LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global pathology consumables market to grow at a CAGR of close to 7% during 2018-2022. Increasing product promotion activities is a key trend which is expected to impact the growth of the market. Vendors are relying on the digital median to enhance product awareness, project brand image, and extend product reach. These vendors have dedicated YouTube channels and official company pages on Twitter through which they upload interactive videos and promote products.
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In this report, Technavio researchers identify the growing elderly population as one of the key factors contributing to the growth of the global pathology consumables market:
Growing elderly population
The rise in the median age due to growing life expectancy or longevity is leading to an increase in the population of elderly people. The cause of death has shifted from acute to chronic illnesses such as arthritis, diabetes, and heart disease. Improved medicines and better healthcare have reduced the incidence of disability.
“However, the elderly population requires pathology testing on a regular basis owing to their low immunity and metabolism. Some of the common problems affecting the elderly population are diseases such as Alzheimer’s disease, diabetes, cancer. These factors have increased the demand for pathology tests, which in turn, leads to an increase in demand for pathology consumables. Doctors rely on pathology tests for preventative care and also for diagnosis and treatment of diseases,” says a senior analyst at Technavio for lab equipment research.
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Global pathology consumables market - segmentation and analysis
This market research report segments the global pathology consumables market by application (diagnostics, drug discovery, and forensic science) and key regions (Americas, APAC, and EMEA).
Based on application, the diagnostics segment accounted for more than 55% of the market share followed by the drug discovery and forensics segment. The diagnostics segment is expected to witness a decline of close to 2% in its market share while the other two segments will see an increase in their market shares over the forecast period.
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