Medical Device Labeling Market Is Expected to Reach $1,375.98 Million by 2026
Tuesday, August 06, 2019
Press release from the issuing company
According to Stratistics MRC, the Global Medical Device Labeling market accounted for $699.91 million in 2017 and is expected to reach $1,375.98 million by 2026 growing at a CAGR of 7.8% during the forecast period. Increasing implementation of FDA standards for patient safety, the introduction of new medical devices and flourishing healthcare and pharmaceutical industries are some key factors influencing the market growth. However, factors such as higher tooling cost of injection mold label are hampering the market growth.
Medical devices are items that are used for the diagnosis of cure, treatment or prevention of disease and mitigation. Labeling is important in identifying the medical device and specifying instructions for proper use of medical devices. Medical device labeling includes package labels, directions for use, maintenance manuals, equipment labels, control labels, etc.
Based on label type, pressure-sensitive labels segment held significant market share during the forecast period due to rising technological advancements and highly versatile in nature. The product has many uses in the healthcare industry including surgical applications, wound care, medical device assemblies, ostomy, diagnostics, and electromedical. By geography, North America is expected to grow at a faster rate due to huge R&D investments and strict regulations implemented by the regulatory bodies n this region.
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