The medical processing seals market size is forecasted to reach US$2.1 billion by 2027 after growing at a CAGR of 5.1% during 2022-2027. Medical processing seals are high performance seals used in several medical devices and pharmaceutical equipment to prevent release of gases and fluids from the devices. A wide range of medical processing seals such as o-rings, gaskets, and inflatable seals are used in various device application in the medical sector. The medical sector globally is expanding globally with increasing investment and this is expected to augment the market’s growth during the forecast period. For instance, according to the December 2021 stats by European Commission, healthcare expenditure in Europe increased in 2019 with Germany (11.7%) and France (11.1%) witnessing the highest expenditure relative to GDP. The market involves a wide variety of raw materials such as polytetrafluoroethylene, nitrile rubber, silicone, chlorinated polyethylene, and ethylene propylene diene monomer to produce robust medical seals. However, the fluctuation in the price of the raw materials might hamper the market’s growth.
Report Coverage :
The report : “Medical Processing Seals Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the medical processing seals industry.
By Type : O-Rings, Encapsulated O-Rings, Vulc O-Rings, Gaskets, Inflatable Seals, Oil Seals, Tank Lid Seals, Diaphragm Seals, Others
By Material : Polytetrafluoroethylene, Acrylonitrile Butadiene, Chlorinated Polyethylene, Chlorosulfonated Polyethylene, Ethylene Propylene Diene Monomer, Polyacrylate, Polychloroprene, Polyisoprene, Silicone, Styrene Butadiene, Others
By Application : Medical Devices, Pumps and Blood Separators, Oxygen Concentrators, Endoscopes, Surgical Drill, Others, Analytical Apparatus, Pharmaceutical Equipment, Hospital Beds and Patient Lifts, Prosthetic Knees and Ankles, Others
By Geography : North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of Asia Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), and RoW (Middle East and Africa).
Key Takeaways :
Silicone is dominating the medical processing seals market. This material is durable and flexible which makes it the suitable material in the market.
The increasing acquisitions between the market players is influencing the market’s growth. For instance, in October 2021, Trelleborg Sealing Solutions announced the acquisition of VB Seals Inc.
The North America region is expected to witness the highest demand for medical processing seals owing to the expanding healthcare sector in the region. For instance, as per the data by Centers for Medicare & Medicaid Services (CMS), U.S healthcare spending increased by 9.7% in 2020, touching US$ 4.1 trillion.
Recent Developments :
In September 2021, Trelleborg announced Applied Power Products as its new authorized distributor for distributing medical seals.
In August 2021, Trelleborg launched Rapid Development Center for development of products for its global healthcare and medical customers.
In August 2021, Minnesota Rubber and Plastics announced its plan of building a state-of-the-art innovation center in Minn.