Medical Device Labeling: Pressure Sensitive Labels to Account for 48%+ Revenue Share by 2025
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According to the latest market report published by Transparency Market Research, Albany, N.Y., USA, titled Medical Device Labeling Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025, global revenues generated from sales of disposable consumables were around $716.4 million in 2017, and are projected to increase at a CAGR of 6.3% during forecast period 2017-2025.
The disposable consumables segment is anticipated to be the highest contributor to the global medical device labeling market, over the forecast period, 2017-2025.
The global medical device labeling market has witnessed impressive growth during the past few decades, due to stringent FDA regulations and introduction of new medical devices in the market. Growing awareness regarding FDA standards helps in the growth of the medical device labeling market. Labeling helps to ensure the effectiveness and safety of a device. With the help of centralized labeling, the companies are empowered to rapidly shift labeling from one facility to another to continue support operations. Rising numbers of new medical devices and drug discoveries are some of the prominent factors which lead to an increase in the demand of medical device labeling.
On the basis of label type, the pressure sensitive labels segment accounts for the largest market share of the medical device labeling market because of growth in the technological advancements to overcome existing challenges. On the basis of application of medical device labeling market, the disposable consumables segment is expected to dominate the market during the forecast period. On the basis of material type, paper segment dominates the global medical device labeling market.
North America is estimated to account for the largest share in the medical device labeling market due to high investment on research and development in the medical sector in this region. North America is expected to trail APAC in the medical device labeling market. MEA is estimated to contribute a small but rapidly growing market share in the medical device labeling market. Latin America is, however, slated for moderate growth over the forecast period.
The market players that have been profiled in the report include 3M Co., Amcor Ltd., Mondi Group, Avery Dennison, Lintec Corp., Huhtamaki Oyj, UPM Raflatac, CCL Industries, Schreiner Group, Denny Bros., WS Packaging Group, Resource Label Group, Faubel & Co., Tapecon, Weber Packaging Solutions, JH Bertrand, Coast Label Co., and Label Source.
The report analyzes key drivers and restraints, as well as the medical device labeling market trends, and performs impact analysis based on the average weighted model.
Globally, the medical device labeling market has been segmented on the basis of label type, material type, application, and region.
