Blood Viscometer Market Trends

Growth Drivers

• Exponential growth in global medical equipment trade: Medical instruments held a world trade value of USD 167 billion in 2023, contributing to 0.74% of the trade share, and registered a growth rate of 7.85% between 2022-2023. Medical instruments are a part of photo & film equipment, viscometers, needles, catheters, cannula, electro-diagnostic apparatus, syringes, tubular metal needles, electro-cardiographs, dental drill engines, and UV or infra-red ray apparatus. In 2023, the key medical instrument exporters included the U.S. (USD 34.8 billion), Germany (USD 18.4 billion), Mexico (USD 17.6 billion), China (USD 12.3 billion), and Netherlands (USD 9.38 billion).
  
  The medical devices and supplier sector was projected at USD 128.1 million in 2022, which has persistently provided positive prospects for U.S. exporters in Honduras. The industry is highly dependent on imports, is price sensitive, and U.S. medical products reap high receptivity among domestic healthcare providers. According to the International Trade Administration, the outbound trade of medical devices in the U.S. has experienced a 25% spike over the past three years. Pharmaceutical product imports have also witnessed a positive trend, at a projected USD 600 million in 2022.
• Rising government initiatives in blood disorders: Governments are supporting clinical trials to bring novel solutions to the blood viscometer market. NHLBI started accepting applications for early phase clinical trials for HLBS disorders intended for diagnostics or therapeutics in April 2024. Moreover, in September 2023, the Inter-American Development Bank (IDB) granted USD 150 million in debt to strengthen the hospital network in Honduras. The program seeks to improve the effectiveness and access to specialized child hospital and maternal services and care for injuries of external causes and non-communicable diseases.

Challenge

• High cost of blood viscometers: Adoption of blood viscometers may be significantly hampered by their cost, especially in environments with limited resources. Healthcare facilities may have financial difficulties due to the high capital expenditure to develop these devices as well as the necessity for ongoing maintenance and calibration, which may restrict market expansion.