LONDON, Feb. 10, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the pharmaceutical processing seals market, technological advancements are shaping the future of the market. Major companies operating in the pharmaceutical processing seals sector are focused on developing new technological solutions to meet consumer demand and strengthen their position.
For instance, in November 2023, Crawford Packaging, a UK-based packaging machinery company, launched Evolution S, the top seal packaging technology machinery with an advanced tray sealing solution manufactured by Packaging Automation Ltd. Evolution S – Packing Automation has developed the world’s most efficient tray sealing technology, raising the bar for precision and fast sealing rates while decreasing the packaging area’s necessary footprint in a single lane configuration.
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The global pharmaceutical processing seals market size is expected to grow from $1.80 billion in 2023 to $2.03 billion in 2023 at a compound annual growth rate (CAGR) of 12.4%. Pharmaceutical processing seals industry growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.79 billion in 2026 at a CAGR of 8.3%.
The rise in chronic diseases is significantly contributing to the growth of the pharmaceutical processing seal market. Chronic diseases are defined as conditions that last more than a year and require ongoing medical care. They are global and national health issues that involve mortality and morbidity. These include heart disease, cancer, and diabetes. The rise in chronic diseases is driving up demand for pharmaceuticals, which in turn is driving up demand for the pharmaceutical processing seals market. For instance, according to the International Diabetes Federation, in 2023, 537 million adults will suffer from diabetes worldwide, which is a huge increase as compared to the 463 million adults living with diabetes in 2019.
Major players in the pharmaceutical processing seals market are Trelleborg AB, Freudenberg Group, Flowserve Corporation, James Walker & Co., Parker-Hannifin Corporation, Saint-Gobain S.A, Garlock Sealing Technologies, John Crane, IDEX Corporation, Marco Rubber and Plastics, Technetics Group, Sealmatic, Maffs Seals Pvt Ltd, Quantech Sealing Systems, and EagleBurgmann India Pvt. Ltd.
The global pharmaceutical processing seals market segmentation is categorized by type into O-rings, gaskets, lip seals, D seals, others (diaphragms and X-rings); by material into metals, PTFE, silicone, nitrile rubber, EPDM, others; by application into manufacturing equipment, agitators, mixers, reactors, gear boxes, others.
North America was the largest region in the pharmaceutical processing seals market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pharmaceutical processing seals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Pharmaceutical Processing Seals Market Global Report 2020-30: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide pharmaceutical processing seals market overviews, analyze and forecast market size and growth for the whole market, pharmaceutical processing seals market segments and geographies, pharmaceutical processing seals market trends, pharmaceutical processing seals market drivers, pharmaceutical processing seals market restraints, pharmaceutical processing seals market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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