Industry Insights
The global pharmaceutical processing seals market size will grow by USD 603.63 million during 2019-2023 at CAGR close to 6%. The legislative and regulatory changes supporting pharma growth and the advent of Pharma 4.0 are a few factors that are expected to drive the market growth in the coming years.
This report provides a detailed analysis of the market by type (O-ring seals, gaskets, lip seals, and D-ring seals) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Flowserve Corp., IDEX Corp., Morgan Advanced Materials Plc, Smiths Group Plc, and Trelleborg AB.
Key Insights from Pharmaceutical Processing Seals Market – Global Forecast 2019-2023
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Legislative and regulatory changes that support pharma growth is one of the key factors that will contribute to the growth of the market. Governments are increasingly enforcing mandatory medical and healthcare insurance schemes. This is enabling patients to avail of expensive treatments, which, in turn, is encouraging pharmaceutical companies to increase their production capacity. Furthermore, these companies are releasing new biologic drugs. As a result, new technologies for pharmaceutical manufacturing are emerging. These factors will drive the need for pharmaceutical processing seals during the forecast period.
There are also laws designed to get feedback from patients on synthetic or biological drugs. Also, an act was introduced in the US to fast track the production of drugs to release them into the market faster. Such regulations have a direct impact on the people opting for medical care. This will directly contribute to the growth of the pharmaceutical industry, which will positively influence the growth of companies in the pharmaceutical processing seals market.
Upcoming pharmaceutical processing seals market trends such as the advent of Pharma 4.0 will also fuel the growth of this global market. The industry 4.0 paradigm is increasingly being incorporated into the healthcare industry, which has been paving the way for Pharma 4.0. The implementation of emerging digital technology and automation in the pharmaceutical industry is facilitating continuous, real-time monitoring of pharmaceutical manufacturing processes. This process can identify and rectify any deviation in manufacturing operations, preventing downtime, and associated product loss. Such a process setup will increase the need for machines and equipment fitted with sensors and other technologies. Consequently, the need for advanced pharmaceutical processing seals will arise. As a result of these factors, the pharmaceutical processing seals market will register close to 4% CAGR during 2019-2023.
Industry Analysis
Quantitative Data
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Qualitative Data
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Type Insights
The processing seals type segment has been broadly categorized into O-ring seals, gaskets, lip seals, and D-ring seals. The O-ring seals segment accounted for the highest pharmaceutical processing seals market share in 2018. During the forecast period, this segment is expected to grow faster compared with the overall market. However, the gaskets and lip seals segments will register slower growth rates compared with the overall market during the forecast period.
Regional Insights
North America accounted for the highest market share in 2018. The growth rate of the region will be slower than the overall market over the forecast period. It will account for the largest market share in the global pharmaceutical processing seals market throughout the forecast period. The US is a significant revenue contributor to the market in the region.
Significant investments in advanced medical technology and the presence of many key vendors in the US are contributing to the growth of the pharmaceutical processing seals market in North America. The pharmaceutical industry in North America dominated the global market in 2018, indicating its dominance in the market in focus. Furthermore, Europe-based contract manufacturers are investing in the region to avail of improved manufacturing and R&D facilities. These factors will remain prevalent in the coming years and will directly influence the growth of the pharmaceutical processing seals market in North America during the forecast period.
Top Pharmaceutical Processing Seals Providers
The market is fragmented. This pharmaceutical processing seals market analysis report offers information on competitive landscape and the products offered by various companies. To enable service providers in creating strategies to make the most of future growth opportunities, the report also provides information on the upcoming trends and challenges that will influence the market growth.
The report offers a detailed analysis of several companies, including:
- Flowserve Corp.
- IDEX Corp.
- Morgan Advanced Materials Plc
- Smiths Group
- Trelleborg AB.
Segments covered in the report
Pharmaceutical processing seals market by type
- O-ring seals
- Gaskets
- Lip seals
- D-ring seals
Pharmaceutical processing seals market by geography
- APAC
- Europe
- MEA
- North America
- South America
Key Highlights of the Pharmaceutical Processing Seals Market Forecast Report for the Period 2019-2023
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the pharmaceutical processing seals market size during the next five years
- Precise estimation of the global pharmaceutical processing seals market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the pharmaceutical processing seals industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on several vendors
- Comprehensive details of factors that will challenge the growth of pharmaceutical processing seals providers
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