Orthopedic Devices - Honduras | Statista Market Forecast

The projected revenue in the Orthopedic Devices market market in Honduras is expected to reach US$16.75m in 2024.
Furthermore, it is anticipated that the revenue will display an annual growth rate (CAGR 2024-2029) of 7.40%, ultimately leading to a market volume of US$23.95m by 2029.
In terms of global comparison, the United States is poised to generate the highest revenue, with an estimated amount of US$16.02bn in 2024.
Honduras has seen a growing demand for orthopedic devices 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 Honduras is experiencing steady growth due to increasing customer preferences for advanced medical technology, as well as the presence of local special circumstances and underlying macroeconomic factors. Customer preferences in the Orthopedic Devices market in Honduras are driving the demand for innovative and technologically advanced products. Patients are increasingly seeking orthopedic devices that offer better functionality, durability, and comfort. This preference for advanced medical technology is influenced by global trends in the orthopedic devices market, as well as the growing awareness and expectations of patients in Honduras. As a result, there is a rising demand for orthopedic devices that incorporate the latest advancements in materials, design, and manufacturing techniques. In addition to customer preferences, there are several trends in the Orthopedic Devices market in Honduras that are shaping its development. One key trend is the increasing adoption of minimally invasive surgical procedures. These procedures offer numerous benefits, including reduced trauma, shorter recovery times, and improved patient outcomes. As a result, there is a growing demand for orthopedic devices that are specifically designed for use in minimally invasive surgeries. This trend is driven by advancements in surgical techniques, as well as the desire to minimize patient discomfort and healthcare costs. Another trend in the market is the growing prevalence of chronic diseases and conditions that require orthopedic interventions. Factors such as an aging population, sedentary lifestyles, and the increasing incidence of obesity contribute to the rising prevalence of conditions such as osteoarthritis, osteoporosis, and musculoskeletal injuries. As a result, there is a growing demand for orthopedic devices such as joint replacements, spinal implants, and fracture fixation devices. Local special circumstances also play a role in the development of the Orthopedic Devices market in Honduras. The country has a relatively high prevalence of musculoskeletal disorders, which contributes to the demand for orthopedic devices. Additionally, the healthcare infrastructure in Honduras is improving, with increased investments in healthcare facilities and medical equipment. This creates opportunities for orthopedic device manufacturers to expand their presence in the market and cater to the growing demand. Underlying macroeconomic factors also contribute to the growth of the Orthopedic Devices market in Honduras. The country's economy has been growing steadily, leading to increased disposable income and improved access to healthcare services. This enables more individuals to afford orthopedic interventions and devices. Furthermore, the government has been investing in healthcare reforms and initiatives to improve the quality of healthcare services, which further supports the growth of the Orthopedic Devices market. In conclusion, the Orthopedic Devices market in Honduras is developing due to customer preferences for advanced medical technology, trends such as the adoption of minimally invasive surgical procedures, local special circumstances, and underlying macroeconomic factors. These factors are driving the demand for innovative orthopedic devices and creating opportunities for manufacturers to expand their presence in 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.