The medical processing seals market size is estimated at USD 1.4 billion in 2018 and is projected to reach USD 2.32 billion by 2028, at a CAGR of 5.2%. The base year considered for the study is 2020 while the forecast period is between 2021 to 2028.
Medical processing seals are one of the most important components in many medical devices. Seals avoid malfunctions by holding the equipment tightly according to the requirement, strength, and dimension. While small in cost, seals have a profound effect on the function of a medical device and the outcome of a medical procedure. The global medical processing seals market environment is experiencing a volatile change, owing to changing dynamics in economic, social, political, and technological arenas. This demands the players in the medical processing seals market to quickly adapt to the changing business environment and build market strategies to improve growth and mitigate risks.
Expansion of consumption scope in this industry will drive the demand for medical processing seals. Increased consumption of medical equipment & devices in North America due to the presence of strong healthcare infrastructure in the region is favorable for the medical processing seal’s market. The high demand for advanced and innovative equipment such as catheters, anesthesia equipment, and respiratory equipment applied in the industry will have a favorable impact on the growth of the medical processing seal’s market. This overall growth in the medical equipment application is expected to drive the medical processing seal market.
Stringent government regulations and demand by the medical OEM (original equipment manufacturer)s on medical processing seals manufacturer are imposing industry to increasingly incorporate cleanroom production, to improve performance and durability of the seals, and many other quality criteria. This is one of the major factors to bring the lower threat of new entrants and hinder the market value growth in the forecasted period. However, The regulation not only enforces cleanliness but also forces the life medical seals manufacturers to develop a reliable, cost-effective, and high-performance sealing solution with capabilities to withstand high operating pressure and temperature cycles.
The major players operating in the Global Medical Processing Seals Market include but are not limited to IDEX Corporation, Saint-Gobain S.A., Freudenberg Group, Trelleborg Ab, Parker Hannifin Corp, Minnesota Rubber and Plastics, Marco Rubber & Plastics, LLC, Morgan Advanced Materials Plc, Bal Seal Engineering, Inc., Techno Ad Ltd., among others.
Medical Processing Seals Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 2.32 Billion|
|Growth Rate||CAGR of 5.2 % during 2021-2028|
|Segment Covered||Type, Raw Material, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
|Key Players Profiled||IDEX Corporation, Saint-Gobain S.A., Freudenberg Group, Trelleborg Ab, Parker Hannifin Corp, Minnesota Rubber and Plastics, Marco Rubber & Plastics, LLC, Morgan Advanced Materials Plc, Bal Seal Engineering, Inc., Techno Ad Ltd., among others.|
Key Segments of the Global Medical Processing Seals Market
Type Overview, 2018-2028 (USD Billion)
- Lip Seals
Raw Material Overview, 2018-2028 (USD Billion)
- PTFE (polytetrafluorethylene)
- Nitrile Rubber
- EPDM (propylene diene monomer)
Application Overview, 2018-2028 (USD Billion)
- Diagnostic Devices
- Therapeutic Equipment
- Other Medical Devices
Regional Overview, 2018-2028 (USD Billion)
- North America
- The U.S.
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Reasons for the study
- The growing healthcare sector in the region is expected to increase the demand for medical equipment & devices, thereby benefiting the growth of the medical processing seals market.
- Growth in the aging population, increase in the prevalence of chronic diseases, rise in incidences of lifestyle-related diseases, and increase in health care expenditure by local government bodies are expected to drive the global medical processing seals market.
What does the report include?
- The study on the Global Medical Processing Seals market includes qualitative insights such as drivers, restraints, challenges, and opportunities
- Additionally, the market has been evaluated using Porter’s five forces analysis, SWOT, and others.
- The study covers a qualitative and quantitative analysis of the market segmented based on type, raw materials, application, and region. Moreover, the study on the medical processing seals market provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players operating in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the Global Medical Processing Seals market is suitable for all the players across the value chain including component and raw material providers, manufacturers, distributors, and other intermediaries across the value chain
- Venture capitalists and investors looking for more information on the future outlook of the Global Medical Processing Seals Market
- Consultants, analysts, researchers, and academicians looking for insights shaping the Global Medical Processing Seals Market
The rapidly growing demand for improved and innovative medical devices & equipment due to factors such as huge healthcare expenditure, increasing elderly population, and growing incidence of lifestyle diseases is expected to drive the demand for medical processing seals. Constantly advanced engineered sealing solutions are resulting in the development of medical seals that are compatible with the new medical designs. The improvement in engineered sealing solutions has been possible due to the development of new processes of manufacturing seals and formulation of new materials. The changing lifestyle and increased awareness about healthcare services among the general public in the region are expected to drive the medical devices & equipment market, ultimately boosting the growth of the medical processing seals market.
Based on type, the Global Medical Processing Seals market is segmented into Gaskets, O-rings, Lip Seals, and Others. O-rings are universally used in medical equipment & devices owing to their low cost. O-rings are used in various applications in the medical industry. Static applications such as fluid or gas sealing applications majorly consume O-rings. The increasing demand for devices and equipment such as drug valves, pumps, cylinders, connectors, and others in developing economies has accelerated the market growth in the forecasted period.
The Medical Processing Seals market is segmented by region into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
North America is the largest medical processing seals market, owing to the presence of strong and developed healthcare industry in the region. North America is one of the key healthcare markets due to the presence of major economies such as the US and Mexico.
The medical processing seals market in developing countries especially in China is projected to expand at a significant CAGR during the forecast period. India is a key destination for medical tourism. Medical tourism in India generates significant revenue for the country and is expected to fuel the medical processing seals market in the Asia Pacific region.