Structured Product Label Management Market To Reach USD 155.3 Billion By 2032 Says DataHorizzon Research
Growing Importance of Structured Product Label Management to Create Opportunities.
Fort Collins, Colorado, April 04, 2024 (GLOBE NEWSWIRE) -- *The Structured Product Label Management Market size was valued at USD 54.4 Billion in 2023 and is expected to reach a market size of USD 155.3 Billion by 2032 at a CAGR of 12.4%.*
Structured Product Labeling (SPL) management involves digitally creating, maintaining, and distributing standardized product information. This allows efficient data exchange on drugs, biologics, and medical devices. Regulatory compliance is crucial in the pharmaceutical industry, impacting patient safety, product effectiveness, and public health. SPL is vital in a standardized approach to offer drug information, medical indications, dosage forms, warnings, and other essential details. Regulatory bodies require pharmaceutical companies to submit product information in formats like SPL for approval and post-market monitoring. Products must adhere to specific requirements for approval, and marketing purposes.
Regulatory authorities mandate standardized labeling formats like SPL to ensure the smooth exchange of product information among healthcare professionals, patients, and regulatory agencies. For example, in October 2023, the U.S. FDA issued a guide on creating digital labels (SPL) for cosmetics. This standardization promotes consistency and uniformity in drug information presentation, facilitating regulators' review and assessment of product data.
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*Segmentation Overview:*
The global structured product label management market has been segmented into* solution, end-user, and region.* Based on solution type, the market is bifurcated into software and services. Software is expected to dominate the market growth in the forecast period owing to regulatory compliance, technological advancements, globalization of supply chains, and increasing demand for transparency.
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*Structured Product Label Management Market Report Highlights:*
· The global structured product label management market growth is anticipated at a *CAGR of **12.4% by 2032.*
· Increased access to information has empowered consumers, making them more aware of potential pharmaceutical risks. This has led to a growing demand for transparency in product ingredients, side effects, and manufacturing processes.
· North America accounts for the largest market share in structured product label management. This dominance is driven by stringent regulatory requirements set forth by the Food and Drug Administration (FDA) in the United States, a key market for SPL management solutions. Additionally, the region boasts a high adoption rate of advanced technologies, a strong emphasis on compliance and patient safety, and the presence of leading SPL software vendors.
· Some prominent players in the global structured product label management market report include Informatica, Model N, MediMedia Managed Markets (MMM), NNIT, DitaExchange, QUMAS (part of Dassault Systèmes), SDL, Loftware, ArisGlobal and PharmaLe.
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*Structured Product Label Management Market Segmentation:*
*By Solution:* Software (On-Premises, Cloud-Based) and Services
*By End User:* Pharmaceutical Companies, Biotechnology Companies, Contract Research Organizations (CROs), Medical Device Manufacturers, Regulatory Agencies, Healthcare Providers and Others
*By Region:* North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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