Medical Devices - Guatemala | Statista Market Forecast

The Medical Devices market market in Guatemala is expected to generate a revenue of US$439.00m in 2024.
Within this market, the largest market is Cardiology_Devices, which is projected to reach a market volume of US$67.42m in the same year.
Looking ahead, the revenue in the Medical Devices market market is anticipated to grow at an annual rate of 7.10% between 2024 and 2029, resulting in a market volume of US$618.70m by the end of 2029.
It is worth noting that, in a global context, the United States is expected to generate the highest revenue in the Medical Devices market market, reaching US$181.00bn in 2024.
Guatemala's medical device market is experiencing a surge in demand for advanced diagnostic equipment and surgical instruments.

Definition:
The Medical Devices market includes instruments and machines helping for the prevention, diagnosis, and treatment of diseases. This market is further broken down into 6 submarkets according to medical specialties or types of application. Medical devices that treat the heart, such as pacemakers, can be found in the Cardiology Devices market. The Diagnostic Imaging market covers machines and instruments for diagnosis of many different kinds of conditions. Devices for orthopedic applications, such as joint implants, are included in the Orthopedic Devices market. Ophthalmic Devices are devices used for conditions related to the eye. The General & Plastic Surgery Devices covers many different products required for surgeries. 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, Siemens Healthineers.

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

Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Products for laboratory testing (IVD)

The Medical Devices market in Guatemala is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Guatemala are driving the growth of the Medical Devices market. Consumers in Guatemala are becoming more health-conscious and are seeking advanced medical devices to improve their quality of life. They are willing to invest in innovative and technologically advanced medical devices that offer accurate diagnoses and effective treatments. Additionally, there is a growing demand for home healthcare devices, as consumers prefer the convenience and comfort of receiving medical care in their own homes. Trends in the market are also contributing to the growth of the Medical Devices market in Guatemala. One major trend is the increasing adoption of digital health technologies. Healthcare providers in Guatemala are embracing telemedicine, remote patient monitoring, and electronic health records, which require the use of medical devices. This trend is driven by the need to improve access to healthcare services, especially in rural areas where medical facilities are limited. Furthermore, the integration of artificial intelligence and machine learning in medical devices is enabling more accurate diagnoses and personalized treatments, which is driving the demand for these devices in Guatemala. Local special circumstances in Guatemala are playing a role in the development of the Medical Devices market. The country has a rapidly aging population, which is increasing the demand for medical devices that cater to the healthcare needs of the elderly. Additionally, Guatemala has a high prevalence of chronic diseases such as diabetes and cardiovascular diseases, which require continuous monitoring and treatment. This has created a demand for medical devices such as glucose meters, blood pressure monitors, and insulin pumps. Underlying macroeconomic factors are also contributing to the growth of the Medical Devices market in Guatemala. The country has experienced steady economic growth in recent years, which has resulted in an increase in disposable income. As a result, consumers are able to afford medical devices and are willing to invest in their health. Furthermore, the government of Guatemala has implemented healthcare reforms to improve access to quality healthcare services. This has led to an increase in healthcare spending, which is driving the demand for medical devices. In conclusion, the Medical Devices market in Guatemala is developing due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Consumers in Guatemala are seeking advanced medical devices, there is an increasing adoption of digital health technologies, and the country has a rapidly aging population and a high prevalence of chronic diseases. Furthermore, Guatemala's steady economic growth and healthcare reforms are driving the demand for medical devices.

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.