop at a CAGR of 5.4% between 2023 and 2033, worth US$ 2.46 billion by 2023.
- The paper segment in the material category of the healthcare and laboratory labels industry is to acquire a market share of 64.9% by 2023.
- The Pharmaceutical segment, in the end, user category is to grab a market share of 30.1% by 2023.
- The United States to capture a CAGR of 3.7% between 2023 and 2033, worth US$ 3,862.9 million in 2023.
- German healthcare and laboratory labels industry to advance at a CAGR of 3.6% from 2023 to 2033, reaching US$ 686.4 million in 2023.
- India is to expand at a CAGR of 7.4% during the forecast period, worth US$ 2354.7 million by 2023.
- China healthcare and laboratory labels market is to expand at a CAGR of 6% from 2023 to 2033, reaching US$ 2332 million in 2023.
- The United States to obtain 89.4% of the market share by 2023.
- Germany healthcare and laboratory labels industry to hold a market share of 21.7% by 2023.
- France to secure a market share of 16.8% by 2023.
- India is to witness 79.6% of the market share by 2023.
- China healthcare and laboratory labels industry to grab a market share of 56.1% by 2023.
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Competitive Landscape
The healthcare and laboratory labels market is a fragmented market. The key players operating in the market are focusing on expanding their reach globally, diversifying their product portfolio, and rapid product development to gain competitive edge.
Pdc Healthcare has its V-Notch Secondary Labels with BD Vacutainer Plus Plastic Tubes. They make way for appropriate label placement every time.
Top Key Players Covered-
- Avery Dennison Corporation
- CCL Industries Inc.
- 3M Company
- Multi-Color Corporation
- UPM Raflatac Corporation
- Brady Corporation
- Sato Holdings Corporation
- Weber Packaging Solutions, Inc.
- Schreiner Group GmbH & Co. KG
- Diagramm Halbach GmbH & Co. KG
- The Aenova Group
- Shamrock Labels
- Medline Industries, Inc.
- PlatinumCode
- United Ad Label
- Adampak Pte Ltd.
- Advance Labelling Systems Limited
- Majestic Labels CC
- QLM Label Makers Pte Ltd.
- Chicago Tag & Label, Inc.
Key Segments:
Market By End-user :
- Pharmaceuticals
- Nutraceuticals
- Medical Devices
- Blood Banks
- Hospital Services
- Laboratories
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa (MEA)
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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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