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Medical Processing Seals Market Worth $1.8 Billion by 2023 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 4, 2019 /PRNewswire/ -- According to the new research report "Medical Processing Seals Market by Material (Silicone, EPDM, Metals, PTFE, Nitrile Rubber), Type (O-Rings, Gaskets, Lip Seals), Application (Medical Equipment and Medical Devices), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Medical Processing Seals Market is projected to grow from USD 1.4 billion in 2018 to USD 1.8 billion by 2023, at a CAGR of 5.0%. This growth is attributed to the increased demand for medical devices & equipment due to the growing healthcare industry. In addition, the expansion of the healthcare industry in APAC due to favorable trade policies proposed by the government of countries present in this region is expected to drive the Medical Processing Seals Market.
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O-rings is the fastest-growing type of medical processing seals due to their increasing use in medical devices & equipment.
O-rings are the most preferred and universal type of seals used in the medical industry due to its cost-effectiveness and efficiency. O-rings are used in a static or dynamic application in the medical industry. Applications such as pump shaft and cylinder piston used in the medical industry mostly consume O-rings. O-rings are made of materials highly compatible with medical devices to be used with different medical diagnosis and treatment applications. O-rings are used in devices such as valves, pumps, cylinders, connectors, and fluid transfer. The increase in demand for such type of devices due to the growing healthcare industry is expected to drive the Medical Processing Seals Market. This segment is projected to register the highest growth rate during the forecast period.
Silicone is the fastest-growing material segment of the Medical Processing Seals Market.
Silicone dominates the Medical Processing Seals Market and is projected to be the largest segment of this market. There are very few substitutes available in the market for silicone for medical processing seals, as it is considered the most suitable material due to its non-reactiveness nature when it comes in contact with bodily fluid, which makes silicone a viable option for manufacturing medical processing seals. Growth in the high consumption rate of silicone for manufacturing medical grade seals is expected to drive the demand for silicone in the Medical Processing Seals Market during the forecast period.
APAC to be the fastest-growing Medical Processing Seals Market due to improving demand for healthcare facilities.
APAC is projected to be the fastest-growing Medical Processing Seals Market. The growth of the APAC Medical Processing Seals Market can be attributed to the growing investment in capacity expansion for the healthcare industry along with increasing medical equipment & devices production in the region due to the favorable rules & regulations prevailing in the region. Additionally, the growth in the number of healthcare infrastructure projects is expected to drive the demand for medical equipment & devices, which will drive the Medical Processing Seals Market during the forecast period.
Most active players in the Medical Processing Seals Market:
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) are the leading players in the Medical Processing Seals Market.
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