An Analysis of the Global Pharmaceutical Artwork Labelling Services Industry
The global market for pharma artwork labelling services is expected to grow at a CAGR of 10.2% from 2020 to 2027, reaching USD 2.3 billion by 2027. The key drivers of the market growth are the increasing regulatory requirements, the rising demand for generic drugs, the growing complexity of artwork design, and the need for cost reduction and operational efficiency. The major challenges faced by the market players are the lack of standardisation, the high risk of errors and recalls, the integration of multiple stakeholders, and the rapid changes in technology and regulations. The key strategies adopted by the market players are the development of innovative solutions, the expansion of service offerings, the acquisition of niche players, and the formation of strategic partnerships.
Market Size and Forecast
- The market growth is driven by the increasing regulatory requirements, the rising demand for generic drugs, the growing complexity of artwork design, and the need for cost reduction and operational efficiency.
- The increasing regulatory requirements include the implementation of serialisation, track and trace, and anti-counterfeiting measures, as well as the harmonisation of labelling standards across different regions and markets.
- The rising demand for generic drugs is due to the patent expiry of many blockbuster drugs, the growing prevalence of chronic diseases, and the cost-consciousness of the consumers.
- The growing complexity of artwork design is attributed to the diversification of product portfolios, the customization of products for different markets and segments, and the incorporation of multiple languages and symbols.
- The need for cost reduction and operational efficiency is driven by the competitive pressure, the margin erosion, the resource constraints, and the quality expectations of the pharmaceutical industry.
Market Segmentation
- The global market for pharma artwork labelling services can be segmented by service type, and region.
- By service type, the market can be divided into artwork creation, artwork review and approval, artwork printing, artwork distribution, and artwork management.
- According to the report by Grand View Research, the artwork management segment accounted for the largest market share in 2019, owing to the high demand for software and technology solutions that can automate, streamline, and optimise the artwork processes and workflows.
- By region, the market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
- North America is the leading region in the global market for pharma artwork labelling services, due to the presence of major pharmaceutical companies, the stringent regulatory environment, and the high adoption of advanced technologies and solutions.
- Europe is the second-largest region in the global market for pharma artwork labelling services, due to the large and diverse pharmaceutical market, the harmonisation of labelling standards, and the increasing demand for generic drugs.
- Asia Pacific is the fastest-growing region in the global market for pharma artwork labelling services, due to the rapid growth of the pharmaceutical industry, the emergence of new markets and segments, and the low-cost and high-quality service offerings.
- Latin America and Middle East and Africa are the emerging regions in the global market for pharma artwork labelling services, due to the rising awareness of the importance of artwork labelling, the development of the healthcare infrastructure, and the entry of new players and providers.
Vakils offers artwork and management services for pharmaceutical medicinal packaging. Email us at info@vakilspremedia.com to find out how we can help you with your artwork labelling needs
