Medical Device Labeling Market Is Poised To Grow By Adopting Technologies By 5.3%

Medical device labeling plays a crucial role in identifying medical devices at any stage from production to clinical use. Medical device labels provide important product information including expiry, manufacturer details, storage guidelines and other labeling requirements set by regulatory bodies. Advance labeling technologies are transforming the medical device labeling landscape by offering digitization, serialization, and tamper evidence capabilities.

Medical devices ranging from surgical instruments, drug-delivery devices, diagnostic equipment to implants require accurate and regulatory-compliant labels. Labels assist clinicians and patients in making informed decisions regarding device usage, handling and disposal. They aim to prevent misidentification, mix-ups and adverse events.

The Medical Device Labeling Market is estimated to be valued at US$ 1.18 Bn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024-2031.

Key Takeaways

Key players operating in the Medical Device Labeling Market are Avery Dennison Corporation, 3M Company, Amcor Ltd., Mondi Group plc, Huhtamaki Group.

Growing patient awareness about medical devices and rising chronic diseases are fueling the demand for medical devices. This in turn is expected to drive the medical device labeling market.

Major players are expanding globally especially in emerging economies of Asia Pacific and Latin America to tap the growth opportunities offered by these markets.

Market Key Trends

Adoption of serialization and traceability is one the key trends witnessed in the medical device labeling market. Serialization allows unique identification of individual devices and traceability throughout the supply chain. This helps in combating counterfeiting and enhances patient safety. Regulatory mandates by FDA, EU and other agencies are compelling manufacturers to implement serialized labeling. With growing popularity of digital printing, advanced labeling technologies like digital print-and-apply labeling and flexible digitally printed RFID/NFC labels are gaining traction in the industry.

Porter’s Analysis

Threat of new entrants: The high costs associated with technology, infrastructure, regulations and brand required high barriers to entry.

Bargaining power of buyers: Large healthcare providers and group purchasing organizations have strong negotiating power over medical device manufacturers.

Bargaining power of suppliers: The availability of alternative materials, components and labeling solutions provides suppliers with some bargaining power.

Threat of new substitutes: Although there is always a threat of new substitutes emerging, labeling plays an essential role in tracking devices so opportunities for substitutes are limited.

Competitive rivalry: The Medical Device Labeling Market is highly competitive due to the presence of a large number of players.

Geographical Regions

North America currently accounts for the largest share of the global medical device labeling market, both in terms of value and volume. This is attributed to the presence of major medical device manufacturers and vendors and stringent regulations for device labeling and traceability in the region. Asia Pacific is expected to witness the fastest CAGR over the forecast period. The growth of the healthcare sector, increasing healthcare expenditures and focus of medical device companies on expanding in emerging markets like China and India are driving the demand for medical device labeling in Asia Pacific.

What Are The Key Data Covered In This Medical Device Labeling Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Medical Device Labeling’s growth between 2024 and 2031.

:- Accurate calculation of the size of the Medical Device Labeling and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- Medical Device Labeling Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Medical Device Labeling vendors

FAQ’s

Q.1 What are the main factors influencing the Medical Device Labeling?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top Medical Device Labeling companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the Medical Device Labeling’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it