Other Medical Devices - Guatemala

In Guatemala, the projected revenue for the Other Medical Devices market market is expected to reach US$136.30m by 2024.
This revenue is expected to grow at an annual rate of 5.93% from 2024 to 2029, resulting in a market volume of US$181.80m by 2029.
It is worth noting that in a global comparison, the United States is expected to generate the highest revenue in this market, reaching US$58.90bn in 2024.
Guatemala's market for other medical devices is witnessing a rising demand for innovative and affordable solutions to improve healthcare accessibility in remote areas.

Definition:
The market Other Medical Devices covers revenues for areas that are not specifically mentioned in the other submarkets, such as endoscopy, drug delivery, dental medicine, wound management, diabetes care, nephrology, neurology, and ENT.

Drug delivery
Wound management

Medical devices covered in other markets
Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Other Medical Devices market in Guatemala is experiencing steady growth due to several key factors. Customer preferences in the market are driving demand for innovative and technologically advanced medical devices. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the development of the market. Customer preferences in Guatemala are focused on high-quality medical devices that offer advanced features and functionality. As the healthcare sector in the country continues to modernize, there is a growing demand for state-of-the-art medical devices that can improve patient outcomes and enhance the efficiency of healthcare delivery. Customers in Guatemala are willing to invest in the latest medical technologies to ensure the best possible care for their patients. The market for Other Medical Devices in Guatemala is also influenced by global and regional trends. There is a growing emphasis on preventive healthcare and early detection of diseases, which has led to an increased demand for diagnostic devices and screening tools. Additionally, the aging population in Guatemala is driving the demand for medical devices that cater to the needs of elderly patients, such as mobility aids and home healthcare devices. Local special circumstances in Guatemala, such as the government's focus on improving healthcare infrastructure and expanding access to healthcare services, are also contributing to the growth of the Other Medical Devices market. The government has implemented various initiatives to upgrade healthcare facilities and increase the availability of medical devices in both urban and rural areas. This has created a favorable environment for market players to expand their operations and introduce new products. Underlying macroeconomic factors, such as a stable economy and increasing healthcare expenditure, are also fueling the development of the Other Medical Devices market in Guatemala. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and improved access to healthcare services. As a result, more individuals are seeking medical treatment and investing in medical devices to address their healthcare needs. In conclusion, the Other Medical Devices market in Guatemala is growing steadily due to customer preferences for advanced and innovative medical devices, global and regional trends in healthcare, local special circumstances, and underlying macroeconomic factors. Market players can capitalize on these opportunities by offering high-quality products that cater to the evolving needs of customers in Guatemala.

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.