Smart Pharmaceutical and Healthcare Labels Providers - Current Market Landscape

Smart labels market size is estimated to be $3.7 million in 2023 (for healthcare and pharmaceutical industry) and is anticipated to grow at a CAGR of 16% during the forecast period from 2024 to 2035.

During our research, most of the players (47) engaged in this domain were established before 2001. Notable examples include (established pre-2001; in reverse chronological order of year of establishment) Impinj (2000), Fresenius Kabi (1999), Alien Technology (1994) and Omnicell (1992). Further, since 2011, nearly 20 firms have been established.

It is worth highlighting that, most of the smart pharmaceutical and healthcare label providers market is presently dominated by the presence of mid-sized players (37) and small companies (34). Examples of very large players engaged in this domain include (in alphabetical order) Avery Dennison, CCL Industries and Multi-Color Corporation.

Smart Label providers are continuously upgrading their existing portfolio and are seeking investments, as well as expanding their intellectual capital, in order to gain an edge in this competitive industry.

Based on our proprietary scoring criteria, Murata emerged as the most prominent player in this domain. It is worth mentioning that Murata claims to offer labels for supply chain management, asset tracking and patient tracking. Further, companies, such as (in decreasing order of number of area(s) of application) Omnia Technologies (3), Tadbik (2) and Electro-Com (2), were also observed to offer RFID systems with high number of frequency bands.

A rise in interest in partnerships, in recent past, involving both international and indigenous stakeholders, validate the growing interest in this domain; maximum number of such deals were signed in 2019.

The partnership activity in this domain has increased at a CAGR of 26% between 2018-2021. Further, seven deals were inked in 2022 (till August). Of these, most of the deals were inked for service alliance and acquisition (2 each), followed by product development and manufacturing agreement, product commercialization agreement and service agreement (1 each). The increase in partnership activity in this domain, over the past few years can be attributed to the reliable real-time inventory reporting and improved protection of critical data.

Further, most of the deals (38%) signed within this domain were instances wherein both the developer and partner companies were based in North America. Further, in terms of intercontinental agreements, majority of the deals were inked by players based in North America with companies based in Europe (28%). Notable examples of intercontinental agreements include (in alphabetical order) those inked between HID (North America) and ACURA Technologies (Asia-Pacific) and Wiliot (North America) and VisionID (Europe).

More than 400 patents have been granted / filed for smart pharmaceutical and healthcare labels, primarily led by industry players based in North America.

Majority (55%) of these patents were applications (not having received approval yet), followed by granted patents (44%). Further, there has been a considerable increase in the number of patents filed / granted in this domain, since 2015. This can be attributed to the growing R&D efforts and technological developments in the smart labels domain.

Further, most of the patents (278) were filed / granted in North America, followed by those filed / granted in Europe (41). It is also worth mentioning that 20% of the total patent applications (81) were submitted to the world intellectual property organization (WIPO). In addition, despite the large number of patents that have been filed recently (and hence have a long remaining patent life), only 8% of the total patents have the highest relative valuation. This is primarily due to the relatively low citations associated with most of the other patents, leading to low patent value.

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