Analytical Study of Healthcare and Laboratory Label Landscape in Korea from 2024 to 2034
The healthcare and laboratory label industry in Korea is poised to rise at a CAGR of 5.1% through 2034. The industry in Korea is standing at the threshold of significant prospects, starting with a valuation of US$ 305.6 million in 2024.
Increased adoption of laboratory automation systems is anticipated to create opportunities for specialized labels used in automated processes, such as labeling of samples and specimens. The demand for healthcare and laboratory labels in Korea is likely to yield a value of US$ 504.2 million by 2034.
Key Insights - Highlights to Understand Emerging and Fast Growing Opportunities
There is a growing emphasis on patient safety, and accurate labeling is crucial in healthcare to avoid errors. The focus on patient safety is expected to accelerate the adoption of advanced labeling solutions in healthcare facilities.
The trend of e-commerce in healthcare, including online pharmacy services, is expected to propel the need for effective labeling for shipping, tracking, and ensuring product authenticity.
The increasing focus on personalized medicine and targeted therapies can lead to a higher demand for labels that meet specific requirements for individualized treatments and patient information.
The rise of telehealth services and remote patient monitoring is expected to augment the need for labels on medical devices, remote testing kits, and other healthcare products associated with these technologies.
Attributes
Details
Industry Size in 2024
US$ 305.6 million
Expected Industry Size in 2034
US$ 504.2 million
Forecasted CAGR from 2024 to 2034
5.1%
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Key Trends Influencing Demand for Healthcare and Laboratory Label in Korea
Stringent regulatory requirements in the healthcare sector are expected to drive the need for compliant labeling. Manufacturers may need to adhere to specific guidelines and standards, creating opportunities for companies specializing in compliant healthcare and laboratory labels.
Innovations in label technology, such as the use of Radio Frequency Identification and smart labels, can improve tracking and traceability in the healthcare and laboratory supply chain.
Korea has a robust biotechnology and pharmaceutical sector. The growth of these industries can contribute to an increased demand for labels for drug packaging, clinical trials, and other related applications.
Comparative View of Adjacent Healthcare and Laboratory Label in Key Regions
The healthcare and laboratory label industries in Korea, Western Europe, and Japan are dynamic sectors influenced by factors such as aging populations, advanced healthcare systems, and a strong emphasis on regulatory compliance.
The healthcare and laboratory label ecosystem in Korea has witnessed substantial growth due to the rapidly aging population, increasing healthcare awareness, as well as advancements in research and development activities in the country.
The healthcare and laboratory label industry in Japan is influenced by a robust healthcare system. The Japanese regulatory environment places a premium on the accuracy of information on medical products, necessitating advanced labeling solutions.
Industry Analysis of Healthcare and Laboratory Label in Korea:
Attributes
Industry Analysis of Healthcare and Laboratory Label in Korea
CAGR from 2024 to 2034
5.1%
Industry Size in 2024
US$ 305.6 million
Key Trend
Integration of emerging technologies like blockchain for secure and transparent data management in healthcare may influence labeling requirements, ensuring traceability and authenticity.
Key Challenge
The adoption of advanced labeling technologies, such as smart labels and RFID, may be associated with high initial implementation costs, deterring some businesses from investing in these solutions.
Demand for Healthcare and Laboratory Label Industry in Western Europe:
Attributes
Demand for Healthcare and Laboratory Label Industry in Western Europe
CAGR from 2024 to 2034
3.8%
Industry Size in 2024
US$ 1,959.8 million
Key Trend
Western Europe is home to a thriving biotechnology and pharmaceutical sector. Growth in these industries contributes to a higher demand for labels for drug packaging, clinical trials, and other related applications.
Key Challenge
Western Europe places a high value on data privacy and security. The integration of advanced labeling technologies, such as RFID and smart labels, may raise concerns about the secure handling of sensitive healthcare information.
Analysis of Healthcare and Laboratory Label Industry in Japan:
Attributes
Analysis of Healthcare and Laboratory Label Industry in Japan
CAGR from 2024 to 2034
4.2%
Industry Size in 2024
US$ 482.9 million
Key Trend
Japan has a highly advanced and well established healthcare infrastructure. The continuous modernization and expansion of healthcare facilities can drive the demand for sophisticated labeling solutions in laboratories and medical facilities.
Key Challenge
Labels in Japan must adhere to local language requirements and cultural nuances, and this may pose a challenge for international companies, in terms of translation and localization to meet the specific needs of the Japanese landscape.
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Category-wise insights
Plastic Segment to Fuel the Growth in Korea
Plastic labels are known for their durability and resilience, making them suitable for various applications in healthcare and laboratory settings where labels may be exposed to harsh conditions, chemicals, or varying temperatures.
Healthcare and Laboratory Label in Korea based on Material
Plastic
Share in % in 2024
61.6%
In terms of material, the plastic segment is expected to account for a share of 61.6% in 2024. Plastic labels, particularly those made from materials like polyethylene or polypropylene, offer excellent resistance to moisture. The plastic labels can maintain their integrity, in laboratory environments or healthcare settings with high humidity or exposure to liquids.
Plastic labels can be easily customized to meet specific requirements, and they often offer high-quality printing capabilities, which is crucial in the healthcare and laboratory sectors where accurate and legible information is paramount.
Pharmaceutical Segment Splashes Reach High as Compared to Other End Use
Pharmaceutical labels play a crucial role in product identification, providing essential information such as dosage instructions, expiration dates, batch numbers, and barcodes, which aids in traceability and help prevent medication errors.
Healthcare and Laboratory Label in Korea based on End Use
Pharmaceutical
Share in % in 2024
28.6%
Based on end use, the pharmaceutical segment is expected to account for a share of 28.6% in 2024. The pharmaceutical industry faces challenges related to counterfeit drugs. Advanced labeling technologies, including features like holograms, QR codes, and tamper evident labels, contribute to preventing counterfeiting and ensuring the authenticity of pharmaceutical products.
Labels on pharmaceutical products convey vital information to healthcare professionals and patients. Clear and comprehensive labeling enhances patient safety by providing accurate instructions, potential side effects, and other essential details.
Province-wise Insights
Research and Development Activities to Boost the Industry in the South Gyeongsang
Investments in healthcare infrastructure, including hospitals, laboratories, and clinics, can drive the demand for labels used in medical equipment, pharmaceuticals, and laboratory specimen tracking.
Robust research and development activities in the region, especially in the life sciences and healthcare sectors, can lead to increased demand for labeling solutions for research documentation and specimen management.
Clinical Trials and Medical Research in North Jeolla to Enhance the Healthcare and Laboratory Label Landscape
Participation in clinical trials and medical research studies can boost the demand for labeling solutions for investigational drugs, medical devices, and research documentation.
Adoption of advanced technologies in healthcare, such as telehealth, digital health records, and automated laboratory processes, is anticipated to drive the need for modern labeling solutions that integrate with these technologies.
Government Initiatives and Funding in Jeju to Accelerate the Ecosystem
Support from local and national government initiatives aimed at healthcare modernization and research funding can create opportunities for the healthcare and laboratory label industry.
A growing emphasis on patient safety in healthcare practices can lead to increased demand for accurate and compliant labeling solutions to reduce the risk of errors.
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Competitive Landscape
The healthcare and laboratory label industry in Korea is likely characterized by a mix of domestic and international players offering a range of labeling solutions for the healthcare and laboratory sectors. The landscape is influenced by various factors, including industry consolidation, technological advancements, regulatory compliance, and the ability to provide innovative and customizable labeling solutions.
Company Portfolio of Healthcare and Laboratory Label Industry in Korea
Avery Dennison offers a comprehensive range of labeling solutions tailored to the healthcare and laboratory industry, which includes adhesive labels, RFID tags, and intelligent labels integrated with cutting-edge technologies. The portfolio of the company emphasizes compliance, durability, and innovative features to meet the evolving needs of the healthcare sector.
CCL Industries offers an extensive range of labeling solutions tailored to the unique requirements of the healthcare and laboratory sector. The company provides labels for pharmaceuticals, medical devices, and laboratory equipment, focusing on quality, compliance, and efficient information delivery.
Some of the Key Players with Healthcare and Laboratory Label in Korea
Avery Dennison Corporation
CCL Industries Inc.
3M Company
Multi Color Corporation
Brady Corporation
Sato Holdings Corporation
Weber Packaging Solutions, Inc.
Schreiner Group GmbH & Co.
GA International Inc.
General Data Co. Inc.
Caresfield LLC
Scope of the Report
Attribute
Details
Estimated Industry Size in 2024
US$ 305.6 million
Projected Industry Size in 2034
US$ 504.2 million
Anticipated CAGR from 2024 to 2034
5.1%
Historical Analysis of Demand for Healthcare and Laboratory Label in Korea
2019 to 2023
Demand Forecast for Healthcare and Laboratory Label in Korea
2024 to 2034
Report Coverage
Industry Size, Industry Trends, Analysis of key factors influencing the demand for healthcare and laboratory label in Korea, Insights on Global Players and their Industry Strategy in Korea, Ecosystem Analysis of Providers in Korea
Key Provinces Analyzed while Studying Opportunities in Healthcare and Laboratory Label in Korea
South Gyeongsang, North Jeolla, South Jeolla, Jeju
Key Companies Profiled
Avery Dennison Corporation; CCL Industries Inc.; 3M Company; Multi Color Corporation; Brady Corporation; Sato Holdings Corporation; Weber Packaging Solutions, Inc.; Schreiner Group GmbH & Co.; GA International Inc.; General Data Co. Inc.; Caresfield LLC
Key Segments
By Material:
Nylon
Polyester
Polyolefin
Vinyl
Paper
Others
By End User:
Pharmaceuticals
Nutraceuticals
Medical Devices
Blood Banks
Hospital Services
Laboratories
By Province:
South Gyeongsang
North Jeolla
South Jeolla
Jeju
Frequently Asked Questions
What is the expected size of the Healthcare and Laboratory Label Industry in Korea?
The healthcare and laboratory label industry in Korea is to be valued at US$ 305.6 million by 2024.
At what Rate is the Healthcare and Laboratory Label Ecosystem to Expand in Korea?
The healthcare and laboratory label ecosystem in Korea is anticipated to incline at a CAGR of 5.1% from 2024 to 2034.
What is the anticipated value of the Healthcare and Laboratory Label Landscape in Korea in 2034?
Demand for healthcare and laboratory label in Korea is expected to reach US$ 504.2 million by 2034.
Which Material is Most Preferred in Healthcare and Laboratory Label industry in Korea?
Plastic is expected to be highly preferred, comprising 61.6% of total demand in 2024.
Which End Use is anticipated to Boost the Demand for Healthcare and Laboratory Labels in Korea?
Pharmaceutical to boost the demand for the healthcare and laboratory label in Korea, comprising 28.6% of all end uses.
Table of Content
1. Executive Summary
1.1. Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Industry Analysis and Outlook 2019 to 2023 and Forecast, 2024 to 2034
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2019 to 2023
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2024 to 2034
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034, By Material
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Material, 2019 to 2023
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Material, 2024 to 2034
5.3.1. Nylon
5.3.2. Polyester
5.3.3. Polyolefin
5.3.4. Vinyl
5.3.5. Paper
5.3.6. Others
5.4. Y-o-Y Growth Trend Analysis By Material, 2019 to 2023
5.5. Absolute $ Opportunity Analysis By Material, 2024 to 2034
6. Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034, By End-user
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By End-user, 2019 to 2023
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By End-user, 2024 to 2034
6.3.1. Pharmaceuticals
6.3.2. Nutraceuticals
6.3.3. Medical Devices
6.3.4. Blood Banks
6.3.5. Hospital Services
6.3.6. Laboratories
6.4. Y-o-Y Growth Trend Analysis By End-user, 2019 to 2023
6.5. Absolute $ Opportunity Analysis By End-user, 2024 to 2034
7. Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2019 to 2023
7.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2024 to 2034
7.3.1. South Gyeongsang
7.3.2. North Jeolla
7.3.3. South Jeolla
7.3.4. Jeju
7.3.5. Rest of Korea
7.4. Market Attractiveness Analysis By Region
8. South Gyeongsang Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
8.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023
8.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034
8.2.1. By Material
8.2.2. By End-user
8.3. Market Attractiveness Analysis
8.3.1. By Material
8.3.2. By End-user
8.4. Key Takeaways
9. North Jeolla Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023
9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034
9.2.1. By Material
9.2.2. By End-user
9.3. Market Attractiveness Analysis
9.3.1. By Material
9.3.2. By End-user
9.4. Key Takeaways
10. South Jeolla Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023
10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034
10.2.1. By Material
10.2.2. By End-user
10.3. Market Attractiveness Analysis
10.3.1. By Material
10.3.2. By End-user
10.4. Key Takeaways
11. Jeju Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023
11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034
11.2.1. By Material
11.2.2. By End-user
11.3. Market Attractiveness Analysis
11.3.1. By Material
11.3.2. By End-user
11.4. Key Takeaways
12. Rest of Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023
12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034
12.2.1. By Material
12.2.2. By End-user
12.3. Market Attractiveness Analysis
12.3.1. By Material
12.3.2. By End-user
12.4. Key Takeaways
13. Market Structure Analysis
13.1. Competition Dashboard
13.2. Competition Benchmarking
13.3. Market Share Analysis of Top Players
13.3.1. By Regional
13.3.2. By Material
13.3.3. By End-user
14. Competition Analysis
14.1. Competition Deep Dive
14.1.1. Avery Dennison Corporation
14.1.1.1. Overview
14.1.1.2. Product Portfolio
14.1.1.3. Profitability by Market Segments
14.1.1.4. Sales Footprint
14.1.1.5. Strategy Overview
14.1.1.5.1. Marketing Strategy
14.1.1.5.2. Product Strategy
14.1.1.5.3. Channel Strategy
14.1.2. CCL Industries Inc.
14.1.2.1. Overview
14.1.2.2. Product Portfolio
14.1.2.3. Profitability by Market Segments
14.1.2.4. Sales Footprint
14.1.2.5. Strategy Overview
14.1.2.5.1. Marketing Strategy
14.1.2.5.2. Product Strategy
14.1.2.5.3. Channel Strategy
14.1.3. 3M Company
14.1.3.1. Overview
14.1.3.2. Product Portfolio
14.1.3.3. Profitability by Market Segments
14.1.3.4. Sales Footprint
14.1.3.5. Strategy Overview
14.1.3.5.1. Marketing Strategy
14.1.3.5.2. Product Strategy
14.1.3.5.3. Channel Strategy
14.1.4. Multi-Color Corporation
14.1.4.1. Overview
14.1.4.2. Product Portfolio
14.1.4.3. Profitability by Market Segments
14.1.4.4. Sales Footprint
14.1.4.5. Strategy Overview
14.1.4.5.1. Marketing Strategy
14.1.4.5.2. Product Strategy
14.1.4.5.3. Channel Strategy
14.1.5. Brady Corporation
14.1.5.1. Overview
14.1.5.2. Product Portfolio
14.1.5.3. Profitability by Market Segments
14.1.5.4. Sales Footprint
14.1.5.5. Strategy Overview
14.1.5.5.1. Marketing Strategy
14.1.5.5.2. Product Strategy
14.1.5.5.3. Channel Strategy
14.1.6. Sato Holdings Corporation
14.1.6.1. Overview
14.1.6.2. Product Portfolio
14.1.6.3. Profitability by Market Segments
14.1.6.4. Sales Footprint
14.1.6.5. Strategy Overview
14.1.6.5.1. Marketing Strategy
14.1.6.5.2. Product Strategy
14.1.6.5.3. Channel Strategy
14.1.7. Weber Packaging Solutions, Inc.
14.1.7.1. Overview
14.1.7.2. Product Portfolio
14.1.7.3. Profitability by Market Segments
14.1.7.4. Sales Footprint
14.1.7.5. Strategy Overview
14.1.7.5.1. Marketing Strategy
14.1.7.5.2. Product Strategy
14.1.7.5.3. Channel Strategy
14.1.8. Schreiner Group GmbH & Co.
14.1.8.1. Overview
14.1.8.2. Product Portfolio
14.1.8.3. Profitability by Market Segments
14.1.8.4. Sales Footprint
14.1.8.5. Strategy Overview
14.1.8.5.1. Marketing Strategy
14.1.8.5.2. Product Strategy
14.1.8.5.3. Channel Strategy
14.1.9. GA International Inc.
14.1.9.1. Overview
14.1.9.2. Product Portfolio
14.1.9.3. Profitability by Market Segments
14.1.9.4. Sales Footprint
14.1.9.5. Strategy Overview
14.1.9.5.1. Marketing Strategy
14.1.9.5.2. Product Strategy
14.1.9.5.3. Channel Strategy
14.1.10. General Data Co. Inc.
14.1.10.1. Overview
14.1.10.2. Product Portfolio
14.1.10.3. Profitability by Market Segments
14.1.10.4. Sales Footprint
14.1.10.5. Strategy Overview
14.1.10.5.1. Marketing Strategy
14.1.10.5.2. Product Strategy
14.1.10.5.3. Channel Strategy
14.1.11. Caresfield LLC
14.1.11.1. Overview
14.1.11.2. Product Portfolio
14.1.11.3. Profitability by Market Segments
14.1.11.4. Sales Footprint
14.1.11.5. Strategy Overview
14.1.11.5.1. Marketing Strategy
14.1.11.5.2. Product Strategy
14.1.11.5.3. Channel Strategy
15. Assumptions & Acronyms Used16. Research Methodology
