The growth of the healthcare industry and the increasing consumption of pharmaceutical drugs are driving the demand for the pharmaceutical processing seals market.
NEW YORK, NY, UNITED STATES, December 12, 2021 /EINPresswire.com/ – The Global market for seals for pharmaceutical processing is expected to reach $ 2.78 billion by 2026, according to a new report from Reports and Data. The standard for pharmaceutical processing seals is quite high, due to the requirement of cleanliness and hygiene. Strict legal guidelines and purity requirements must always be implemented.
Seals come into direct contact with a variety of different media at fluctuating pressures and temperatures; thus, they must be completely free from dangers and side effects. Not only must they infallibly prevent process changes or product contamination, but they also must not alter active agents through interactions or the transfer of sealing components.
Strong demand for new and improved equipment with higher stability and performance used in pharmaceutical manufacturing is expected to positively impact the growth of the market.
North America held a 31.5% market share in 2018. Huge consumption and high demand for innovative and new pharmaceutical drugs due to established healthcare companies is driving the market growth in the region. The growing consumption of pharmaceutical manufacturing equipment is in turn expected to propel the pharmaceutical processing seal market in the region.
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The major companies operating in the market and featured 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 industry has experienced rapid growth in terms of revenue over the past few years and is expected to register a robust CAGR during the forecast period of 2028. Factors such as the rapid advancements in the pharmaceutical industry and the health, the adoption of the latest technologies, tools and equipment, the emergence of various new diseases and the improvement of health facilities and infrastructure. In addition, rising healthcare spending, rising per capita income in developing countries, and favorable reimbursement policies are fueling market growth. Increasing funds from various public and private sectors and increasing investments to develop improved products and devices are also driving the growth of the market. In addition, the growing preference for outpatient and point-of-care services, and increasing funds for research centers and hospitals for drug discovery are expected to fuel the market growth in the future.
The report provides details on the competitive landscape of the global pharmaceuticals market focusing on each market player, their global position, their revenue-generating product portfolio, a company overview, financial planning and business expansion plans. The global pharmaceutical processing seals market is quite competitive comprising various key players at the global as well as regional level. The main players invest in research and development activities and develop various plans such as mergers and acquisitions, partnerships, joint ventures, new product launches, to improve their product base and strengthen their market position.
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Other key findings from the report suggest
â¢ O-rings had a market share of 34.2% in 2018. They offer the designer an efficient and economical sealing element for a wide range of dynamic applications. The methods of producing these rings are inexpensive and the ease of application makes them the most commonly used treatment seal.
â¢ Manufacturing equipment is expected to grow at a CAGR of 5.9% during the forecast period. These equipments are used in the pharmaceutical industry for the production of pharmaceutical compounds. The growth of the health care sector due to the increase in population, the increasing incidence of chronic diseases and the increase in health expenditure increases the demand for manufacturing equipment.
â¢ Metals are typically used in pharmaceutical processing due to their ability to withstand extreme temperatures and pressures, chemical reactions, and non-reactivity of processing fluids. They are also resistant to toxic chemicals and prevent contamination and leaks. Metals held the largest market share of 25.6% in 2018.
â¢ Asia-Pacific is expected to grow with a CAGR of 6.0% during the forecast period. The growth of the healthcare sector, coupled with a strong demand for over-the-counter drugs, is driving the market in the region. Favorable rules and regulations from governments in the Asia-Pacific region have also encouraged the growth of the market.
â¢ Trelleborg has expanded its waterproofing solutions division of the company to Germany. The Stuttgart Innovation Center opened in November 2018 and is dedicated to sealing materials R&D and joint development projects with the company’s customers.
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For the purpose of this report, reports and data have been segmented on the global Pharmaceutical Processing Gaskets market on the basis of type, material, application, and region:
Type Outlook (Volume: Kilo Tons; Revenue: Billion USD; 2016-2026)
â¢ Lip seals
â¢ Seals D
Material Outlook (Volume: Kilo Tons; Revenue: Billion USD; 2016-2026)
â¢ Nitrile rubber
Application Outlook (Volume: Kilotons; Revenue: USD Billion; 2016-2026)
â¢ Manufacturing equipment
â¢ North America (United States, Canada, Mexico)
â¢ Europe (Germany, United Kingdom, Italy, France, BENELUX, rest of Europe)
â¢ Asia-Pacific (China, India, Japan, South Korea, rest of APAC)
â¢ Latin America (Brazil, rest of LATAM)
â¢ Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, rest of the MEA)
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