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The medical device labeling market for manufacturers is estimated to be worth $509 million in 2019 and is expected to grow at CAGR of 9.8% during the forecast period. As of August, over 30 medical devices were approved by the US FDA alone, in 2019. Given recent technological advances and the increasing complexity of such products, the medical device labeling requirements has become a concern that is being addressed by both label manufacturers and regulators. In this context, it is worth highlighting that more than 10% of product recalls observed in this market are attributed to medical device labeling related issues. Labels ensure that a product is used according to the manufacturer’s instructions and also serve to protect the developer from litigation pertaining to off-label use / abuse of a marketed device. Over the years, medical device packaging and labeling operations have evolved significantly. Presently, a variety of novel label designs, equipped with advanced features (such as traceability, tamper-evident sealing provisions and environmental resistance), are available. In addition, there have been significant upgrades pertaining to medical device label materials and label printer technologies.
As the demand for innovative medical devices continues to grow, we believe that innovator companies are more likely to outsource certain aspects of their business operations, such as label manufacturing. Owing to the expertise and infrastructure required to develop and produce certain advanced types of pharmaceutical labels, the demand for contract service providers has increased substantially in medical device labeling market. Moreover, in order to cope up with the innovation in medical device labeling market, service providers are actively engaged in improving their core capabilities, procuring necessary certifications (such as ISO 13485), and optimizing business strategy. As a result, the industry has witnessed notable consolidation in the last five years, with many of the smaller players being acquired by more established businesses in efforts to augment the latter companies’ offerings.
Examples of key label manufacturers engaged in medical device labeling market (which have also been profiled in this market report; the complete list of companies is available in the full report) include Avery Dennison, Labeltape, Maverick Label, Multi-Color, Resource Label Group, Steven Label, Topflight, WS Packaging Group, Faubel, Huhtamaki, Matform, Mondi Group, OPM Group, Schreiner Group, Iwata Label and Syndicate Label. This market report includes an easily searchable excel database of all the label manufacturers providing medical device labels, worldwide.
The “Medical Device Labeling Market, 2019-2030” market report features an extensive study of the current market landscape, market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunities of the medical device labeling market. The market research also features detailed analysis and an elaborate discussion on the future potential of medical device labeling market.
Amongst other elements, the market research report includes:
The key objective of medical device labeling market report is to provide a detailed market analysis in order to estimate the existing market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunity for medical device labeling market during the forecast period. We have provided an informed estimate of the likely evolution of the market in the short to mid-term and long term, for the forecast period 2019-2030. In addition, we have provided the likely distribution of the opportunity across different [A] types of labels (glue applied, pressure sensitive, in mold, sleeve and others), [B] type of material (paper, plastic and film), [C] application areas(therapeutic devices, diagnostic devices, drug delivery devices and other devices), [D] device classes (class I devices, class II devices and class III devices), and [E] geographical regions (North America, Europe, Asia-Pacific and rest of the world). To account for the uncertainties associated with the growth of medical device labels market and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry’s growth.
All actual figures have been sourced and analyzed from publicly available information forums. Financial figures mentioned in this market research report are in USD, unless otherwise specified.