A new forecast by Future Market Insights, Inc. reveals that the US healthcare and laboratory label industry reached $1.056 billion in 2023. Over the next decade, the market is expected to exhibit a steady growth rate, with a Compound Annual Growth Rate (CAGR) of 3.2%. This translates to a projected increase from $1.082 billion in 2024 to US$1.478 billion by 2034.

The need for medical and laboratory labels is increasing due to the growth of blood banks and pathology labs in the United States. Accurate labeling is essential for appropriately tracking and recognizing the huge volume of samples and goods these facilities handle. The rising innovation and investment in developing sustainable healthcare and laboratory labels are further expected to expand the industry.

The need for dependable and compatible labeling solutions is rising along with a surge in blood donations and medical testing in the United States. Regulatory standards and compliance in label development are essential to the healthcare industry.

The flexible packaging industry is experiencing a surge in demand for eco-friendly healthcare and laboratory labels due to increased environmental sustainability and strict regulations imposed by the FDA and other government authorities. Growing eco-consciousness in manufacturers and consumers is increasing the demand for eco-friendly labels and is expected to rise continually.

“Medical and laboratory products face environmental conditions like freezing and refrigeration, requiring labels with adhesive properties like chemical resistance, easy dispensing, and clear graphics. The growing demand for superior adhesive labeling is expected to drive industry growth during the forecast period,” says Ismail Sutaria, lead consultant, Packaging and Materials.

According to FMI, CCL Industries Inc., Brady Corporation, Cardinal Health Inc., Sato Holdings Corporation, Schreiner Group, and Shamrock Labels are the leading players in the industry. The tier 1 players hold 15 to 25% of the overall healthcare and laboratory label industry share.