Future-proof Pharma Labels - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Future-proof Pharma Labels Market is growing at a CAGR of 16.1% during the forecast period. Some of the key factors propelling the market growth include increasing counterfeiting cases, increasing adoption of smart technologies, and mitigation of non-adherence. However, lack of standards and additional cost are likely to restraint the market.
The future-proof labeling technology is set to transform the pharmaceutical industry, including supply-chain management, cold-chain monitoring, track-and-trace compliance, and authentication. With the usage of technologies such as RFID and NFC, among others, drugs and medical devices are digitally visible, traceable, and well monitored, from the manufacture, all the way through, to retail shelves, and even to the consumer's homes. Future-proofing label technologies provide the solutions that can be used by the organizations for redirecting losses into investments in packaging, and potentially into profits.
By technology, radio-frequency identification (RFID) segment is anticipated to grow at the significant rate during the forecast period. RFID technology has become essential across a wide range of industries. Increasing risks from substandard and falsified drugs are creating a need for efficient anti-counterfeiting solutions in the pharmaceutical industry. This has boosted RFID's adoption in combination with the electronic product code (EPC) in the pharmaceutical industry. RFID readers are being deployed for more efficient and potentially life-saving when used for monitoring drug quality and movement of the product.
On the basis of geography, Asia Pacific region is expected to have considerable market growth during the forecast period, due to increasing demand for anti-counterfeiting measures to be taken by the pharma companies in this area. A change in China’s patent law has encouraged more R&D effort and less generic drug manufacture in recent years. The degree of traceability that integrates RFID with consumer-scannable codes like QR can provide is expected to be an all-important link to the supply chain to prevent counterfeiting across the region. Moreover, India is also one of the top pharmaceutical manufacturers in the world. Most of the pharmaceutical exporters in India are expected to use future-proof labels to meet the safety and security regulations of importing countries.
Some of the key players in Future-proof Pharma Labels Market include UPM Raflatac, Inc., Loftware, Inc., Schreiner Group, Covectra, Inc., NiceLabel (Euro Plus d.o.o.), CCL Industries Inc., and Avery Dennison Corporation.
• Sensing Labels
• Near-Field-Communication (NFC)
• Radio-Frequency Identification (RFID)
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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