The medical processing seals market size is estimated to be USD 1.4 billion in 2018 and is projected to reach USD 1.8 billion by 2023, at a CAGR of 5.0%
NEW YORK, March 11, 2019 /PRNewswire/ -- The growth in the medical equipment application is expected to drive the medical processing seals market.
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The medical processing seals market size is estimated to be USD 1.4 billion in 2018 and is projected to reach USD 1.8 billion by 2023, at a CAGR of 5.0%. Majority of medical processing seals are consumed in the medical equipment industry. Capacity expansion in this industry will drive the demand for medical processing seals. High consumption of medical equipment & devices in North America due to the presence of a strong healthcare industry in the region is favorable for the medical processing seals market. The high demand for new and improved equipment such as catheters, anesthesia equipment, and respiratory equipment used in the medical industry will have a favorable impact on the growth of the medical processing seals market. This overall growth in the medical equipment application is expected to drive the medical processing seals market.
O-rings type of medical processing seals accounted for the largest market share.
O-rings accounted for the largest share of the medical processing seals market.O-rings are used in medical devices & equipment applications in the medical industry.
The growing demand for new and improved medical devices & equipment to cater to the increasing medical conditions globally is expected to drive the demand for O-rings, thereby boosting the medical processing seals market.O-rings are used in different types of medical equipment & devices such as respiratory equipment, dialysis equipment, diagnostic equipment, and drug delivery devices.
The huge consumption of these equipment & devices is expected to drive the O-rings medical processing seal market, globally.
Silicone is the largest medical processing seals market by material.
Silicone 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 application, face mask 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.
North America is the largest medical processing seals market.
North America is the largest medical processing seals market, owing to the presence of a 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.
Extensive primary interviews were conducted in the process of determining and verifying sizes of different types, materials, and applications of medical processing seals gathered through secondary research.
The breakdown of primary interviews has been given below.
• By Company Type: Tier 1 – 42%, Tier 2 – 33%, and Tier 3 – 25%
• By Designation: C Level Executives – 31%, Director Level – 31%, Others – 38%
• By Region: Europe – 31%, North America – 8%, and APAC – 61%
The key companies profiled include IDEX Corporation (US), Saint-Gobain S.A. (France), Freudenberg Group (Germany), Trelleborg AB (Sweden), Parker Hannifin Corp (US), Minnesota Rubber and Plastics (US), Marco Rubber & Plastic Products, LLC (US), Morgan Advanced Materials Plc (UK), Bal Seal Engineering, Inc. (US), and Techno AD Ltd (Israel).
Research Coverage
The medical processing seals market has been segmented based on type, material, application, and region.This report covers the medical processing seals market and forecasts its market size until 2023.
It also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their position in the medical processing seals market.The report also provides insights into the driving and restraining factors in the medical processing seal market along with opportunities and challenges across these industries.
The report also includes profiles for top manufacturers in the medical processing seals market.
Reasons to Buy the Report
The report is expected to help market leaders/new entrants in the following ways:
1. This report segments the medical processing seals market and provides the closest approximations of revenue numbers for the overall market and its segments across different verticals and regions.
2. This report is expected to help stakeholders understand the pulse of the medical processing seals market and provide information on key market drivers, restraints, challenges, and opportunities influencing the growth of the market.
3. This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the medical processing seals market and gain insights to improve the position of their businesses. The competitive landscape section includes detailed information on strategies such as new product development, merger & acquisition, and expansion.
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