The increasing complexity of medical devices has compelled device manufacturers to convey important information to consumers. This has been a major factor fueling the demand for medical device labels. Manufacturers use medical device labeling to provide general description of the medical device and other additional information. Rising number of new medical devices and drug discoveries are some of the prominent factors which lead to increasing demand of the global medical device labeling market. FDA standards for patient safety is one of the prime factors that is driving the medical device labeling market. With significant growth in the healthcare and pharmaceutical industry, medical device labeling market is expected to witness exponential growth. Established players have expanded their production capabilities as well as their geographical reach to consolidate their position.
Drivers & Restraints:
Increasing globalization and cross border trade is one of the key factors which are expected to play a critical role in the growth of the global medical device labeling market. Medical device labels with multi language instructions helps manufacturers to trace their product for documentation and efficient distribution. Global supply chains for pharmaceuticals are getting elongated. Also, with stringent regulations regarding standards for patient safety by the FDA, more and more medical device manufacturers are focused on compliant labeling procedures, which is also anticipated to help in boosting sales of medical device labels, during the forecast period.
According to the U.S. Food and Drug Administration (FDA), the labels of medical devices are now required to include a UDI through distribution and use, except where the rule provides for an exception or alternative placement. A UDI is a unique numeric or alphanumeric code that consists of two parts: a device identifier (DI) and a production identifier (PI).
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On the basis of label type, medical device labeling market is segmented into pressure sensitive labels, glue applied labels, sleeve labels, in mold labels, and others. Pressure sensitive labels segment accounts for the largest market share of medical device labeling market of because of growth in the technological advancements to overcome the existing challenges. On the basis of material type, medical device labeling market is segmented into paper, plastic and other segment. Paper segment dominates the market of global medical device labeling market. On the basis of application, the medical device labeling market is segmented into disposable consumables, monitoring & diagnostic equipment, and therapeutic equipment. Disposable consumables segment is however expected to dominate the market during the forecast period.
The North America region is estimated to account for the largest share in 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 the APAC region in medical device labeling market. The MEA region is estimated to contribute small but rapidly growing market share. Growth in medical device labeling market in Latin America region is expected to be moderate during the forecast period.