by The dental market is estimated to be valued at US$ 36609.25 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The dental market comprises products and equipment used in various dental procedures. This includes dental crowns and bridges which are fixed dental prosthetics used for replacing missing teeth. Dental implants which serve as artificial roots for replacement teeth are also part of this market. Such products provide strong structural support and restore proper functioning and aesthetics. The demand for advanced dental treatments has been increasing owing to benefits like durability, comfort and natural appearance.
Market key trends:
One of the key trends driving the Global Dental Market is the increased adoption of advanced dental technologies. The introduction of CAD/CAM (Computer-Aided Design/Computer-Aided Manufacturing) technology has enabled digital fabrication of dental prosthetics like crowns and bridges directly at dental clinics. Such chairside CAD/CAM systems allow dentists to digitally design and mill crowns and bridges in a single appointment. This streamlines the workflow without need for laboratory processing and delivers same day results to patients. Chairside systems are gaining popularity over traditional lab-fabricated prosthetics due to benefits like convenience, reduced costs and timely treatment. Growing dental tourism in emerging markets and rising disposable incomes are also promoting the demand for innovative dental technologies globally.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brand loyalty in the dental market makes it difficult for new companies to enter.
Bargaining power of buyers: Individual consumers have low bargaining power but large institutional buyers like hospitals and dental clinics can negotiate on price and contracts.
Bargaining power of suppliers: A few large multinational companies dominate the supply of dental materials and equipment. This gives them significant control over pricing.
Threat of new substitutes: Though some new alternative treatments are available, dental procedures have very few substitutes as of now.
Competitive rivalry: Intense competition exists among established players to gain market share through new product innovations and acquisition of smaller companies.
SWOT Analysis
Strengths: Established brands, technological innovations in CAD/CAM milling and 3D printing, rising popularity of cosmetic dentistry procedures.
Weaknesses: High dependency on dental professionals for sales, need for continuous training and certification of dental practitioners, rising infrastructure and labor costs.
Opportunities: Untapped growth potential in emerging markets, increasing acceptance of dental tourism, advancement in areas like CAD/CAM restorations and guided bone regeneration.
Threats: Stringent regulations and standards, threat from cheaper alternatives and medical tourism in other countries, reimbursement policy restrictions.
Key Takeaways
The global dental market is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing demand for cosmetic and restorative dental procedures, aided by rising income levels and health awareness. North America dominated the market in 2019 due to high per capita healthcare expenditure and availability of advanced technologies. However, Asia Pacific market is expected to grow at the fastest pace owing to rapidly improving healthcare infrastructure in major economies like China and India along with medical tourism promotion initiatives by governments.
Europe currently captures a significant share of revenue, though growth is shifting towards Asia Pacific and Latin America. Brazil, China and India in particular offer immense opportunities for players in the dental industry to expand their presence by offering cost effective treatment options.
Key players operating in the dental market are Straumann Group, Zimmer Biomet Holding, Inc., Danaher Corporation, Dentsply Sinora Inc., BioHorizons IPH, Inc., Henry Schein, Inc., Osstem Implant Co. Ltd., Avinent Implant System, A-Dec Inc., Nobel Biocare, Sonoma Pharmaceuticals, Inc, and Nexa3D. The major players are focusing on strategic acquisitions and regional expansion plans to strengthen their product portfolio and distribution networks across high potential markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
