The global medical processing seals market is estimated to reach USD 2.32 Billion by 2028, at a CAGR of 5.2 % during the forecast period from 2021 to 2028. Increasing applications of medical processing seals in diagnostic devices and increasing demand from the developing economies are driving the market growth.
Medical processing seals are specifically manufactured to prevent contamination as well as to withstand a wide range of potent active pharmaceutical ingredients (APIs), process media, and cleaning. Medical seals prevent potential leakages when either liquids or gases are pumped, transferred, and dispensed. Medical processing seals can be found in various medical devices such as in clinical blood pumps, drug delivery devices, insulin pumps, respiratory equipment, and others.
The medical processing seals market has witnessed significant growth owing to the increasing demand for medical devices & equipment. The increasing global demand for medical equipment due to the growth of the healthcare industry and healthcare infrastructure is expected to drive the medical processing seals market. Medical equipment is used in the medical industry for a life support system and to release the patient from chronic pain. Reasons for the growing healthcare industry and the subsequent growth of the medical equipment market are the growing global population, rising incidences of chronic diseases, and increasing healthcare expenditure. The growing demand for seals in medical equipment application is expected to drive the medical processing seals market. Moreover, the adoption of managed equipment services is known to boost the medical processing seals market in the coming years. The non-availability of substitutes for medical seals provides a vast market opportunity for the key players operating in the medical processing seals market.
The medical processing seals market by type is expected to dominate by O-rings. O-rings are universally used in medical equipment & devices due to their cost-effectiveness. O-rings are used in different types of dynamic and static applications in the medical industry such as fluid or gas sealing. The increasing demand for devices and equipment such as drug delivery devices, valves, pumps, and others in the developing countries of APAC, South America, and the Middle East & Africa is expected to drive the demand for medical processing seals.
Silicone-made medical processing seals accounted for the largest share of the medical processing seals market. Silicone is preferred in the medical industry due to the qualities it possesses such as flexibility and stability in extreme pressure & temperature conditions, chemical inertness, and minimal bacterial growth. Another reason for the consumption of silicone material is its cost-effectiveness, easy availability, and usage in the manufacture of O-rings and gaskets. Silicone rubber is used in medical devices such as syringe applications, face masks or inhalers, and catheters. The growing consumption of O-rings and gaskets in medical devices & equipment is expected to drive the silicone segment of the market, globally.
Geographically, 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 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. 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.
As a result of the development of economies, infrastructure, and awareness regarding health, hygiene coupled with increasing population among others in China, East Asia is expected to dominate the medical processing seals market in terms of consumption. Also, economic production, availability of labor, and raw material in the rest of the Asian countries such as India are expected to result in significant production and consumption of medical processing seals in South Asia. Following these regions in the global medical processing seals market would be North America and Europe which account for a fair share of industries that consume processing seals.
Adroit Market Research report on the global medical processing seals market gives a holistic view of the market from 2018 to 2028, which includes factors such as market drivers, restraints, opportunities, and challenges. The market has been studied for historic years from 2018 to 2020, with the base year of estimation as 2020 and forecast from 2021 to 2028. The report covers the current status and future traits of the market at the global as well as country level. Also, the study assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives, and overall revenue. Prominent players operating in the global medical processing seals market have been studied in detail.
The global medical processing seals market is segmented based on type, raw material, and application. Based on type, the market is segmented into Gaskets, O-Rings, Lip Seals, and Others. Based on raw material, the market is segmented into Silicone, Metal, PTFE, Nitrile Rubber, EPDM, and Others. Based on the application, the market is segmented by Diagnostic Devices, Therapeutic Equipment, and Other Medical Devices. Based on geography, the market is segmented by North America, Europe, Asia-Pacific, South America, and the Middle East, and Africa.
The COVID-19 pandemic is having a significant impact on the medical processing seals industry. Demand for the product is suffering severe shocks across various end-use markets, worldwide supply chains are upset, and the competitive order of manufacturers/producers has witnessed a change. The shortage of demand has fast-tracked the global chemical sector into an oversupply situation. Movement restrictions appear to be a direct and immediate effect, and once the compulsory social distancing ends, it is expected things would get back to normal conditions.
The largest producers of medical processing seals are located in the Asia-Pacific region. This is one of the major factors driving the regional segment to contribute leading to the fast-paced growth of the Asia Pacific market. Some of the leading companies in the production of medical processing seals are 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.
The global medical processing seals market is a moderately consolidated market with the presence of major players in the market. Key players in the market are implementing mergers and acquisitions, product launches, expansions strategy to improve the market share.
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