Dublin, Dec. 06, 2021 (GLOBE NEWSWIRE) -- The "Medical Seals Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The medical industry witnessed a setback in its rapid growth due to the outbreak of the pandemic. The havoc of the pandemic compelled a multitude of patients to postpone their elective procedures. Concurrently, hospitals' infrastructure seemed to collapse in managing chronic diseases during that trying time. The supply of raw materials for seals production was also get affected in the wake of the ban and restricted movement with global lockdowns.
Medical seals, a sizeable market, could not escape from such trends and witnessed a sluggish growth of 1.9% in the year 2020, which was around 8% lower than the growth rate of the previous year.
However, the market is gradually regaining its growth momentum in 2021 with the increasing spending towards healthcare. Furthermore, the growing medical devices market coupled with increased concern towards individual health and increasing demand for wearable medical devices are likely to give an additional impetus to the demand for seals in the near future.
On account of these drivers, the medical seals market is likely to grow at a propitious CAGR of 6.3% in the long run to reach US$ 1.9 Billion in 2026.
The global business environment is experiencing rapid change, owing to changing dynamics in economic, social, political, and technological arenas. This demands the players in the medical seals market to quickly adapt to the changing business environment and build market strategies to improve growth and mitigate risks.
Stringent regulations/certifications by the medical OEMs to medical processing seals manufacturers are compelling them to increasingly incorporate cleanroom production to prevent contamination with the purpose to improve the performance and durability of the seals. The regulation not only enforces cleanliness but also forces the medical seals' manufacturers to develop a reliable, cost-effective, high-performance sealing solution with capabilities to withstand high operating pressure and temperature cycles.
Major manufacturers of medical seals are performing mergers & acquisitions to enhance their offerings to customers. For an instance, Saint-Gobain acquired HTMS in the year 2020, a Belgium-based manufacturer engaged in the business of medical seals.
The following are the key players in the medical seals market.
Greene Tweed & Co
Bal Seal Engineering, Inc
Apple Rubber Products, Inc
The following are the key features of the report:
Market Structure: Overview, industry life cycle analysis, supply chain analysis
Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis
Market trend and forecast analysis
Market segment trend and forecast
Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc
Attractive market segments and associated growth opportunities
Strategic growth opportunities for the existing and new players
Key success factors
For more information about this report visit https://www.researchandmarkets.com/r/a3ceca
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