Orthopedic Devices - Guatemala | Statista Market Forecast

The projected revenue in the Orthopedic Devices market market in Guatemala is estimated to reach US$42.97m by 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 5.93%, leading to a market volume of US$57.32m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue, amounting to US$16.02bn in 2024.
Guatemala's orthopedic device market is experiencing a surge in demand due to an aging population and an increase in sports-related injuries.

Definition:
The Orthopedic Devices market contains medical equipment and accessories used to treat orthopedic disorders, including joint reconstruction, spinal devices, trauma fixation devices, arthroscopic devices, etc.

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: Johnson & Johnson, Zimmer Biomet, Stryker, Medtronic. Further information on the key players can be found in the Market Shares boxes.

Joint reconstruction implants
Spinal devices
Trauma fixation devices
Arthroscopy devices

Orthopedic pharmaceuticals
Orthopedic supplements

The Orthopedic Devices market in Guatemala is experiencing steady growth due to increasing customer preferences for advanced medical devices, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Orthopedic Devices market in Guatemala are shifting towards technologically advanced and minimally invasive devices. Patients are increasingly seeking orthopedic devices that offer faster recovery times, reduced pain, and improved overall outcomes. This preference for advanced devices is driven by the desire for higher quality healthcare and the availability of more innovative options in the market. Trends in the market include a growing demand for joint replacement surgeries, particularly knee and hip replacements. This trend is driven by an aging population and an increase in chronic conditions such as osteoarthritis. Additionally, there is a rising awareness of the benefits of early intervention and preventive measures, leading to an increased demand for orthopedic devices that aid in the prevention and treatment of musculoskeletal disorders. Local special circumstances in Guatemala contribute to the development of the Orthopedic Devices market. The country has a high prevalence of musculoskeletal disorders, which creates a significant demand for orthopedic devices. Additionally, Guatemala has a growing medical tourism industry, attracting patients from neighboring countries who seek high-quality healthcare services. This influx of medical tourists further drives the demand for orthopedic devices in the country. Underlying macroeconomic factors also play a role in the growth of the Orthopedic Devices market in Guatemala. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income and healthcare expenditure. This economic stability allows individuals to afford advanced orthopedic devices and procedures, further driving market growth. In conclusion, the Orthopedic Devices market in Guatemala is developing due to customer preferences for advanced devices, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. As the demand for technologically advanced and minimally invasive devices continues to grow, the market is expected to expand further in the coming years.

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.