According to estimates, the market for structured product label management would be worth US$ 53.53 billion in 2022 and US$ 192.96 billion by 2032, growing at a CAGR of 13.9%.
| Report Attribute | Details |
|---|---|
| Structured Product Label Management Market value (2022) | US$ 53.53 Billion |
| Structured Product Label Management Market anticipated value (2032) | US$ 192.96 Billion |
| Structured Product Label Management Market growth rate (2022 to 2032) | 13.9% CAGR |
The Structured Product Label is consist of labelling information documented in U.S Package Insert (USPI) as well as additional information such as drug listing details. SPL is in XML format, and it is essential for format and layout the information. A style sheet provides the information to format the XML sheet.
The ability to present labelling content stored in XML is done through sheets. Structured Product Label enables ensure uniform approach to label to a product. The standard format enables measurable improvements can be achieved through out the labelling process.
SPL improved patient safety by providing the accurate information. It offers advantages such as exchange of labelling information and allows the content easily available. SPL promote the use of standard codes and terminology across the labelling content such as dosage forms, package types, indication, warning, ingredient names, and route of administration.
Structured Product Label enables reduce the manual effort involved with approval of labeling of product. The technological advancements and innovations in the label management spur new opportunities for the companies the industry. Global Structured Product Label Management market is expected to offers lucrative market over the forecast period.
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The market for structured product label management is primarily driven by the desire to supply standardised material to a variety of audiences on various platforms. Since most content is now digital, it should function as intended regardless of the device screen size, operating system, or application that the target audience uses to access it.
There may be legal or contractual obligations for producing a hard copy or, at the absolute least, a stand-alone PDF file for technical or medical documents. Structured material may occasionally be required to be customised for a particular client (branding) or customer (differing information according to tastes, needs, interests and preferences).
The second factor driving the market for structured product label management is the need to maintain uniformity on a worldwide scale. Product labels are a complicated jumble of local regulations that can have an impact on many sections of a company or organisation. A minor modification in labelling could have a significant regulatory impact on the entire world.
This is multifaceted and has an impact on local labelling regulations as well as compliance in several sectors like manufacturing, business development, and marketing. From the Core Data Sheet to the localised label, each organisation is required to ensure content consistency and propagate changes throughout all publications. The huge amount of content that is produced every day has less traceability, which makes it very easy to compromise product quality and regulatory compliances.
The challenges in the market for structured product label management can be broadly categorised into four categories: managing frequent content changes, tailoring it for various health authorities, meeting international regulatory standards, and finally, the pressure to cut costs.
Usually authored in a word processor, digital structured material undergoes format changes as it nears completion. Finding the locations of changes is challenging, and since changes in several documents must be identified and manually corrected, it is a laborious and error-prone task.
Health authorities demand content be submitted in a format that complies with their specifications. This may entail shifting some stuff around, getting rid of it, changing it, or even adding it. It might need to be formatted differently for other health authorities. In addition to having regulating authorities in one nation, content must also be multilingual. Each translation must accurately capture the changes and revisions, which significantly raises the price.
Because of the push to reduce R&D expenses, which are significant in the medical business, this is a significant limitation on the market for structured product label management. Companies intending to join such markets must adhere to the extremely diverse product labelling and content requirements that each country may have. These norms are an inescapable legal expense.
Principal Consultant
The main opportunities are an increase in the robust demand for drug tracking infrastructure and patient data for accurate prescription data diagnosis.
Development of software tools, QR code labelling techniques, and the integration of the Internet of Things (IoT) and Artificial Intelligence (AI) with the SPL are in high demand in the market today.
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Global Structured Product Label Management market is gaining upsurge across the globe due to stringent regulatory environment compels the pharma companies to adopt structured Product Labelling Management. The SPL allows more streamlined workflow of pharmaceutical product and enables easy access of information.
The advantages of SPL attract the pharma players towards structured Product Label. The global Structured Product Label Management market expected to witness a significant CAGR as well as annual growth rates over the forecast period.
Global market is segmented into seven key regions, those are North America (N.A), Western Europe (W.E), Latin America (L.A), Eastern Europe (E.E), Asia-Pacific Excluding Japan (APEJ), Japan, and Middle East and Africa (MEA).
North America is anticipated to have a maximum market share in global Structured Product Label Management market due to higher adoption rate of advanced technologies in US and Canada. Asia Pacific follows North America in terms of market share in global Structured Product Label Management market owing to the drastic change in Asian countries economy as well as growth in generic pharma companies in the region, especially in countries like India, Japan, China. Europe is having a considerable contribution in global Structured Product Label Management market.
Some of the key players are
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Global Structured Product Label Management market can be segmented as following types
The market is likely to register a CAGR of 13.9% through 2032.
The market is currently valued at US$ 53.53 Bn in 2022.
The market is likely to grow to a valuation of US$ 192.96 Bn by 2032.
North America is likely to be a leading market during the forecast period.
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Structured Product Label Management Market
