Global Syringe Labels Market Size, Outlook: Analysing The 11% CAGR And USD 22.76 Billion Projection By 2030

(MENAFN- GlobeNewsWire - Nasdaq) Newark, Oct. 04, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global syringe labels market will grow from USD 9.88 billion in 2022 and reach USD 22.76 billion by 2030. The devasting two years of the pandemic have highlighted the importance of robust healthcare infrastructure and the vitality of vaccines in preventing deaths. According to scientists, the climate change crisis is expected to increase the incidence of pandemics in the future. Vaccine research and development are one of significant steps taken by the global scientific lobby to prepare the world for future health threats. The rising vaccine research and development will augment the demand for syringes and drive the global syringe labels market.

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Key Insight of the Syringe labels Market

The North American market is expected to grow the fastest during the forecast period.

The North American market is anticipated to develop the fastest during the projected period. The USA is expected to dominate the North American market. The expansion of the regional market is fuelled by the existence of key market participants with access to cutting-edge label-making technologies. The increased healthcare spending is intended to improve medical systems, such as lowering inpatient errors brought on by incorrect dosage or usage of the wrong medication. The market is growing due to the strict regulatory authorities mandating the labelling of syringes to prevent drug confusion or misidentification and fatalities. The region's large pharmaceutical and healthcare industries are what fuel the demand for syringe labels.

The polyester segment will augment the syringe labels market during the forecast period.

The material segment is divided into paper, polyester and synthetic. The polyester segment dominated the market with a revenue share of around 43% in 2022.

The 13 x 80 mm segment dominated the global syringe labels market in 2022.

The size segment is divided into 12 x 15 mm, 13 x 80 mm, 50 x 30 mm, and 100 x 40 mm. The 13 x 80 mm segment dominated the market with a revenue share of around 41% in 2022.

The hospitals' segment will augment the syringe labels market during the forecast period.

The end-user segment is divided into hospitals, laboratories, pharmaceutical companies, research organizations, clinics and others. The hospital segment dominated the market with a revenue share of around 53% in 2022.

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Advancement in market

August 2022 – GenixusTM, has developed new KinetiXTM Propofol syringes using Kit Check's proprietary Radio Frequency Identification (RFID) technology. One of the medications most frequently utilized in healthcare facilities is Propofol. The partnership follows Genixus's recent announcement that RFID-tagged Propofol is now available as the first item created for its ready-to-administer (RTA) syringe platform, KinetiX. To support clinicians' efforts to improve patient outcomes and care quality, Genixus is working to offer solutions that streamline acute and critical care operations.

Report Scope

Base Year	2021
Forecast period	2022-2030
Report Coverage	Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends
Regional scope	North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Market Size(unit)	USD 22.76 Billion
Syringe Labels Market CAGR	11%
Segments Covered	The research segment is based on material, size, and end-use.

Market Dynamics

Driver: The expanding pharmaceutical industry

The COVID-19 pandemic and poor resource and healthcare infrastructure management resulted in billions of preventable deaths. Two years of COVID can be cited as the direct reason for the rising budgetary healthcare expenditure. The perennial causes that have boosted the need for healthcare services include the rising prevalence of cardiovascular disorders, respiratory illnesses, and other acute or chronic ailments. The covid-19 pandemic has increased research and development aimed at creating new medications, vaccines, and therapies. The demand for healthcare will increase globally in the upcoming years due to an increasing geriatric population. Syringe labels are a crucial source of instructions for self-medicating users; therefore, the rising prevalence of diabetes and other diseases that frequently necessitate self-medication will increase their demand. The market for medical goods, including syringes and syringe labels, will be driven by the booming pharmaceutical and healthcare sector due to rising disease, injuries, and an ageing population.

Restraint: Expensive syringe label production

Syringe labels are tailored according to drugs. Syringes are sensitive medical equipment that must be handled with care while labelling. Syringe labelling machines are expensive, high-end pieces of machinery. Healthcare is a crucial industry that directly affects the customer and needs to be strictly controlled. The incorrect labelling of medications might result in fatalities. Thus, syringe labellers are subject to constant pressure from regulatory bodies and monitoring, which raises their expenses. As a result, the market's expansion will be constrained by the high cost of production.

Opportunities: Robust regulatory environment

There have been incidents of fatalities brought on by incorrect medicine doses. One of the main causes of these unavoidable deaths is the absence of instructions or labels that provide information on the dosage amount and interval. These occurrences are common in low- and middle-income nations where loose rules permit such carelessness. The rise in mortality brought on by incorrect dosages highlights the need for a strong regulatory presence in these economies, similar to that found in wealthy nations. The worldwide syringe labels market will benefit greatly from the introduction of strict government rules requiring the correct printing and labelling of syringes.

Challenge: Handwritten and confusing colour codes can lead to the misidentification of drugs.

Medical staff members handwrite the information on the syringe labels that are filled out. They utilise specific abbreviations to fill in the information regarding the medication or drug in the syringe. These acronyms may be unclear when they are communicated to other medical staff. Additionally, labels' imprecise titles contribute to misunderstanding. Such misunderstandings or miscommunication might seriously harm patients or endanger their lives. A lack of specific instructions or confusing label details will limit market expansion.

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Some of the major players operating in the syringe labels market are:

. Avery Dennison Corporation
. Essentra plc
. Hang Shing Label Printing Product Co. Ltd
. Hospicode Limited
. IWATA LABEL Co., Ltd.
. Multi-Color Corporation
. Nordvalls Etikett AB
. Schreiner MediPharm
. Shenzhen Ruilisibo Technology Co., Ltd.
. United Ad Label

Key Segments cover in the market:

By Material

. Paper
. Polyester
. Synthetic

By Size

. 12 x 15 mm
. 13 x 80 mm
. 50 x 30 mm
. 100 x 40 mm

By End Use

. Hospitals
. Laboratories
. Pharmaceutical Companies
. Research Organizations
. Clinics
. Others

By Region

. North America (U.S., Canada, Mexico)
. Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
. Asia-Pacific (China, Japan, India, Rest of APAC)
. South America (Brazil and the Rest of South America)
. The Middle East and Africa (UAE, South Africa, Rest of MEA)

About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.

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Tags Syringe Labels Market Related Links

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