LONDON--(BUSINESS WIRE)--The global pharmaceutical processing seals market size is poised to reach USD 603.63 million by 2023, according to a new report by Technavio, progressing at a CAGR of 6% during the forecast period. Legislative and regulatory changes supporting pharma growth is expected to augment the market growth over the forecast period.
Key suggestions from the report:
- O-ring seals represented close to 41% of the overall market share in 2018 due to its diverse application from tap fittings to air-conditioning systems, and from car engines to dental drills
- Gaskets are likely to register a CAGR of 6% in terms of revenue from 2019 to 2023 owing to its considerable dielectric properties along with resistance to chemical reactions.
- The North American pharmaceutical processing seals market accounted for 43% of the overall revenue in 2018, on account of increased demand for advanced pharmaceutical drugs being high and health care expenditure growing in the region
- Presence of many players and the rise in partnerships between traditional biopharma companies and biotechnology start-ups are bolstering the competitive rivalry in the market.
Read a 129-page research report with TOC on " Pharmaceutical Processing Seals Market Analysis Report by type (O-ring seals, gaskets, lip seals, and D-ring seals) and segment forecasts for 2019 to 2023" at
https://www.technavio.com/report/pharmaceutical-processing-seals-market-industry-analysis
The market is driven by the legislative and regulatory changes supporting pharma growth. Stringent regulations in the medical and pharmaceutical industry have enforced some mandatory medical and healthcare insurance schemes, which ensure some amount of basic healthcare coverage and support the people in the payment of personal medical expenses. This is leading to greater spending on the treatment of diseases and disorders, thereby driving the demand for the manufacturing and consumption of drugs, and consequently, the demand for pharmaceutical processing seals.
The advent of Pharma 4.0 is one of the latest trends driving the growth of the global market. Pharma 4.0 offers continuous, real-time monitoring of pharmaceutical manufacturing processes. Other than the benefits of Pharma 4.0, the increasing pressure on R&D departments to develop new products faster than in the past, along with more personalized therapies act as additional factors driving Pharma 4.0. Thus, the introduction of these technological advances will have an impact on pharmaceutical manufacturing equipment being used and simultaneously impact the pharmaceutical processing seals being used in this equipment, thereby driving market growth.
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The need to comply with several stringent regulations and the low rate of FDA approvals are crucial challenges for the growth of the pharmaceutical industry. Vendors are required to comply with several strict regulations and procedures in order to launch a product in the market. This places additional pressure on the manufacturers of pharmaceutical equipment and pharmaceutical processing seals and hinders market expansion significantly. However, the growing outsourcing of pharmaceutical manufacturing is expected to deter the stringent regulation and impact the market positively during the forecast period.
Technavio has segmented the global pharmaceutical processing seals market based on the type (O-ring seals, gaskets, lip seals, and D-ring seals) and region (APAC, Europe, MEA, North America, and South America).
Related Reports on Materials Market are:
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Global Pharmaceutical Contract Packaging Market – Global pharmaceutical Contract Packaging market report provides a detailed analysis of the market by packaging (plastic bottles, blister packs, pouches, parenteral containers, and pre-filled syringes) and geography (APAC, Europe, MEA, North America, and South America).
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