Medical Device Labeling Market to Hit US$ 1.78 Billion by 2031 at 5.3% CAGR, Says CoherentMI
Burlingame, Sept. 18, 2024 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, Medical Device Labeling Market is estimated to value at US$ 1.27 Billion in the year 2024, and is anticipated to reach a US$ 1.78 Billion by 2031, with growing at a CAGR of 5.3% during forecast period 2024-2031. With the advancements in medical technology, there has been a rise in the number of medical devices being developed across the world. From simple devices like thermometers to complex ones like MRI machines, each of these devices require labels for identification and providing important information to users. The growing medical devices market directly influences the demand for medical device labeling.
Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2024: | US$ 1.27 Billion |
| Estimated Value by 2031: | US$ 1.78 Billion |
| Growth Rate: | Poised to grow at a CAGR of 5.3% |
| Historical Data: | 2019–2023 |
| Forecast Period: | 2024–2031 |
| Forecast Units: | Value (USD Million/Billion) |
| Report Coverage: | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered: | By Device Type, By Labeling Format, By End User, By Geography |
| Geographies Covered: | Global |
| Major Players: | Avery Dennison Corporation, 3M Company, Amcor Ltd., Mondi Group plc, Huhtamaki Group and Among Others. |
| Growth Drivers: | • Increasing demand for medical devices due to a growing aging population |
| • Regulatory Requirements for Durable and Clear Device Labelling | |
| Restraints & Challenges: | • High cost associated with advanced labeling technologies |
Market Dynamics:
The growth of the Medical Device Labeling Market is being driven by the increasing demand for customized labels from the medical device manufacturers and growing healthcare expenditure. Manufacturers in the medical device industry are focusing on innovating their medical device packaging solutions to meet stringent regulations and inform patients about the usage of devices. Furthermore, increasing prevalence of chronic diseases is accelerating the demand for diverse medical equipment and devices, thereby fueling the need for proper labeling and packaging.
Key Market Takeaways:
- The global medical device labelling market size is anticipated to witness a CAGR of 5.3% during the forecast period 2024-2031, owing to growing regulatory standards and demand for innovative labelling solutions. On the basis of device type, the implantable device segment is expected to hold a dominant position, owing to critical Traceability and safety needs of implanted medical devices.
- On the basis of labelling format, the regulatory labelling segment is expected to hold a dominant position over the forecast period, due to stringent regulations mandating clear labelling of device details.
- On the basis of region, North America is expected to hold a dominant position over the forecast period, due to well-established healthcare infrastructure and stringent medical device regulations in the region.
- Key players operating in the medical device labelling market include CCL Industries, Inc., LINTEC Corporation, UPM Raflatac, Multi-Color Corporation, Resource Label Group, WS Packaging Group, Faubel, Schreiner Group, Topflight Corporation, Syndicate Label, Matform, Labeltape, Iwata Label, Tapp Label and AptarGroup, Inc. Strategic partnerships and new product launches are some key strategies adopted by these players.
Market Trends:
Regulatory mandates on medical device labeling across various regions are promoting the growth of the market. For instance, European Medical Devices Regulation (MDR) and In Vitro Diagnostic Medical Device Regulation (IVDR) have made UDI labeling implementation mandatory from May 2023 and May 2026 respectively. Moreover, technological advancements in label printing such as digital printing is gaining traction in the market. Digital printing offers benefits such as on-demand printing, variable data, and integration of security features. It allows manufacturers to customize labels as per product and regional requirements without minimum order quantity limitations. Furthermore, growing focus on anti-counterfeiting measures is driving the demand for advanced labeling solutions integrated with traceability features such as barcodes, RFID, and holograms.
Recent Development:
- In December 2023, Flexcon Global has introduced MedFlex, a line of polyester printable films and overlaminates designed for lifetime medical device labeling and tracking. MedFlex meets FDA requirements for unique device identifiers (UDI) across Class I, II, and III devices used externally. The product line simplifies selection for customers by offering a consistent, high-quality, biocompatible adhesive solution.
- In August 2021, Thailand's Health Ministry, through the TFDA, has updated medical device regulations to enhance safety and quality standards. A key change is the revised labeling requirements, effective from October 31, 2021, for all medical devices in the Thai market, with exemptions for reusable surgical devices and certain export-only devices. Labeling must be prepared in Thai or English within 180 days of customs clearance.
Get a detailed analysis on regions, market segments, and companies: https://www.coherentmi.com/industry-reports/medical-device-labeling-market
By Device Type:
- Implantable Device Labelling: The implantable device segment is expected to hold the largest share in the market. Implantable devices such as pacemakers, implantable cardioverter defibrillators (ICDs), orthopedic implants, dental implants, breast implants, etc. require clear and informative labelling for traceability and safety purposes. Regulatory authorities mandate comprehensive labelling of critical information for implantable devices.
- Non-Implantable device labelling: Non-implantable devices include equipment, instruments, and accessories used for diagnostics and treatment. Clear labelling of parameters is important for the safe use of devices such as ventilators, physiotherapy equipment, monitoring devices, surgical tools, consumables, etc.
- In Vitro Diagnostics Device labelling: In vitro diagnostic devices utilized for testing samples in laboratories also require appropriate labelling of relevant details. Labelling helps in traceability, handling, and reporting of diagnostic test results.
By Labelling Format:
- Regulatory Labelling: The regulatory labelling segment dominates the market owing to stringent regulations surrounding labelling of crucial device details. Medical devices must be labelled with regulatory information such as the brand and model name, serial number, manufacture date, expiration date, prescription status, and appropriate symbols.
- Informative Labelling: Informative labelling provides care providers and users with instructions for use, precise operating parameters, sterilization and disinfection details, waste disposal guidelines, and other handling instructions.
- Promotional Labelling: While promotional labels are not mandatory, some manufacturers utilize distinctive labelling for brand recognition and marketing of their devices.
By End-user:
- Hospitals: A large quantity of medical devices ranging from complex equipment to disposables are utilized across hospitals. Comprehensive labelling ensures traceability and safety within busy hospital settings.
- Clinics/Ambulatory Surgical Centers: Outpatient care facilities also employ a wide range of medical devices requiring correct labelling.
- Home Healthcare: An increasing number of devices are used for home-based care. User-friendly labelling aids safe device handling outside clinical settings.
Medical Device Labeling Market Segmentation:
- Device Type:
- Implantable Devices
- Non-Implantable Devices
- In Vitro Diagnostic (IVD) Devices
- By Labeling Format
- Regulatory Labeling
- Informative Labeling
- Promotional Labeling
- By End User
- Hospitals
- Clinics/Ambulatory Surgical Centers
- Diagnostic Laboratories
- Home Healthcare
Purchase Latest Edition of this Research Report @ https://www.coherentmi.com/industry-reports/medical-device-labeling-market/buynow
The research provides answers to the following key questions:
- What is the estimated growth rate of the market for the forecast period 2024-2031?
- What will be the market size during the estimated period?
- What are the key driving forces responsible for shaping the fate of the Medical Device Labeling market during the forecast period?
- Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Medical Device Labeling market?
- What are the prominent market trends influencing the development of the Medical Device Labeling market across different regions?
- What are the major threats and challenges likely to act as a barrier in the growth of the Medical Device Labeling market?
- What are the major opportunities the market leaders can rely on to gain success and profitability?
Key insights provided by the report that could help you take critical strategic decisions?
- Regional report analysis highlighting the consumption of products/services in a region also shows the factors that influence the market in each region.
- Reports provide opportunities and threats faced by suppliers in the Medical Device Labeling industry around the world.
- The report shows regions and sectors with the fastest growth potential.
- A competitive environment that includes market rankings of major companies, along with new product launches, partnerships, business expansions, and acquisitions.
- The report provides an extensive corporate profile consisting of company overviews, company insights, product benchmarks, and SWOT analysis for key market participants.
- This report provides the industry's current and future market outlook on the recent development, growth opportunities, drivers, challenges, and two regional constraints emerging in advanced regions.
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About Us:
At CoherentMI, we are a leading global market intelligence company dedicated to providing comprehensive insights, analysis, and strategic solutions to empower businesses and organizations worldwide. Moreover, CoherentMI is a subsidiary of Coherent Market Insights Pvt Ltd., which is a market intelligence and consulting organization that helps businesses in critical business decisions. With our cutting-edge technology and experienced team of industry experts, we deliver actionable intelligence that helps our clients make informed decisions and stay ahead in today's rapidly changing business landscape.
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