Dental Industry Market Economic Trends, Industry Development by 2027
Market Dynamics
The dental industry is one of the healthcare industry’s most significant and glamorous industries. The main drivers that drive the dental industry include increasing population, elderly populations, increased demand for tooth whitening, and increased demand for root canal procedures. The intake of nicotine, alcohol, and an unhealthy diet are major factors contributing to tooth decay, which is the most prevalent form of chronic disease worldwide.
As a result, the prevalence of oral cancer and gum diseases is expected to rise in the population. With the advent of innovative technologies, emerging medical tourism relating to dental treatment, and the launch of several government programs for public oral health services, the industry is being further matured. Dental tourism has risen in developing countries due to the high rates of healthcare in advanced nations as dental services have become a luxury in developed nations. Various government interventions in various countries are proving to be advantageous to enhancing the affordability and access to oral health care services; this is expected to accelerate the development of the sector.
Market Overview
The global dental industry market is slated to grow steadily at a healthy CAGR of 7.6% over the forecast period and acquire a substantial market value.
Regional Analysis
The Americas are the leading market due to a vast population suffering from oral disease, increased need for cosmetic dentistry, and the presence of medical technology firms that sell dental products. Due to the existence of a well-established healthcare system, the rising prevalence of dental disorders, and also high disposable income, the North American region is expected to hold a large share in the global dental industry market.
The dental industry in Europe is the second biggest in the entire world. Europe is second in the global dental business sector because a lot of children have oral health disorders and are in need of regular dental treatment. Other factors such as the elderly population and the growing number of people who smoke cigarettes contribute to the growth of the demand in this area.
Owing to the involvement of emerging economies such as India, China, and Australia, a developing healthcare sector and the rising vulnerable geriatric population, the Asia-Pacific region is the fastest growing segment. The Asia-Pacific area is projected to be a significant market for the organization due to growing awareness about the services and increasing healthcare facilities it offers.
Middle Eastern and African countries are likely to witness gradual growth in the global dental industry market. This is due to the weak markets and excessively rigid government policies that are widespread in Africa. It is estimated that a majority of the demand in the Middle East & Africa region is owned by the Middle East due to the presence of a well-developed healthcare system and massive healthcare spending the economies like Saudi Arabia, Kuwait, and Qatar within the region.
Competitive Landscape
Ivoclar Vivadent AG, Hu-Friedy Mfg Co., Nakanishi Inc., Henry Schein Inc., Ultradent Products Inc., Patterson Companies Inc., Dentsply Sirona, Young Innovations Inc., and 3M Company, Zimmer Biomet, Kangda Medical are some of the eminent players for global dental industry market.
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