Medical processing seals (MPS) market share will witness considerable growth during the period 2022 to 2028 owing to the rising technological advancements. The significantly booming healthcare sector worldwide has steered the higher need for advanced and innovative equipment, including catheters, and anesthesia, & respiratory equipment.
The surging consumer health concerns along with the increasing requirement for medical devices have resulted in the higher demand for wearable medical devices. The rise in stringent government regulations for enhanced performance and durability is another ideal trend for market proliferation.
Medical processing seals are increasingly utilized in several medical devices, including insulin and clinical blood pumps, respiratory equipment, and drug delivery devices. They are specifically utilized for preventing contamination and to counter various potent active pharmaceutical ingredients (APIs).
With respect to materials, the silicone MPS industry is anticipated to gain traction owing to growing preference over other elastomers. This can be ascribed to the higher suitability of the material in devices that have no close contact with the human body. Apart from limiting bacteria growth, silicone is known for its higher compatibility with body fluids and human tissue. Increasing adoption of silicone O-rings to show extreme flexibility even in low ambient temperatures will act as a substantial driver for the market growth.
Based on application segmentation, the MIPS market share from O-rings is likely to reach a significant value. This can be attributed to the growing utility of O-rings in several applications, like drug delivery devices, respiratory equipment, fluid transfer devices, and pumps. On account of their flexible usage, medical-grade O-rings are witnessing higher penetration in medical devices like valves, cylinders, and connectors. Benefits, such as affordability, ease of customization, extreme durability, as well as availability in all sizes & hardness along with higher adoption in dynamic and static applications will favor the market expansion.
Demand for medical processing seals in private clinics will expand with rising obligation for medical devices & analytical instruments in these facilities. The growing need for regular check-ups considering the increase in concerns towards individual health will influence the industry progression.
North America is expected to record significant consumption of medical processing seals through 2028 on account of the promising advancements in the healthcare sector in the region. The considerable rise in consumption and thriving need for novel as well as innovative medical devices and equipment has paved the path for robust presence of numerous medical equipment manufacturers, mainly in the U.S. Factors, like rising healthcare investments and hiking per capita medical expenditures, will also play a key role in proliferating the regional market share.
Some of the leading providers of medical processing seals worldwide include IDEX Corporation Freudenberg Group (Freudenberg & Co. KG), Saint-Gobain – Omniseals, Trelleborg Group, Ace Seal & Rubber, Sur-Seal, Marco Rubber & Plastics, LLC, Precision Polymer Engineering (IDEX Corporation, Seals Limited), and Bal Seal Engineering (Kaman Acquisition Usa, Inc.).
These players are resorting to inorganic expansion and marketing strategies, including mergers, acquisitions, and partnerships for attaining competitive benefits. These firms are also keen on capacity expansions for strengthening their market position.
For instance, in January 2021, Kaman Corp. acquired Bal Seal Engineering to significantly expand its product base of engineered products. The acquisition also made way for new opportunities to cater to customers in the medical technology, aerospace, defense, and industrial markets.
Impact of the COVID-19 crisis on MPS industry outlook
In response to the COVID-19 pandemic, the demand for medical processing seals significantly surged on account of the escalating need for medical devices and equipment to limit the infection rate. The growing number of efforts undertaken by various market players to cater to the increasing requirements also added to lucrative market expansion.
For instance, Greene Tweed, a leading composites provider, assisted Pfizer in ramping up the COVID-19 vaccine production by providing its Chemraz® brand FFKM O-rings for the latter’s pharmaceutical manufacturing operations.