Medical Technology

In 2024, the projected revenue in the Medical Technology market market in Honduras is expected to reach US$205.40m.
Among the markets, Medical Devices holds the largest share with a projected market volume of US$173.20m in the same year.
It is anticipated that the revenue will experience an annual growth rate (CAGR 2024-2029) of 7.78%, leading to a market volume of US$298.70m by 2029.
When compared globally, the United States is projected to generate the highest revenue at US$211.10bn in 2024.
In Honduras, the medical technology market is experiencing a surge in demand for advanced diagnostic equipment to address the country's healthcare challenges.

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 Honduras is experiencing significant growth and development due to several key factors. Customer preferences in the Medical Technology market in Honduras are shifting towards more advanced and innovative products. Customers are increasingly seeking out medical devices and equipment that offer improved accuracy, efficiency, and patient comfort. This is driving the demand for cutting-edge technologies such as robotic surgery systems, advanced imaging devices, and smart wearable devices. In addition, there is a growing demand for telemedicine solutions, as customers seek convenient and accessible healthcare services. Trends in the market show that the Medical Technology sector in Honduras is expanding rapidly. This can be attributed to the increasing healthcare expenditure by the government and private sector, as well as the rising awareness and demand for quality healthcare services. The market is witnessing a surge in investments and partnerships between domestic and international companies, leading to the introduction of new and innovative medical technologies. Moreover, there is a growing focus on research and development activities, leading to the development of novel medical devices and equipment. Local special circumstances in Honduras contribute to the growth of the Medical Technology market. The country has a rapidly aging population, which is driving the demand for medical devices and equipment that cater to the needs of elderly patients. Additionally, the prevalence of chronic diseases such as diabetes and cardiovascular diseases is increasing, creating a need for advanced medical technologies to manage and treat these conditions. Furthermore, the government of Honduras has implemented various initiatives and policies to promote the adoption of medical technologies, further fueling the market growth. Underlying macroeconomic factors also play a role in the development of the Medical Technology market in Honduras. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and healthcare spending. This has resulted in a higher demand for medical technologies as individuals and healthcare providers seek to improve the quality of healthcare services. Moreover, the government has implemented healthcare reforms aimed at improving access to healthcare services, which has further boosted the demand for medical technologies. In conclusion, the Medical Technology market in Honduras is witnessing significant growth and development driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The market is expected to continue expanding as the demand for advanced and innovative medical technologies increases.

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.