Hoganson, 19, had to be replaced at half-time at Vicarage Road after sustaining knocks 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."
Left-back Roberts has missed the last three games after he was sent off in the defeat at Hull on February 12.