The global pharmaceutical labeling market reached a value of US$ 4.7 Billion in 2018. A pharmaceutical label refers to a piece of paper, plastic or printed material that is used to provide instructions and product information to the consumers. It mentions the dosage instructions, expiration date, ingredients of the medicine as well as the rules and regulations that were adhered to while its manufacturing. A strategically planned pharmaceutical label assists in consistent branding, conveying critical medical data, preventing excessive regulatory penalties and creating transparent communication with the customer. In recent years, pharma companies have started using value-added labeling solutions such as labels with QR codes and RFID tags. They are also employing clear label designs to effectively communicate the product benefits to the consumers.
The increasing demand for pharmaceutical products owing to the rising occurrence of medical issues, especially among the growing geriatric population is among the key factors driving the global pharmaceutical labeling market. The increasing incidents of medical problems have enhanced the consumption of pharmaceutical drugs, thus leading to a significant escalation in the demand for product labeling. Furthermore, design and printing advancements have enabled organizations to promote their brands effectively by focusing on the key features of the product and reach out to the target customers. Apart from this, growing environmental awareness among consumers regarding non-biodegradable material such as plastic has encouraged the use of renewable and recyclable raw materials for labeling. This trend has further led to a boost in the investments in research and development (R&D) of eco-friendly and sustainable alternatives. Additionally, the introduction of inexpensive sleeve labels has also contributed to the market growth. Looking forward, IMARC Group expects the market to reach a value of US$ 6.5 Billion by 2024, registering a CAGR of 5.5% during 2019-2024.
The report has also analyzed the competitive landscape of the market with some of the key players being 3M, Avery Dennison, Bemis, CCL Industries, Essentra, LINTEC, SATO Holdings, Advanced Labels, Edwards Label, Jet Label, Consolidated Label, Axon, Clabro Label, Classic Label, Maverick Label, Metro Label, Progressive Label, MCC Label, Mercian Labels, Taylor Label, etc.
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