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The demand for Medical Device Labeling Market was estimated at USD 802.4 Mn in 2019. It is projected to witness a CAGR of ~6.5 % during the forecast period (2020-2028).
Medical devices labeling has an important role to play and hence this is widely adopted in medical sector. Medical device labeling includes package labels, instructions for use, maintenance manuals, equipment labels, control labels, etc. Labeling is important when identifying the medical device and specifying instructions for the proper use of medical devices. Hence due to these factors, medical device labeling market is expected to witness high growth during forecast period.
Moreover, growing implementation of home health medical equipment is also expected to boost the growth of the market. The medical device sector has been very competitive with an annual growth rate of 5% and has remained relatively stable for decades. The increase in the number of hospitals and an increase in the demand for healthcare facilities generates a need for advanced technologies that can provide patients with excellent treatment. The development of discord and doubt due to the lack of a common global regulatory system limits the global market for medical device labeling.
In addition to this, growing efforts by governments in different countries, mainly in developing regions such as South and East Asia, to just provide basic healthcare facilities to the middle-class group are expected to create significant demand for medical device labeling solutions. In fact, the increasing demand for monitoring and diagnostic equipment for the treatment of serious chronic diseases worldwide is leading to the growth of the market for labeling of medical devices.
On the basis of application segment, disposable consumables based Medical Device Labeling market expected to witness high demand during forecast period (2020-2028)
Disposable consumables sector had accounted for a significant share of more than xx% in 2019 and is expected to remain dominant during the forecast period.
The major presence of key players in this region is a key factor in enhancing the growth of the Medical Device Labeling market. Disposable consumables are expected to address for almost half of the market share over the forecast years. The rapidly increasing demand for medical device packaging alternatives to pack and seal a range of disposable consumables, such as needles, syringes and wraps, contributes significantly to the growth of the sector.
On the basis of material segment, plastic based Medical Device Labeling market expected to witness high demand during forecast period (2020-2028)
Plastic sector had accounted for a significant share of more than xx% in 2019 and is expected to remain dominant during the forecast period.
Plastic has a largest market share in the global market for Medical Device Labeling due to various benefits offered by the material. Plastic experiences a consistent demand for medical device packaging solutions due to its key advantages such as competitive prices, light weight, durability and tear resistance as compared to other alternatives available in the market. Key players also in the industries prefer plastic based medical device labels in the market.
North America is likely to dominate the global Medical Device Labeling market during forecast period.
North America had accounted for a significant share of xx% in 2019.
North America has the largest market share in the global market for medical device labeling due to strict legislations such as the Unique Device Identification (UDI) labeling and other rules enforced by regulatory bodies in these regions. In fact, the highly developed healthcare infrastructure and large investments in R&D activities in the field of medical devices are also expected to add to the growth of the health product labeling market in this area over the forecast period.
Competitive landscape analysis:
The Global Medical Device Labeling Market covers prominent players such as 3 M Company, Amcor Limited, Mondi Group Plc, UPM Raflatac, Avery Dennison Corporation, Lintec Corporation, Huhtamaki Oyj, CCL Industries Inc, Schreiner Group GmbH & Co. KG, Denny Bros Ltd., and so on. These are some of the major manufacturer in the Global Medical Device Labeling Market.
Medical Device labeling market segmentation:
Medical Device labeling market by type:
- Pressure sensitive labels
- Glue applied labels
- Sleeve labels
- In Mold label
Medical Device labeling market by material:
Medical Device labeling market by application:
- Disposable consumables
- Monitoring & Diagnostic Equipment
- Therapeutic Equipment
Medical Device labeling market by region:
- North America
- Latin America
- Middle East & Africa