Paragraph: 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 includes products and services associated with dental healthcare. The key products in this market include dental implants, dental prosthetics, dental equipment such as dental chairs, dental lasers, dental radiology equipment and dental electrosurgical systems. Dental services include dental restoration, dental orthodontics, periodontics, endodontics and other general dental treatments. Dental treatments are increasingly being adopted for cosmetic purposes to enhance smile, appearance and confidence.
Market Dynamics:
The growth of the dental market is mainly driven by rising dental tourism and increasing demand for cosmetic dentistry. According to the American Dental Association, dental tourism involves people travelling to another country for dental treatment. Many people from developed countries travel to emerging countries in Asia and Latin America for affordable dental treatments. Factors such as lower treatment costs, availability of latest technology and trained dentists are driving dental tourism globally. Additionally, increasing focus on physical appearance has boosted demand for cosmetic dentistry procedures such as dental veneers, dental crowns, dental implants and teeth whitening. Growing consciousness towards oral healthcare and rising disposable income levels in developing regions are also fueling the growth of the dental market during the forecast period.
SWOT Analysis
Strength: The Global Dental Market has high entry barriers which protect existing companies from new competition. Technological advancements have improved dental treatments and solutions. There is growing demand for dental services and products around the world due to increasing cases of dental diseases.
Weakness: High costs associated with dental treatments make it inaccessible for low-income groups. Lack of awareness about oral healthcare in developing nations.
Opportunity: Growing geriatric population is increasing the demand for dental implants and prosthetics. Advancements in areas like CAD/CAM dentistry, laser dentistry provide growth opportunities.
Threats: Strong bargaining power of buyers due to presence of substitutes. Stringent regulatory approvals pose challenges to market players.
Key Takeaways:
The global dental market is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing prevalence of dental diseases. Rising awareness about oral health, growing disposable incomes and expanding middle class population globally are driving the market growth.
Regional analysis
The North America region dominates the global dental market and is expected to continue its dominance holding around 40% market share. This can be attributed to well-established healthcare infrastructure, rising healthcare spending, growing dental tourism and presence of key market players in the region. Asia Pacific region is expected to witness the fastest growth due to large patient pool, increasing healthcare spending, growing medical tourism and rapidly developing economy in the region.
Key players
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. These players are focusing on new product launches, acquisitions and expansion to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it