Pharmaceutical labeling plays an important role in the fight against counterfeit pharmaceutical products. Over the years, the level of demand for pharmaceutical labels has increased because these labels are versatile, convenient to use, and available in different designs and patterns. The demand for more sustainable label products such as RFID labeling technology and near-field communication (NFC) tags is growing. The major growth drivers for this market are growth in the pharmaceutical industry along with growing healthcare expenditures in developing economies.
The pharmaceutical label market is divided into several segments, such as pressure sensitive labels, glue-applied labels, sleeve labels, in-mold label, and others. Key players of the pharmaceutical label market include CCL Industries, 3M Company, Essentra, Avery Dennison Corporation, MCC Label, SATO Holding Corporation, and Consolidated Label. These have been working on different strategies to drive sales using highly influential marketing approaches; however, as we examine the challenges and opportunities ahead in this market, companies can benefit from a strategy of developing advanced RFID labeling and cryogenic labeling to drive toward the key target market trends we have identified.
Lucintel predicts that the global pharmaceutical label market will be valued at $6.9 billion by 2025, with an expected CAGR of 5.3% between 2020 and 2025. Lucintel identifies five trends set to influence the global pharmaceutical label market. Most of the industry players and experts agree that these five trends will accelerate developments in the pharmaceutical label industry in the near future. In terms of the widespread knowledge about the pharmaceutical label market already on the horizon, there is still a lack of unified perspective on the direction the industry is moving to proactively address developments. To help bring more clarity to this gap, our study aims to provide insights concerning the direction that changes are taking and how these changes will impact the pharmaceutical label market.
1. Adoption of Expanded Content Label Design
The expanded content label is the perfect multipage solution which has space to provide more information. It is suitable for a wide variety of packaging types that require multiple language content and extensive regulatory information. Expanded content labels present large amounts of information and can also be used as a marketing tool, given the availability of extra space for promotional coupons and eye-catching graphics. Expanded content labels are versatile and can be placed on small, large, round, square, curved, or uniquely shaped bottles, cartons, and containers. This new design concept of expanded content labeling has been adopted by market leaders like CCL Industries, Star Label Products, Consolidated Label Co., Label Impressions Inc., and other market players.
2. Increased Demand for Colored Labeling
Color printing labels enable organizations to effectively market their brands to customers. As a result, several vendors are consistently using color printing labels, allowing them to focus on the key points of their products and increasing customers' ability to retain the marketing message. In the healthcare industry, labels that include color are becoming increasingly important in helping to identify product variations. These labels commonly feature color codes and graphics that make it easier to distinguish between brands, sizes, and product models, ultimately offering substantial timesaving and safety measures for properly storing and identifying inventory.
3. Cryogenic Labeling
Cryogenic labeling involves a specific type of pharmaceutical labels that have been manufactured to withstand extremely low temperatures. Cryo labeling is poised for continued growth as the need for ultra-cold cryogenic storage increases. It has gained traction largely due to its role in labeling COVID-19 vaccine distribution packaging. Cryo labels may be exposed to harsh conditions and can withstand heat, cold, chemicals, and gases. The face material and adhesives are paired and tailored to remain intact under extremely cold storage conditions. Some bottles contain critical biological sample information, and others are handled by robotic grips during the packaging process. Manufacturers must review all factors to ensure the designed labeling remains functional throughout the various phases.
4. Labels for Counterfeiting Protection
Labels act as an essential first line of defense for staying a step ahead of counterfeiters. Counterfeit pharmaceutical products can distract consumers from original products. Branded labels and logos are essential in signaling to consumers that they are purchasing the original product. Many companies are now adding covet images, descriptions, and verification strategies to their labels to protect patients from counterfeit medication. Such recently added details complement the use of tamper-free labels to prevent counterfeiters from distributing sub-standard medications.
5. Use of Recyclable and Biodegradable Label Products
Vendors are increasing their investments in the development of eco-friendly labels and promoting environmental sustainability. For instance, Spear, a major label converter, is trying to connect its consumers with recycling groups that collect release liners following label application. Other major vendors such as Avery Dennison and UPM Raflatac are also launching recyclable and biodegradable label products in the market.
Strategic Considerations for Key Players in the Pharmaceutical Label Market
The pharmaceutical label industry is dynamic and ever-changing. Successful industry players are necessarily masters of innovation, change and adaptation. To retain this status, they need to be attentive to current trends. We believe there will be promising opportunities for pharmaceutical labels in the areas of bottles, blister packs, parenteral containers, pre-fillable syringes, pre-fillable inhalers, and pouches. As per Lucintel’s latest market research report (Source: https://www.lucintel.com/pharmaceutical-label-market.aspx), the pharmaceutical label market is expected to grow with a CAGR of 5.3% between 2020 and 2025, and reach $6.9 billion by 2025. This market is primarily driven by growth in the pharmaceutical industry, along with growing healthcare expenditures in developing economies.
Whether you are new to the pharmaceutical label market or an experienced player, it is important to understand the trends that impact the development process, as these trends as listed will lead players to create long-term strategy formulation that will allow them to remain competitive and successful in the long run. For example, to capture growth momentum, some of the strategic considerations for players in the pharmaceutical label market are as follows:
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Increase of pharmaceutical market players’ capabilities to develop sustainable labels
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Focus of players on RFID labeling technology and near-field communication (NFC) tags
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Investment to increase competencies in advanced technology, such as high security anticounterfeiting solutions. Examples of anti-counterfeit solutions include tamper-evident labels of many varieties, such as shrink sleeves, pressure=sensitive and film labels that create a seal over product openings, labels that leave a message or void materials when peeled, tamper evident pallet-banding for bulk authentication, or even NFC tamperevident tags.
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Research and development activities to develop low-cost label solutions
Note: In order to gain better understanding, and learn more about the scope, benefits, companies researched and other details in the pharmaceutical label market report from Lucintel, click on https://www.lucintel.com/pharmaceutical-label-market.aspx. This comprehensive report provides you in-depth analysis on market trends and forecast, segment analysis, regional analysis, competitive benchmarking and company profiling of key players. In addition, we also offer strategic growth consulting to meet your customized needs. We have worked with many PE firms and corporate customers in the process of their market entry and M & A initiatives.Enable GingerCannot connect to Ginger Check your internet connection
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