Increasing incorporation of Managed Equipment Services, enhanced Medical Services in Developing nations, and the rising demand for medical equipment & devices has resulted in boosting the medical processing seals market.
The global medical processing seals market is forecast to reach USD 2.02 Billion by 2026, according to a new report by Reports and Data. The combination of different market factors is supporting the development of the market. One of the mentionable factors in this regards is the rise in the occurrence rate of chronic conditions like cancer. The rising occurrence rate of chronic health conditions has resulted in increased demand for life support systems for chronic pain management, which has elevated the need for therapeutic equipment that positively impacts market growth.
In addition to that, formulation of legislations like the General Product Safety Regulations 2005, which makes it essential for manufacturers to ascertain that the manufactured products are safe for use, results in boosting the growth of the market. The underlying reason being, medical seals, are useful in resisting toxic and harmful chemicals. Thus, for abiding by the mentioned legislations and regulations in the healthcare sector, medical seals turn out to be crucial.
In context to region, Asia Pacific is projected to witness the fastest growth rate during the forecast period. The underlying factors contributing to the growth rate of the market in this region are, developing healthcare sector, rising geriatric population, and increasing investment in the healthcare sector.
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Key participants include
Freudenberg Group, Saint-Gobain S.A., Parker Hannifin Corp, Idex Corporation, Trelleborg Ab, Marco Rubber & Plastics, Llc, Minnesota Rubber and Plastics, Morgan Advanced Materials Plc, Techno Ad Ltd. and Precision Associates, Inc.
Increasing development of on-demand, digitally enabled, and seamlessly connected clinician-patient interactions to manage patient base is expected to drive pharma and healthcare market in the coming years. After the COVID-19 outbreak there has been a number of foundational shifts in the healthcare system. Some of the examples include increasing consumer involvement in health care decision-making, the rapid adoption of virtual health & other digital innovations, increasing focus on utilization of interoperable data & data analytics, and increased public-private collaborations in therapeutics and vaccine development. The increased public-private collaborations for vaccine development has arisen due to high pressure of regional governments. Health care providers, and other stakeholders have invested heavily to quickly pivot, adapt, and innovate therapeutics.
Further key findings from the report suggest
The medical processing seals market held a market share of USD 1.30 Billion in the year 2018 with a growth rate of 5.5% during the forecast period.
In context of Product type, the O-Rings segment generated the highest revenue of USD 0.53 Billion in 2018 with the fastest growth rate of 6.3% during the forecast period. Factors like diverse applications of O-Rings ranging from static seal application to rotary seal application contribute to the revenue generated by this segment. The growth rate of the segment is attributed to the elevating demand for sophisticated equipment and devices in the healthcare sector that involves rotating shafts and the use of O-Rings in these devices.
In context to Raw Materials, the Silicone segment generated the highest revenue of USD 0.47 Billion in 2018, with the fastest growth rate of 6.2% during the forecast period. The revenue generated by the Silicone segment is attributed to its high preference among manufacturers of gaskets and O-Rings due to the cost-effectiveness and easy availability of silicone. Essentially, silicone’s chemical inertness and compatibility with human tissue results in its wide acceptance in the healthcare sector that contributes to its growth rate.
In context of Application, the therapeutic equipment segment occupies the largest market share of 61.0% in 2018, with the fastest growth rate of 6.0% during the forecast period. The rising geriatric population, increase in the occurrence rate of chronic conditions, elevated demand for chronic pain management, and the resultant increased demand for therapeutic equipment contributes to the market share occupied by this segment.
In regards to region, Asia Pacific is projected to occupy the second largest market share of 23.0% by 2026, with the fastest growth rate of 6.7% during the forecast period. Factors like developing healthcare sector, rising geriatric population, and increasing investment in the healthcare sector are contributing to the growth rate of the market in this region.
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For the purpose of this report, Reports and Data have segmented the medical processing seals market according to Product Type, Raw Materials, Application, and Region:
Product Type Outlook (Revenue, USD Billion; 2016-2026)
Raw Material Type Outlook (Revenue, USD Billion; 2016-2026)
Application Type Outlook (Revenue, USD Billion; 2016-2026)
Other medical devices
Regional Outlook (Revenue, USD Billion; 2016-2026)
Major Highlights of the Medical Processing Seals Market Report:
The Medical Processing Seals market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
The report dives deeper into the market and explains the dynamic factors bolstering market growth.
The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
The report analyzes the Medical Processing Seals market presence across major regions of the world.
It determines the production & consumption capacities and demand & supply dynamics of each regional market.
The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
It provides company overview and SWOT analysis of each of the market players.
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