The global sales of syringe labels are estimated to be worth USD 293.2 million in 2021 and are anticipated to reach a value of USD 547.9 million by 2031. Sales are projected to rise at a CAGR of 6.5% over the forecast period between 2021 and 2031. The revenue generated by syringe labels in 2020 was USD 275.0 million.
Growth in the Syringe Labels Market is based on increasing demand from the pharmaceuticals industry for proper, clear labeling in compliance with strict regulations, hence improving patient safety. Trends suggest a move towards intelligent labeling solutions with the inclusion of QR codes and RFID that will facilitate tracking and traceability at higher levels. Moreover, the surge of personalized medicines and biologics opens up many more opportunities in the requirement of specialized syringe labels, hence pushing the market further ahead.
Global Syringe Labels Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 275.0 million |
| Estimated Size, 2021 | USD 293.2 million |
| Projected Size, 2031 | USD 547.9 million |
| Value-based CAGR (2021 to 2031) | 6.5% |
Stringent regulations for labelling specially on medical device for maintaining the accuracy and patient safety is driving the demand for high quality syringe labels. Also souring demand for vaccination due to emergence of various pandemic, health crisis, and diseases increase the need for accurate and reliable syringe labeling. Syringe labels are being used across hospitals, clinics, and pharmaceutical companies which is contributing to the major market share in terms of volume as hospital and clinics are handling syringes on daily basis.
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The innovation-driven pharmaceutical industry has come up with various lifesaving drugs and vaccines, resulting in increased life expectancy rates across the globe. For efficient delivery of drugs, the proper packaging and labelling products allow proper identification and dosage instructions about the usage.
The packaging industry has developed a variety of syringe labels for overcoming the disadvantages of using the syringes without any labels or proper identification tags on them. Syringe labels are made up of paper, polyester or synthetic materials and used as a tag on the syringe making it easy for a medical practitioner to identify the syringe or its contents for proper utilization of drugs and vaccines through it.
Growing worldwide awareness regarding proper labelling and packaging of medicinal supplies has resulted in increased worldwide popularity of syringe labels as a best-suited label for syringes used across all types of healthcare facilities. Over the years the demand for syringe labels is expected to rise and indicates an expansion of the global syringe label market.
The exponential rise in demand for pharmaceutical supplies across the globe, as a result of the increased geriatric population and rising number of healthcare facilities across the globe, fuels the demand for syringes and eventually increases the need for syringe labels as a perfect drug identification label.
Strict regulatory laws regarding the labelling of syringes containing drug dosages are made, to prevent the loss of lives that occurred due to improper administration of syringes filled with dosages and to prevent the patients from further injuries due to mistakes made by medical practitioners.
Alarming situations such as hundreds of people losing their lives due to improper administration of drugs and millions suffering from injuries boosts the global demand for syringe labels.
The rising geriatric population and patients suffering from chronic diseases such as diabetes, heart diseases and various autoimmune diseases, resulting in increased consumption of self-medication and high consumption of prefilled syringes across the regions, propel the demand for syringe labels to avoid any chances of improper dosage of any type of medicinal drugs.
Principal Consultant
Non-uniformity of the units of drugs stored in the syringe leads to improper labelling in the handwritten syringe labels causes thousands of lives each year, as the person who was filled the syringe might have labelled it in milligram or microgram, but some drugs are labelled in ratios which causes ambiguity and confusion in the mind of the medical practitioner delivering the drug to the final patient.
Thus, the drawbacks of handwritten plain labels are expected to hamper the potential growth of the global syringe labels market.
The expensive production process of these syringe labels increases the overall cost of production of the prefilled syringes, syringes and acts as an extra overhead cost to the medical facilities. Though these limitations have a very little negative impact on overall sales of syringe labels but have a long term impact on the global syringe labels market.
The manufacturers of syringe labels are targeting developing regions of the world, where the healthcare infrastructure is witnessing a tremendous growth rate and penetrating these regions to expand their client base and monetize on the lucrative growth opportunities offered by these regions.
Attractive looking packaging and labels are gaining traction across all end-user industries, in pharmaceutical sectors the labels with different colours are often used to differentiate among the drug types stored in the syringes, which offer easy identification of drugs and eliminates chances of improper dosages to the patients.
Digitally printed labelling products are adapted by international healthcare chains having medicinal facilities across the globe, to avoid any confusion during the drug administration and proper storage and transportation of drugs as and when required.
The digitally pre-printed syringe labels of different sizes are available for all types of syringes from small to large and facilitate proper identification of drugs. The increased worldwide popularity of digitally printed labels indicates growth opportunities for key manufacturers of syringe labels across the globe.
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The presence of key global manufacturers of syringe labels, as the USA is home to pharmaceutical giants of the world, making it the most important market for the syringe labels.
The advanced healthcare system in the country and strict laws regarding the labelling of all types of pharmaceutical supplies making it mandatory for all healthcare facilities to use syringe labels for eliminating any possibility of an accident during the administration of the drug.
The syringe label market in the USA is divided between a global leader and several medium and small-sized label makers, trying to increase their market share by offering high-grade labels, labels offering printability on both sides and a variety of customized options in syringe labels.
Moreover, the high growth of advanced medicinal drugs and increased population preferring self-medication makes the USA an important market for syringe labels.
Fast-paced development witnessed by the healthcare sector in the country, along with an increased number of people choosing advanced medicinal drugs for the cure of the diseases and growing number of clinics, healthcare centres and government healthcare facilities makes India the second-largest market for syringe labels.
Availability of cheaper raw materials and adoption of advanced production technologies makes China a leading market for syringe labels, global manufacturers are planning to expand their production capabilities in China to cater for the fast-growing demand for syringe labels across the globe.
The presence of several small and medium-sized manufacturers of syringe label producers in the country indicates towards future expansion of the syringe label market in the country.
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Syringe Labels Market
