Medical Devices - Honduras | Statista Market Forecast

The projected revenue in the Medical Devices market market in Honduras is estimated to reach US$173.20m in 2024.
The largest market within this industry is Cardiology_Devices, which is expected to have a market volume of US$26.13m in 2024.
Furthermore, the revenue in this market is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 8.30%, leading to a market volume of US$258.00m by 2029.
When compared globally, the United States is projected to generate the highest revenue in this sector, with an estimated amount of US$181.00bn in 2024.
Honduras is experiencing a surge in demand for medical devices, driven by advancements in healthcare infrastructure and an aging population.

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 Honduras has been experiencing significant growth in recent years.

Customer preferences: Customers in Honduras have been increasingly demanding advanced medical devices that provide accurate and efficient diagnosis and treatment. They are looking for devices that are user-friendly and easy to operate, as well as those that offer a high level of precision and reliability. Additionally, there is a growing preference for devices that are compact and portable, allowing for easy transportation and use in remote areas.

Trends in the market: One of the key trends in the Medical Devices market in Honduras is the increasing adoption of digital health technologies. These technologies, such as telemedicine and remote patient monitoring, have gained popularity due to their ability to improve access to healthcare services and enhance patient outcomes. The use of digital health technologies has been particularly beneficial in rural areas, where access to healthcare facilities is limited. Another trend in the market is the growing demand for minimally invasive surgical devices. These devices offer several advantages over traditional surgical procedures, including shorter recovery times, reduced scarring, and lower risk of complications. As a result, there has been a shift towards the use of minimally invasive surgical devices in Honduras, driven by the desire to improve patient outcomes and reduce healthcare costs.

Local special circumstances: Honduras is a developing country with a significant burden of disease. The healthcare system in Honduras faces numerous challenges, including limited resources, inadequate infrastructure, and a shortage of healthcare professionals. As a result, there is a need for innovative medical devices that can help address these challenges and improve the quality and accessibility of healthcare services.

Underlying macroeconomic factors: The growth of the Medical Devices market in Honduras can be attributed to several macroeconomic factors. The country has experienced stable economic growth in recent years, which has led to an increase in disposable income and healthcare spending. Additionally, the government has implemented policies to improve the healthcare system and promote the use of advanced medical technologies. These factors have created a favorable environment for the growth of the Medical Devices market in Honduras. In conclusion, the Medical Devices market in Honduras is experiencing significant growth due to customer preferences for advanced and user-friendly devices, as well as the adoption of digital health technologies and minimally invasive surgical devices. The local special circumstances, such as the limited resources and infrastructure in the healthcare system, further drive the demand for innovative medical devices. The underlying macroeconomic factors, including stable economic growth and government policies, have created a favorable environment for the growth of the market.

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.