Hoganson, 19, had to be replaced at half-time at Vicarage Road after sustaining injuries to his hip and foot.
"Losing Michael to injury at half-time was a blow," said Rams boss Nigel Clough following his side's 2-1 defeat to the Hornets. "He got caught on the hip and the foot and both were equally sore."
Hoganson was replaced by Jake Buxton, who had missed the previous two matches after suffering a setback in his recovery from the knee injury that kept him out during December and January.
Clough added: "Jake, though not 100 per cent, which is why we didn't start him, went out there in the second half and did well.
"He will be available to start our next game and, fortunately, Gareth Roberts is available again after suspension."
Clough, meanwhile, praised on-loan striker Chris Martin, who made his first appearance for the club as a half-time substitute in the defeat at Watford.
He replaced Michael Jacobs and Clough said: "He can play, the lad, and he has some qualities which we don't have in our team at the moment.
"He is in there primarily to hold the ball up, which he did most of the time he was on.
"That is something we are lacking in our forwards at the moment, somebody to get hold of the ball and bring our midfielders into play. He did that quite well when he came on.
"We have only seen him for half-an-hour in training on Friday and now 45 minutes against Watford and we are pleased with what we have seen so far."