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What Are The 5 Takeaways From The Pharmaceutical Label Market Overview 2024

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

The Business Research Company’s Pharmaceutical Label Global Market Report 2024 offers crucial insights into the pharmaceutical label market help businesses analyse and build stronger strategies.

 

The pharmaceutical label market has experienced substantial growth in recent years and is poised to continue its upward trajectory. In this blog, we’ll delve into the factors driving this growth, explore future trends, and highlight key innovations reshaping the market.

 

Market Growth Overview

Recent Market Performance

  • Market Size in 2023: $6.34 billion
  • Expected Growth in 2024: To $6.83 billion
  • Compound Annual Growth Rate (CAGR) 2023-2024: 7.6%

 

Drivers of Growth

  • Stringent Regulatory Requirements: Ensuring compliance with healthcare regulations has boosted the demand for pharmaceutical labels.
  • Increased Pharmaceutical Production: Growing drug production necessitates more labels.
  • Counterfeiting Concerns: The rise in counterfeit drugs has led to the need for secure labeling solutions.
  • Patient Safety: Enhanced focus on patient safety drives the need for accurate and informative labeling.
  • Global Supply Chains: The globalization of pharmaceutical supply chains requires standardized and reliable labeling.

 

Read The Full Pharmaceutical Label Market Report Here:

https://www.thebusinessresearchcompany.com/report/pharmaceutical-label-global-market-report

 

Future Market Projections

Expected Growth

  • Market Size in 2028: $9.24 billion
  • CAGR 2024-2028: 7.9%

 

Future Growth Drivers

  • Smart Labels: Increasing use of technology-driven smart labels for better tracking and patient interaction.
  • Sustainable Solutions: Rising adoption of eco-friendly and sustainable labeling solutions.
  • Patient-Centric Packaging: Enhanced focus on packaging that meets patient needs and improves compliance.
  • Tamper-Evident Labels: Growing demand for labels that ensure product integrity.
  • Personalized Medicine: Expansion in personalized medicine requires customized labeling solutions.
  • Track-and-Trace Systems: Integration of advanced track-and-trace systems to ensure supply chain integrity.

 

Trends Shaping the Future

Key Trends

  • Smart Packaging and Track-and-Trace Solutions: Technologies that enhance the tracking and safety of pharmaceutical products.
  • Tamper-Evident and Anti-Counterfeiting Features: Innovative features to prevent tampering and counterfeiting.
  • Personalized and Variable Data Printing: Custom labels tailored to specific patient needs and prescriptions.
  • Compliance with Regulatory Standards: Ongoing adherence to evolving global regulatory requirements.
  • Sustainability and Eco-Friendly Labeling: Increasing focus on reducing environmental impact through sustainable practices.

 

Industry Insights

Drug Launches Fueling Market Growth

The rise in pharmaceutical drug launches is a significant driver of the market:

  • High Disease Prevalence: Increased disease rates boost the need for new drugs and, consequently, pharmaceutical labels.
  • Growing Consumption: Enhanced drug consumption necessitates more labeling to convey critical drug information.

For example, IQVIA reports that approximately 300 new drugs will be launched by 2026, reflecting a significant increase from the past decade.

 

Leading Companies in the Market

Major players in the pharmaceutical label market include:

  • CCL Industries Inc.
  • Minnesota Mining and Manufacturing Company
  • Essentra PLC
  • Avery Dennison Corporation
  • Multi-Color Corporation
  • SATO Holding Corporation
  • Consolidated Label Co.
  • Schreiner Group
  • Berry Global Inc.

 

Innovative Sustainable Labels

Key Innovations

Product innovations are pivotal in maintaining a competitive edge:

  • Schreiner Group: In October 2022, launched sustainable functional labels like Pharma-Tac hanger label and Autoinjector-label.
    • Materials: Made from recycled or renewable raw materials.
    • Features: Removable documentation parts and anti-slip functionality.
    • Testing: Underwent extensive tests to ensure performance and durability.

 

Strategic Acquisitions

  • Resource Label Group LLC: Acquired MedLit Solutions in October 2022, enhancing its portfolio with custom printing, labels, and turn-key solutions.

 

Market Segmentation

By Type

  • Pressure-Sensitive Label
  • Glue-Applied Label
  • Sleeve Label
  • In-Mold Label
  • Other Types

By Material

  • Paper
  • Polymer Film
  • Other Materials

By Application

  • Instructional Label
  • Decorative Label
  • Functional Label
  • Promotional Label
  • Other Applications

By End Use

  • Bottles
  • Blister Packs
  • Parenteral Containers
  • Pre-Fillable Syringes
  • Pre-Fillable Inhalers
  • Pouches
  • Other End Uses

 

Regional Insights

Leading Region

  • North America: Dominated the pharmaceutical label market in 2023, reflecting advanced healthcare infrastructure and regulatory frameworks.

In conclusion, the pharmaceutical label market is set for robust growth driven by technological advancements, regulatory needs, and the expanding pharmaceutical industry. Key innovations and strategic moves by leading companies will continue to shape the market landscape, ensuring safety, compliance, and sustainability in pharmaceutical labeling.

 

Get A Free Sample On The Global Pharmaceutical Label Market Report:
https://www.thebusinessresearchcompany.com/sample_request?id=10097&type=smp

 

The Pharmaceutical Label Global Market Report 2024  provides a comprehensive outlook of the pharmaceutical label market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The pharmaceutical label market forecast offers a thorough analysis on pharmaceutical label market size, pharmaceutical label market share, prominent players and their strategies.

 

The Table Of Content For The Pharmaceutical Label Market Include:
1. Pharmaceutical Label Market Executive Summary
2. Pharmaceutical Label Market Segments
3. Pharmaceutical Label Market Size And Pharmaceutical Label Market Growth Rate
4. Key Pharmaceutical Label Market Trends
5. Major Pharmaceutical Label Market Drivers
……
25. Key Mergers And Acquisitions In The Pharmaceutical Label Market
26. Top Pharmaceutical Label Companies
27. Pharmaceutical Label Market Opportunities And Strategies
28. Pharmaceutical Label Market, Conclusions And Recommendations
29. Appendix

 

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