The global medical processing seals market is currently valued at US$ 1.7 billion, says Fact.MR, a market research and competitive intelligence provider.
Due to technological improvements, the market share for medical processing seals (MPS) will expand significantly between 2022 and 2027. The demand for sophisticated and cutting-edge equipment such as catheters, anaesthetics, and breathing equipment has increased due to the world’s considerably expanding healthcare industry. The market for wearable medical devices has increased as a result of rising consumer health concerns and surging medical device demand. Another excellent trend for market expansion is the development of strict standards for better performance and durability by respective governments of several countries.
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Due to the rising preference for alternative elastomers, the silicone medical processing seals business is predicted to develop in terms of materials. This is explained by the material’s greater adaptability for use in gadgets that don’t come in contact with people’s bodies directly. In addition to inhibiting the formation of bacteria, silicone is renowned for being more compatible with bodily fluids and human tissue.
The growing use of silicone O-rings, which exhibit great flexibility even in cold temperatures, will be a key factor for market expansion. It is anticipated that the medical processing seals market share for O-rings would reach a sizeable amount. This can be ascribed to the expanding number of uses for O-rings, including pumps, fluid transfer devices, breathing equipment, and medication administration systems. Medical-grade O-rings are increasingly being used in valves, cylinders, and connectors, among other medical equipment, due to their versatility in use.
Product benefits such as low cost, simplicity of customization, exceptional toughness, availability in all sizes & hardness, and greater use in dynamic and static applications will help the market grow.
Key Takeaways from Market Study
- Global sales of medical processing seals are expected to rise at a CAGR of 6% from 2022 to 2027.
- The global market for medical processing seals is projected to reach US$ 2.3 billion by 2027.
- China’s market for medical processing seals is expected to evolve at a rapid CAGR of 10% from 2022 to 2027, and reach a valuation of US$ 485 million by 2027.
- Worldwide sales of O-rings are predicted to increase at a CAGR of 6.6% through 2027.
“The global medical processing seals market is anticipated to be driven by the rising demand for medical equipment on a global scale as a result of the expansion of the healthcare sector and its infrastructure,” says Fact.MR analyst.
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Winning Strategy
Kaman Corp., Freudenberg Group, Minnesota Rubber and Plastics, Marco Rubber & Plastics, LLC, Trelleborg Ab, and Parker Hannifin Corp are some of the major manufacturers of medical processing seals.
For a competitive advantage, these players are turning to inorganic marketing and expansion tactics such as partnerships, mergers, and acquisitions. These businesses are eager to increase their capacity to boost their position in the market.
- For instance, Kaman Corp. purchased Bal Seal Engineering in January 2021 to dramatically increase the scope of its designed product line. Furthermore, the acquisition opened up fresh possibilities for serving consumers in the industrial, aerospace, defence, and medical technology sectors.
Key Companies Profiled
- Idex Corporation
- Saint-Gobain S.A.
- Morgan Advanced Materials Plc
- Bal Seal Engineering, Inc
- Freudenberg Group
- Minnesota Rubber and Plastics
- Marco Rubber & Plastics, LLC
- Trelleborg Ab
- Parker Hannifin Corp
- Techno Ad Ltd.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global medical processing seals market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027.
The study divulges essential insights on the market on the basis of type (O-rings, lip seals, gaskets, others) and application (medical devices, medical equipment), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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