Increasing demand for medical labels for patient management in diagnostic laboratories is driving the North America Cryogenic Label Printer market
NEWARK, Del, Sept. 29, 2023 (GLOBE NEWSWIRE) — The North America cryogenic label printers market was estimated to be worth US$ 94.5 million in 2023. By 2033, it is anticipated to reach US$ 140.0 million.
Sales revenue is projected to increase between 2023 and 2033 at a CAGR of 4.0%. In 2022, the North America cryogenic label printer industry was worth US$ 89.7 million.
Pathological laboratories play a crucial role in healthcare and medicine owing to their wide range of functions. These include diagnosing and treating medical conditions, disease monitoring, and public health surveillance. It also includes medical research and advancements, among others.
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Such high-containment pathogen labs are mainly present in Europe and North America, registering a significant presence. Total number of such labs is also increasing regularly. The American Association for the Advancement of Science (AAAS) in 2023 revealed that six more BSL-4 and BSL-3+ labs are under construction across Europe and North America.
Presence of hazardous microorganisms and materials in pathogen labs necessitates proper labeling to enable identification and traceability. Growing number of pathogen labs is poised to drive the demand for cryogenic labeling printers. Strict regulatory requirements and ethical practices also support it.
A study by Brady reveals that despite focusing on precision, around 90% of laboratories in the United States still depend on markers and spreadsheets. They use these in their laboratory workflow for sample management. In a survey of over 300 scientists, around 50% reported having misplaced samples due to label failure.
Workflow and efficiency in the laboratory can be improved significantly via automation. One of the most economical and easy-to-implement methods to get started with automation in the lab is label automation.
The ability to create labels for lab applications, including cryotubes, tissue cassettes, and slides, is made possible by the availability of high-performance laboratory label printers. These can be used for on-site and on-demand label generation.
The label printing sector is moving toward increasing degrees of automation due to increased demand placed on label printers. These can be used for faster print runs, rapid turnaround, and more flexibility and customization.
Key Takeaways from the North America Cryogenic Label Printer Market Study
- North America cryogenic label printer industry expanded at a CAGR of 3.3% during the historical period from 2018 to 2022.
- United States is anticipated to account for 80.1% of cryogenic label printer market share in 2023.
- Canada is expected to create a definite revenue opportunity worth US$ 15.5 million during the forecast years.
- Based on printing technology, the thermal transfer segment is likely to generate a share of more than 39.9% in 2023.
- Based on end use, medical and clinical laboratories are expected to generate a market share of more than 29.9% in 2023.
“Laboratory information management systems (LIMS) are used in pharmaceutical labs to manage and track several aspects of the laboratory workflow. Integration of label printer data with LIMS allows a seamless exchange of information between the printer and LIMS database. This ensures data accuracy and enhances operational efficiency by automating label printing processes. It is expected to create new opportunities.” – says a Senior Consultant, Ismail Sutaria, in Packaging at Future Market Insights (FMI).
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Surging Diagnostic Test Demand to Propel Cryogenic Label Printer Sales
Demand for diagnostic testing has been on the rise since the onset of COVID-19, which made individuals more health conscious. During the pandemic, self-testing and at-home testing services became the new normal. Medical examinations had also started to take place at home, in schools, and workplaces.
Incidence and prevalence of non-communicable diseases are on the rise along with a growing geriatric population. Aging people require more testing than children and adults. For instance, as per the United States Census Bureau, geriatric population of the United States will increase by 40% by 2030.
Such factors are consistently pushing up the demand for diagnostic tests. For instance, a 2023 survey conducted by R.R. Donnelley & Sons Co. reveal that over 95% of participants witnessed a growing demand for diagnostic tests. This trend is consequently boosting the market for cryogenic label printers.
Leading players in the cryogenic label printer market in North America are concentrating on spending enormous quantities on research & development. They will be able to create cutting-edge printers with these to meet a range of needs.
Other businesses are concentrating on joint ventures, mergers, and acquisitions to co-develop breakthrough products. In order to create innovative gadgets for their usage, they are also cooperating with reputable healthcare institutes.
- Seiko Epson Corporation announced the arrival of its ColorWorks brand C4000 portable label printer in February 2022. It has improved connection, as well as dynamic image quality.
- Brother announced the release of its latest RJ-3200 printer line in January 2022, which includes two highly effective label and receipt printers.
Key Companies Profiled
- Brady Corporation
- Brother International Corporation
- Zebra Technologies Corporation
- Seiko Epson Corporation
- Cab Produkttechnik GmbH & Co KG
- Citizen Systems Europe GmbH OKI Group
- Newell Brands Inc.
- Sato Holdings Corp
- Honeywell International Inc.
- Canon Inc.
- Primera Technology Inc.
- TSC Auto ID Technology Co., Ltd
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Get Valuable Insights into North America Cryogenic Label Printer Market Report
Future Market Insights (FMI), in its new report, offers an unbiased analysis of the North America cryogenic label printer market, analyzing historical demand from 2018 to 2022 and forecast statistics for 2023 to 2033. The study reveals growth projections on the North America cryogenic label printer industry by printer type (desktop printer, industrial printer, and mobile printer), printing technology (direct thermal, thermal transfer, inkjet printing, and laser printing), ink type (solvent based, water based, UV based, and others (latex based)), end use (research laboratories, medical and clinical laboratories, pharmaceutical and biotechnology laboratories, environmental testing laboratories, and quality control and manufacturing laboratories), and country.
North America Cryogenic Label Printer Market Outlook by Category
By Printer Type:
- Desktop Printer
- Industrial Printer
- Mobile Printer
By Ink Type:
- Solvent based
- Water based
- UV based
- Others (Latex-based)
By Printing Technology:
- Direct Thermal
- Thermal Transfer
- Inkjet Printing
- Laser Printing
By End Use:
- Research Laboratories
- Medical and Clinical Laboratories
- Pharmaceutical and Biotechnology Laboratories
- Environmental Testing Laboratories
- Quality Control and Manufacturing Laboratories
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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Originally published at https://www.einpresswire.com/article/658591144/north-america-cryogenic-label-printer-sales-to-register-us-140-0-million-by-2033-amid-expanding-laboratory-operations-in-the-united-states