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Healthcare sector globally is expected to increase the requirement for medical devices and equipment growth in the Medical Processing Seals Market.

HYDERABAD, TELANGANA, INDIA, February 7, 2023 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that 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 report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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Key takeaways:

This IndustryARC report on the Medical Processing Seals Market highlights the following areas -

1. Silicone is dominating the medical processing seals market. This material is durable and flexible which makes it the suitable material in the market.

2. 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.

3. 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.

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Segmental Analysis:

1. 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.

2. 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.

3. 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.

Competitive Landscape:

The top 5 players in the Medical Processing Seals Industry are -

1. Trelleborg AB
2. IDEX Corporation
3. Freudenberg Group
4. Minnesota Rubber and Plastics
5. Bal Seal Engineering, Inc.

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Related Reports:

A. Gaskets And Seals Market
https://www.industryarc.com/Research/Gaskets-And-Seals-Market-Research-508472

B. Oil & Gas Processing Seals Market
https://www.industryarc.com/Research/Oil-Gas-Processing-Seals-Market-Research-510224

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