LONDON, April 02, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Healthcare And Laboratory Labels Global Market Report 2024, the healthcare and laboratory labels market has showcased steady growth, with a forecasted compound annual growth rate (CAGR) of 4.8% from 2023 to 2024. The healthcare and laboratory labels market has shown consistent growth, with projections indicating an increase from $9.74 billion in 2023 to $10.21 billion in 2024. Anticipated vigorous expansion awaits the healthcare and laboratory labels market in the coming years, with a projected growth to reach $12.55 billion by 2028, with a projected CAGR of 5.3% through 2028. Factors contributing to this healthcare and laboratory labels market growth include the evolving regulatory landscape, increased emphasis on patient privacy, and the rising demand for value-based care.
Expansion Driven by E-commerce
The expansion of e-commerce has emerged as a significant driver propelling the growth of the healthcare and laboratory labels market. With the advent of online shopping, there's an increasing need for accurate product information, compliance with regulatory standards, and improved traceability of medical and laboratory supplies. In the third quarter of 2023 alone, U.S. retail e-commerce sales reached an estimated $271.7 billion, constituting 14.9% of total sales. This surge in e-commerce sales is a key contributor to the market's growth trajectory.
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Industry Insights and Stakeholder Opportunities
Stakeholders in the healthcare and laboratory labels market, including manufacturers, suppliers, and end-users, can leverage this market report to gain valuable insights into industry trends, competitive dynamics, and growth opportunities. For manufacturers, the report provides crucial information on the latest advancements in laboratory labels, such as RFID-enabled petri dish labels designed for extreme environments. Additionally, stakeholders can stay abreast of industry developments, such as Loftware Inc.'s acquisition of PRISYM ID, aimed at bolstering labeling solutions for the medical device and pharmaceutical sectors.
Regional Dynamics and Market Segmentation
North America currently leads the healthcare and laboratory labels market, while the Asia-Pacific region is expected to witness the fastest growth in the forecast period. The market segmentation by material, technology, and end-user provides a comprehensive understanding of industry dynamics, enabling stakeholders to tailor their strategies to specific market segments.
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As the healthcare and laboratory labels market continues to evolve, driven by factors such as e-commerce expansion and technological advancements, stakeholders must stay informed and adapt their strategies accordingly. This healthcare and laboratory labels market report serves as a valuable resource for navigating the complexities of the industry landscape and identifying growth opportunities in this dynamic market.
Healthcare And Laboratory Labels Global Market Report 2024 by The Business Research Company provides insights on the healthcare and laboratory labels market size, healthcare and laboratory labels market segments, healthcare and laboratory labels market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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