Medical Processing Seals Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2022-2027

Manideep Moluguri

130
views

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 Market

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.

Request Sample

COVID-19 Impact

The medical processing seals market was influenced due to the COVID-19 pandemic as activities in the medical and healthcare sector surged amid the pandemic. Market players amplified their business strategies to support the healthcare sector through new product innovation. For instance, as per the March 2021 report by IDEX Corporation, Precision Polymer Engineering, a market leader in medical seals manufacturing, provided specialized elastomer seals for vials of COVID-19 vaccine. Going forward, the market is projected to witness robust growth with the expansion of healthcare sector globally.

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.

Inquiry Before Buying

Figure: North America Medical Processing Seals Market Revenue, 2021-2027 (US$ Billion)

Medical Processing Seals Market

For more details on this report - Request for Sample

Medical Processing Seals Market Segment Analysis - By Material

Silicone segment dominated the medical processing seals market in 2021 and it is expected to grow at a CAGR of 5.5% during the forecast period. Silicone comes with robust properties such as stability and flexibility in extreme pressure & temperature conditions, minimal bacterial growth, and chemical inertness. Moreover, silicone is easily available and is cost-effective. Owing to such exceptional properties of silicone, market players are focusing on strengthening the silicone portfolio. For instance, in September 2020, Trelleborg expanded its silicone molding capacity at its manufacturing facility in the US. Such expansion of silicone material is expected to increase its demand in the market during the forecast period.

Medical Processing Seals Market Segment Analysis - By Application

The medical device segment dominated the medical processing seals market in 2021 and it is projected to grow at a CAGR of 6.2% during the forecast period. A wide variety of medical processing seals are made with several materials such as polytetrafluoroethylene, nitrile rubber, silicone, and ethylene propylene diene monomer. The medical processing seals find their extensive use in various medical devices ranging from pumps and blood separators, oxygen concentrators, ventilators, among others. The demand for medical devices is expanding globally with rising medical facilities and this is expected to drive the market’s growth during the forecast period. For instance, as per the data by MedTech Europe, European medical device market grew at a rate of 8.5% in 2020 compared to growth of rate of 6% in 2019. Similarly, as per the data by India Brand Equity Foundation, medical device market in India is projected to expand at a CAGR of 37% to reach US$ 50 billion in 2025. Such a massive demand for medical devices is expected to increase the requirement of medical processing seals, thereby driving the market’s growth.

Medical Processing Seals Market Segment Analysis - By Geography

The North America region held the largest market share in the medical processing seals market in 2021, up to 32%. The high demand for medical processing seals is attributed to the booming healthcare sector in the region. A wide spectrum of medical processing seals such as o-rings, gaskets, inflatable seals, and diaphragm seals are used in the region’s numerous medical devices, hospital beds, prosthetic knees and multiple other healthcare applications. The healthcare sector in the region is exhibiting tremendous growth with increasing government initiatives and rising investments and this is expected to bolster the demand for medical processing seals during the forecast period. For instance, as per the September 2021 data by The White House, 2.8 million more Americans gained access to reliable health coverage through HealthCare.gov and state-based marketplaces during the 2021 special enrolment period. Such expansion in the region’s healthcare is expected to increase the need for medical processing seals, thereby driving the market’s growth during the forecast period.

Medical Processing Seals Market Drivers

Increasing acquisition programs driving the market’s growth

The market players are constantly looking for ways to strengthen their medical processing seals portfolio and meet the increasing demand for medical processing seals in several medical applications. The players in market are engaging in higher acquisition and merger programs to increase the production of medical processing seals and their subsequent use in various medical applications and this is expected to drive the market’s growth during the forecast period. For instance, in March 2022, Minnesota Rubber and Plastics announced the acquisition of Primasil Silicones Ltd, a UK based silicone rubber manufacturer for pharmaceutical, medical, and specialty industrial end markets. Similarly, in November 2019, Trelleborg acquired Tritec Seal, a US based company that offers polytetrafluoroethylene (PTFE) sealing solutions. Such increasing acquisition programs by market players is expected to contribute to the market’s growth during the forecast period.

Expanding healthcare sector is influencing the market’s growth

A wide variety of medical processing seals made of different materials such as polytetrafluoroethylene, nitrile rubber, silicone, and ethylene propylene diene monomer are used in various medical devices, pharmaceutical equipment, hospital beds, and patient lifts in healthcare sector. The healthcare sector globally is expanding with increasing investments and new initiatives by governments to strengthen healthcare infrastructure and this is expected to stimulate the use of medical processing seals, in turn driving the market’s growth during the forecast period. For instance, as per the stats by Medical Countermeasures (MCM) of US, Biomedical Advanced Research and Development Authority (BARDA) announced the launch of new strategic plans to increase Pharmaceutical Manufacturing in America (PMIA) starting in May 2020. Similarly, as per the data by India Brand Equity Foundation, healthcare sector in India is projected to touch US$ 372 billion in 2022. Such massive expansion of healthcare sector globally is expected to increase the requirement for medical devices and equipment, in turn increasing the use of medical processing seals, ultimately influencing the market’s growth during the forecast period.

Medical Processing Seals Market Challenges

Fluctuation in raw material prices might hamper the market’s growth

The medical processing seals market involves raw materials such as acrylonitrile butadiene and polytetrafluoroethylene which are petroleum derived. The prices of these raw materials are fluctuating owing to the fluctuation in the price of petroleum and this might hinder the market’s growth during the forecast period. As per the stats by ourworldindata.org, crude oil price stood at US$ 54.19 per barrel in 2017 which jumped to US$ 64.21 per barrel in 2019. The oil price again dropped to US$ 41.84 per barrel in 2020. This fluctuation in oil prices created volatility in the petroleum price, ultimatley fluctuating the price of raw material. Such fluctuation in the price of raw materials might hamper the growth of the medical processing seals market in the forecast period.

Medical Processing Seals Market Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the Medical Processing Seals Market. Global medical processing seals top 10 companies include:

Trelleborg AB
IDEX Corporation
Freudenberg Group
Minnesota Rubber and Plastics
Bal Seal Engineering, Inc.
Apple Rubber Products Inc.
Saint-Gobain S.A
Freudenberg Group
Parker Hannifin Corp
Techno Ad Ltd.

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.