by The global dental market is estimated to reach a value of US$ 32,156 Million In 2021 and is expected to grow at a CAGR of 6.7% during the forecast period of 2021-2028, according to a report by Coherent Market Insights.
Market Overview:
The dental market encompasses a wide range of products and services aimed at preserving oral health and improving dental aesthetics. The market includes dental implants, orthodontic products, dental prosthetics, dental consumables, and dental equipment. The increasing prevalence of dental disorders, growing geriatric population, and rising disposable income are driving the demand for advanced dental products. Additionally, advancements in 3D printing technology and digital dentistry are revolutionizing the dental industry by providing efficient and precise solutions.
Market Key Trends:
One key trend in the dental market is the growing adoption of digital dentistry. Digital dentistry involves the use of computer-aided design (CAD) and computer-aided manufacturing (CAM) technologies to improve the accuracy and efficiency of dental procedures. It enables dentists to capture digital impressions, design prosthetics digitally, and manufacture them using 3D printers. Digital dentistry offers numerous benefits such as reduced chair time, enhanced precision, and improved patient experience. The integration of digital dentistry with other dental specialties such as orthodontics and implantology is expected to further drive market growth.
Overall, the Dental Market is witnessing significant growth due to the increasing awareness about oral health and the demand for advanced dental solutions. The adoption of digital dentistry is a key trend that is expected to shape the future of the market.
Porter’s Analysis:
Threat of new entrants: The dental market has a high barrier to entry due to the significant capital investment required for research and development, regulatory compliance, and establishing distribution networks. Therefore, the threat of new entrants is low.
Bargaining power of buyers: Buyers in the dental market have moderate bargaining power due to the availability of various dental products and the presence of numerous suppliers. However, dentists and dental clinics often prioritize quality and reliability over price, reducing their negotiation power.
Bargaining power of suppliers: Suppliers in the dental market have moderate bargaining power due to the presence of numerous manufacturers and distributors. However, some specialized suppliers with unique products or patented technologies may have higher bargaining power.
Threat of new substitutes: The threat of new substitutes in the dental market is relatively low. Dental procedures and treatments typically require specific dental products and equipment, and there are limited alternatives available.
Competitive rivalry: The dental market is highly competitive, characterized by the presence of several key players. Intense competition among these manufacturers and distributors drives innovation and promotes product quality. Thus, there is a high level of competitive rivalry in the dental market.
Key Takeaways:
The global dental market is expected to witness high growth, exhibiting a CAGR of 6.7% over the forecast period of 2021-2028. This growth can be attributed to factors such as an increasing geriatric population, rising awareness about oral healthcare, and technological advancements in dental procedures and products.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the dental market. This can be attributed to the high prevalence of dental diseases, advanced healthcare infrastructure, and reimbursement policies supporting dental treatments in the region.
Key players operating in the dental market include Straumann Group, Zimmer Biomet Holding, Inc., Danaher Corporation, Dentsply Sirona 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 key players have a strong market presence and invest heavily in research and development to introduce innovative dental products and technologies.
In conclusion, the global dental market is poised for significant growth in the coming years, driven by factors such as a growing aging population and increasing awareness about oral healthcare. North America is expected to be the fastest-growing region, and key players in the industry continue to focus on innovation to maintain their competitive edge.
