The growing healthcare sector and increasing consumption of pharmaceutical drugs are driving the demand for Pharmaceutical Processing Seals Market.
NEW YORK, NY, UNITED STATES, December 12, 2021 /EINPresswire.com/ — The global pharmaceutical processing seals market is forecast to reach USD 2.78 Billion by 2026, according to a new report by Reports and Data. The standard for pharmaceutical processing seals is quite high, owing to the demand for cleanliness and hygiene. Strict legal guidelines and purity requirements always need to be implemented.
Seals come in direct contact with a different variety of media at fluctuating pressures and temperatures; thus, they must be completely free of hazards and side effects. Not only should they unfailingly prevent process changes or product contamination, but they must also not impair any active agents through interactions or the transfer of sealing components.
The high demand for new and improved equipment with higher stability and performance used in pharmaceutical manufacturing is anticipated to generate a positive impact on the growth of the market.
North America held a market share of 31.5% in the year 2018. Huge consumption and high demand for innovative and new pharmaceutical drugs owing to the established healthcare companies are boosting the market growth in the region. Rising consumption of pharmaceutical manufacturing equipment in turn is expected to propel the market for pharmaceutical processing seals in the region.
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Leading companies operating in the market and profiled in the report include:
Saint-Gobain, Flowserve Corporation, Garlock, Idex Corporation, Techno Ad Ltd., Trelleborg, Parker Hannifin Corporation, Morgan Advanced Materials, Marco Rubber & Plastic Products Inc., and Technetics Group, among others.
The pharmaceutical and healthcare sector is rapidly expanding in terms of revenue in the recent years and is expected to register robust CAGR over the forecast period of 2028. Factors such as rapid advancements in the pharma and healthcare sector, adoption of latest technologies, tools and equipment, emergence of various new diseases and improvements in healthcare facilities and infrastructure. In addition, rising healthcare expenditure, increasing per capita income in the developing countries and favorable reimbursement policies are fueling market growth. Increasing funds by various public and private sectors and increasing investments to develop enhanced products and devices are also boosting market growth. Moreover, increasing preference for ambulatory services and point of care services, and increasing funds for research centers and hospitals for drug discovery is expected to fuel market growth going ahead.
The report provides details about competitive landscape of global Pharmaceutical Processing Seals market focusing on every market player, its global position, revenue generation product portfolio, company overview, financial planning and business expansion plans. The global Pharmaceutical Processing Seals market is quite competitive and comprises various key players at global and regional levels. Key players are investing in research and development activities, and strategizing various plans such as mergers and acquisitions, partnerships, joint ventures, new product launches, to enhance their product base and strengthen their market position.
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Further key findings from the report suggest
• O-Rings held a market share of 34.2% in the year 2018. It offers the designer an efficient and economical sealing element for a wide range of dynamic applications. The production methods of these rings are inexpensive, and the ease of application makes it the most commonly used processing seal.
• Manufacturing equipment is forecasted to grow with a CAGR of 5.9% during the forecast period. These equipment are used in the pharmaceutical industry for the production of pharmaceutical compounds. Growth of the healthcare industry due to the rising population and growing incidences of chronic diseases and rising expenditure in healthcare are increasing the demand for manufacturing equipment.
• Metals are generally used for pharmaceutical processing due to their ability to withstand extreme temperature and pressure, chemical reactions, non-reactiveness from process fluids. They are also resistant to toxic chemicals and prevent contamination and leakage. Metals held the largest market share of 25.6% in the year 2018.
• Asia Pacific is forecasted to grow with a CAGR of 6.0% during the forecast period. The growing healthcare sector, coupled with high demand for over the counter drugs, are driving the market in the region. Favorable rules and regulations by the governments in the Asia Pacific region have also encouraged market growth.
• The Trelleborg expanded its sealing solution division of the company in Germany. The innovation center in Stuttgart opened on November 2018, and is dedicated for the R&D of sealing materials, and joint development projects with the company’s customers.
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For the purpose of this report, Reports and Data have segmented into the global Pharmaceutical Processing Seals market on the basis of type, material, application, and region:
Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
• Lip Seals
• D Seals
Material Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
• Nitrile Rubber
Application Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
• Manufacturing Equipment
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
• Latin America (Brazil, Rest of LATAM)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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