The latest global forecast for the pharmaceutical processing seals market through 2023 was recently issued by Research and Markets, a market research store. According to the report, the pharmaceutical processing seals industry is estimated to have been $1.8 billion (USD) in 2018 and is projected to reach $2.4 billion by 2023, at a CAGR of 6.0 percent.
“Capacity expansion and constant innovation in the pharmaceutical industry are expected to drive the demand for pharmaceutical processing seals.”
According to the release accompanying the forecast, manufacturing equipment is the major application of pharmaceutical processing seals, and North America is a leading global consumer of pharmaceutical manufacturing equipment. Growth within manufacturing equipment applications is expected to drive the pharmaceutical processing seals market moving forward.
“The presence of a strong healthcare sector in the region is driving the pharmaceutical industry and, thus, boosting the market for pharmaceutical processing seals,” the release states. “The high demand for new and improved equipment with greater stability and performance used in pharmaceutical manufacturing is likely to generate a positive impact on the growth of the pharmaceutical processing seals market”
O-rings are frequently used in pharmaceutical equipment during the manufacturing of pharmaceutical drugs. They accounted for the largest market share in the pharmaceutical processing seals market. The increasing demand for pharmaceutical processing seals is driven by the growth of the pharmaceutical manufacturing sector. Contributing factors for this growth include:
- Increasing incidences of chronic diseases and lifestyle diseases
- A growing elderly population
- An improved healthcare system
O-rings are used in applications such as cryogenic, bioprocessing, oil and gas, and hydraulics. The type of equipment that highly consumes O-rings are agitators and hydraulic cylinders. This huge consumption is expected to drive the pharmaceutical processing seals market globally.
For more information, please read the full release on the market forecast.