The 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” 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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Silicone dominates the medical processing seals market and is projected to be the fastest-growing material segment
In terms of material, silicone accounted for the largest share of the market, globally. Silicone is highly preferred material for the medical sealing application, as it is highly compatible with human tissue and body fluids as compared to other elastomers. Also, silicone does not support bacteria growth which makes it highly suitable for devices that have close contact with the human body. Another important material used in medical devices is liquid silicone rubber (LSR). LSR is used in different critical medical applications such as cardiology, oncology, and orthopedics, and others.
O-rings dominate the medical processing seals market by type
O-rings are universally used in medical equipment & devices owing to their low cost. O-rings are used in different types of dynamic and static applications in the medical industry. Static applications such as fluid or gas sealing applications majorly consume O-rings. The increasing demand for devices and equipment such as drug delivery devices, valves, pumps, cylinders, connectors, fluid transfer devices, respiratory equipment, and dialysis equipment in the developing countries APAC, South America, and the Middle East & Africa is expected to drive the demand for medical processing seals.
North America is projected to be the largest medical processing seals market.
North America (comprising the US, Canada, and Mexico) is estimated to account for the largest share of the global medical processing seals market in 2018. Huge consumption and demand for new and innovative medical devices & equipment in the region due to the presence of a strong healthcare sector is driving the demand for medical processing seals in the region.
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♦ Leading Key Players –
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 key players operating in the market.
