Medical Technology

In Guatemala, the revenue in the Medical Technology market market is expected to reach US$518.40m in 2024.
The largest market within this industry is Medical Devices, projected to have a market volume of US$439.00m in the same year.
Furthermore, it is anticipated that the revenue will display an annual growth rate (CAGR 2024-2029) of 6.63%, resulting in a market volume of US$714.50m by 2029.
When compared globally, the United States is forecasted to generate the highest revenue, amounting to US$211.10bn in 2024.
Guatemala's medical technology market is experiencing a surge in demand for telemedicine solutions, facilitating remote healthcare access in rural areas.

Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.

Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Products for laboratoy testing (IVD)
Active medical devices (i.e., operating with electrical energy)

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market in Guatemala has been experiencing significant growth in recent years, driven by a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Medical Technology market in Guatemala have been shifting towards more advanced and innovative products. Customers are increasingly seeking out medical devices and technologies that offer improved accuracy, efficiency, and patient comfort. This preference for advanced technology is driven by the desire for better healthcare outcomes and the increasing awareness of the benefits of medical technology. One of the key trends in the Medical Technology market in Guatemala is the increasing adoption of digital health solutions. This includes the use of telemedicine, remote patient monitoring, and mobile health applications. These technologies are particularly beneficial in a country like Guatemala, where access to healthcare services can be limited in remote areas. The adoption of digital health solutions has the potential to improve healthcare access and outcomes for a larger portion of the population. Another trend in the market is the growing demand for medical devices and technologies that address specific healthcare challenges in Guatemala. For example, there is a high prevalence of chronic diseases such as diabetes and cardiovascular diseases in the country. This has led to an increased demand for medical devices and technologies that can effectively manage and monitor these conditions. Additionally, there is a growing focus on healthcare infrastructure development, including the establishment of specialized medical facilities and the procurement of advanced medical equipment. Local special circumstances in Guatemala also contribute to the development of the Medical Technology market. The country has a rapidly growing population, which increases the demand for healthcare services and medical technology. Additionally, Guatemala has a relatively young population, which presents opportunities for the adoption of innovative healthcare solutions. Furthermore, the government of Guatemala has been implementing policies and initiatives to promote the development and adoption of medical technology, including the creation of regulatory frameworks and the provision of financial incentives. Underlying macroeconomic factors also play a role in the development of the Medical Technology market in Guatemala. The country has experienced stable economic growth in recent years, which has led to an increase in healthcare spending. Additionally, the government has been investing in healthcare infrastructure and services, which creates opportunities for the growth of the Medical Technology market. Furthermore, Guatemala has a favorable business environment for foreign investment, which attracts international medical technology companies to enter the market and contribute to its development. In conclusion, the Medical Technology market in Guatemala is developing due to customer preferences for advanced technology, the adoption of digital health solutions, the demand for medical devices that address specific healthcare challenges, local special circumstances such as population growth and government initiatives, and underlying macroeconomic factors such as economic growth and favorable business environment. These factors are driving the growth of the market and creating opportunities for the advancement of healthcare in Guatemala.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.