Improved medical services in emerging economies and increasing demand for medical equipment & devices coupled with growing adoption of managed equipment services to boost global medical processing seals market through 2024

According to TechSci Research report, "Global Medical Processing Seals Market By Type, By Material, By Application, By Region, Competition, Forecast & Opportunities, 2024", global medical processing seals market is projected to reach $ 1.8 billion by 2024, on the back of technological advancements, growing demand from applications like medical equipment and devices, and rising demand in various regions. Moreover, growing healthcare sector is anticipated to result in increased demand for medical equipment and devices, thereby positively influencing global medical processing seals market in coming years.

Of the various types, O-rings is the fastest growing type of medical processing seals, on account of their increasing use in medical equipment and devices. O-rings are the most favored and universal type of seals used in the medical industry due to their low cost and efficiency. These are used in either static or dynamic application in the medical industry. Applications such as cylinder piston and pump shaft used in the medical industry generally consume O-rings. Additionally, O-rings are used in devices like pumps, cylinders, valves, and connectors. Rapidly increasing demand for such type of devices, owing to expanding healthcare industry, is anticipated to drive the market for medical processing seals in coming years.

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Among the material segment, silicone dominated the market in 2018 and is expected to be the major segment during the forecast period as well. Notably, there are limited substitutes available for silicone for medical processing seals in the market, as it is considered the most suitable material on account of its non-reactive nature when it meets the bodily fluid, which makes silicone a practical option for manufacturing medical processing seals. Growing silicone consumption rate for the manufacturing of medical grade seals is anticipated to fuel the demand for silicone during 2019-2024.

Asia-Pacific is expected to be the fastest growing market for medical processing seals, globally, owing to growing demand for healthcare facilities. Anticipated market growth in the region can also be attributed to growing investments in capacity expansion for healthcare industry coupled with increasing medical equipment and devices production, backed by favorable rules & regulations in the region. Additionally, growing number of healthcare infrastructure projects is anticipated to fuel the demand for medical equipment & devices, which would further drive the medical processing seals market during the forecast period.

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“High consumption of medical devices and equipment is being witnessed in North America, owing to the presence of a strong healthcare industry. New and improved equipment like catheters, anesthesia equipment, and respiratory equipment used in the medical industry is anticipated to offer lucrative growth opportunities to players operating in global medical processing seals market over the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Medical Processing Seals Market By Type, By Material, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global medical processing seals market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in global medical processing seals market.

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