Canada Point Of Care Diagnostics Market Outlook

canada is rapidly becoming one of the world's strongest markets for point-of-care (poc) diagnostics. in recent years, poc diagnostics have become one of the fastest-growing sectors of the healthcare industry, with canada leading the pack in terms of adoption and utilization. according to a recent market report, the canadian market for poc diagnostics is expected to reach a value of about c$1.5 billion in 2022, at a compound annual growth rate (cagr) of 13%. to serve this expanding poc diagnostics market, medical device companies are launching new products at an unprecedented rate. for example, canadian-based aviva laboratories has developed the thrive analytical system for blood glucose testing. this product is designed to help healthcare professionals make faster, more accurate decisions regarding diabetic patient care. similarly, abbvie and cepheid have introduced a line of rapid diagnostic devices that can diagnose a variety of infectious diseases in under 20 minutes. one of the major factors driving the demand for poc diagnostics in canada is the increasingly aging population with complex healthcare needs. according to statistics canada, by 2036, one-fifth of the population will be over the age of 65. as the population continues to age, healthcare services will become increasingly vital and poc diagnostics can provide a vital link in the monitoring and treatment of complex conditions. another factor driving the demand for poc diagnostics is the relatively low cost and convenience associated with these tests. by providing faster and more accurate results, poc diagnostics can help reduce physicians’ and patients’ costs associated with long waiting times, unnecessary tests and second opinions. the expanded use of telehealth is also expected to have a positive effect on the demand for poc diagnostics in canada. by enabling patients to access a diagnosis and treatment from their own home, poc diagnostics provide an attractive solution for remote diagnosis and monitoring. overall, there are several factors that are expected to drive the demand for poc diagnostics in canada over the next decade. as more healthcare providers turn to these products for quicker and more accurate decision-making, the canadian market for poc diagnostics is set to expand and continue to grow at a rapid pace until 2032.