This strategic assessment report, from the author, provides a comprehensive analysis that reflects today’s demands, maps opportunities and hurdles in the Global Life Science/Medical Seals Market realities and future possibilities for the forecast period of 2019 to 2025. The report segments and analyzes the market in the most detailed and comprehensive manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the formulation of growth strategies.
Global Medical Seals Market: Highlights
The global life science/medical seals market offers robust growth opportunities for the companies across the value chain. The market size in 2024 for life science/medical seals market is expected to be 1.4 times of that in 2018.
During the next six years period of 2019-2024, an estimated US$ 9.5 billion worth of life science/medical seals are expected to be sold globally, which is up by 40.4% from the last six years’ cumulative (2013-2018) sales. It is a good time for the existing players as well as new entrants to leverage their strength in order to take the advantages of opportunities in the seals market for life science industry.
The global business environment is experiencing a rapid change, owing to changing dynamics in economic, social, political, and technological arenas. This demands the players in the life science/medical seals market to quickly adapt to the changing business environment and build market strategies to improve growth and mitigate risks.
Stringent regulations/certification and demand by the medical OEMs on life science/medical seals manufacturer are compelling the manufacturers to increasingly incorporate cleanroom production to contamination with the purpose to improve performance and durability of the seals. The regulation not only enforces cleanliness but it also forces the life science/medical seals manufacturers to develop a reliable, cost-effective, high-performance sealing solution with capabilities to withstand high operating pressure and temperature cycles. Worldwide Medical Devices in 2016 has anticipated that there would be sales of US$ 386 million worth of medical devices in the world during the year 2018 and reach a value of US$ 435.7 by 2020. This reflects a high market potential for seals in the medical device industry.
North America is projected to remain the dominant market for life science/medical seals over the next five years, whereas Asia-Pacific is likely to provide the highest growth opportunity during the same period. The region continues to demonstrate vigorous growth as its economy outpacing the global average, driven by few APAC Markets. India and China are expected to be the fastest-growing markets over the next five years compared to Japan and Australia, whereas the USA, Japan, and Germany are likely to remain the largest markets in West, during the same period. Life science/medical seals manufacturers can maximize their growth by developing the right regional expansion strategy keeping in mind the countries with good expected future growth and dominance.
Global Life Science/Medical Seals Market: by Application Type
- Analytical instrumentation is expected to remain the most dominant application type segment in the market over the next five years.
- Medical devices are expected to experience the highest CAGR of 6.1% during the forecast period, driven by miniaturization of medical devices and increasing usage of portable and home healthcare devices. Organic growth in the medical device market is likely to offer high-growth opportunities over the next five years.
Global Life Science/Medical Seals Market: By Product Type
- All the product type segments are likely to offer healthy growth opportunities over the next five years. O-rings are projected to remain the major as well as the highest growing segment in the market during the study period. Low-cost, economic production and easy to manufacture are the major growth drivers of the O-rings segment.
Global Life Science/Medical Seals Market: By Material Type
- Elastomeric seals are the clear winners in the life science industry. The life science industry is moving towards sustainable growth with the greater adoption of advanced materials. Composite materials offer higher mechanical properties at a relatively low weight and have a well-proven track record in the industry. Thermoplastic-based seals are extensively used in the industry, owing to their desired properties, such as high chemical resistance, low friction, and biocompatibility.
Global Life Science/Medical Seals Market: By End Users
- All the end-user type segments are likely to offer healthy growth opportunities over the next five years. Research laboratories are expected to remain the most dominant end-user of the market over the next five years, owing to the requirement of a large number of seals in an analytical instrument.
Global Life Science/Medical Seals Market: By Certification Type
- USP Class VI is expected to remain the most attractive certification in the market over the next five years. Exploring CE marking certification which becomes necessary for exporting products to European countries is impending high growth in the other segment of the market.
- FDA or ISO 13485 is expected to remain the most dominant certification of the market over the next five years.
Global Life Science/Medical Seals Market: By Regions
- North America is expected to remain the largest market for life science/medical seals over the next five years, driven by the presence of a large number of medical device OEMs. Among all the regions, Asia-Pacific is expected to witness the highest growth over the next five years.
- China and India are the key source of growth in Asia-Pacific and is likely to generate greater demand for life science/medical seals, driven by high investment and in the healthcare sector including FDI spending in the countries to enhance them in medical device market across the value chain
Global Life Science/Medical Seals Market Share Analysis
The global life science/medical seals market is moderately consolidated with the top five players (Saint-Gobain S.A., Trelleborg AB, Freudenberg Group, IDEX Corporation and Parker Hannifin Corporation) capturing 39.1% share of the total market in 2018. These players are projected to remain dominant over the next five years as well. The USA is the manufacturing hub of the medical device industry with the presence of several OEMs, tier players, and raw material suppliers. North America and Europe (majorly Western Europe) are the two biggest regions in the medical device market with the USA being the largest producer as well as the largest consumer of medical devices in the world.
All the top five players in the global life science/medical seals market, Saint-Gobain S.A., Trelleborg AB, Freudenberg Group, IDEX Corporation and Parker Hannifin Corporation; are either USA-based companies or based in Europe. There are a modest number of players in the world manufacturing seals for the life science industry as it requires to meet the stringent FDA, USP, ISO as well as other standards (such as NSF) and approvals & certifications from OEMs, which is time-consuming and highly expensive and requires excellent technological capabilities.
Research Methodology
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with the author's internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We usually conduct more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.
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, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
Global Life Sciences/Medical Seals Market: Table of Content is mentioned below:
Life Science/Medical Seals Market by Application Type:
- Analytical Instrumentation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Surgical Tools (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Medical Devices (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Life Science/Medical Seals Market, By Product Type
- O-Rings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Gaskets (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Lip Seals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Life Science/Medical Seals Market, By Material Type
- Metals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Elastomers (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Thermoplastics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Composites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Life Science/Medical Seals Market, By End-User Type
- Hospitals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Private Clinics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Research Laboratories (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Life Science/Medical Seals Market, By Certification Type
- FDA or ISO 13485 (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- USP Class VI (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Life Science/Medical Seals Market, By Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
- Rest of the World (Sub-Region Analysis: Latin America, The Middle East, and Others)
Table of Contents
1. Executive Summary
Companies Mentioned
- Apple Rubber Products, Inc.
- Bal Seal Engineering, Inc.
- Freudenberg Group
- Greene, Tweed & Co.
- IDEX Corporation
- Parker Hannifin Corporation
- Saint-Gobain S.A.
- Technetics Group
- Trelleborg AB
Methodology
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