(EMAILWIRE.COM, November 13, 2018 ) The Global Dental Equipment Market was valued at US$ 6,342.3 million in 2015 and is projected to expand at a CAGR of 4.7% during 20162024, according to a new report published by Coherent Market Insights.Increasing prevalence of poor oral health is increasing patient visits to dental clinics and in turn, is increasing demand for dental equipment.
Changing eating habits has led to increase in dental caries and infection among children and adults alike. High treatment costs and lack of insurance coverage dissuades a majority of the population from visiting a dentist even in developed economies such as the U.S. and U.K. However, the Medicaid is working towards increasing dental insurance coverage across the U.S. through its regional expansion plans. Besides, advent of advanced technological dental equipment such as CAD/CAM, cone beam CT systems and 3D printed dental equipment helps improve therapy outcomes and provide minimal treatment pain, which in turn enhances the patients experience.
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Increasing adoption of advanced treatment options and equipment by healthcare sector is a major factor fueling growth of the global dental industry. 3D printing is emerging technology, which has various dental applications. Key players involved in manufacturing of dental equipment are focused on diversifying their product portfolio related to 3D products in order to retain leading position in market. For instance, in March 2016, Planmeca Oy launched Creo 3D printer for dental professionals, which allows the dentist to custom-print dental implants, splints, surgical guides, temporary fillings, and other medical models. Furthermore, in November 2016, Planmeca Oy launched a number of new dental consolesEvolution 12 OClock, Evolution Central Island Console, and Evolution Side Console.
Dentsply International and Sirona Dental Systems merged in February 2016, to form Dentsply Sirona, Inc.the largest manufacturer of dental equipment and technologies. Post-merger, the company acquired MIS Implants Technologies Ltd.an Israel-based dental implant systems manufacturerin June 2016 for US$ 375 million. This acquisition would help Dentsply Sirona, Inc. increase growing demand for dental implants, especially in the MEA region. Other leading market players such as Planmeca Oy are also expanding inorganically. Planmeca Oy expanded its product portfolio through the inclusion of CAD/CAM Restorative System developed by E4D Technologies, LLC, following the acquisition of the latter in December 2013. Through this acquisition, the Planmeca Oy obtained a competitive edge in providing integrated digital dental solutions to dentists and dental laboratories. Consistent introduction of new devices and equipment would enable existing and new dental clinics and laboratories offer improved treatment solutions to their patients.
Furthermore, increasing insurance coverage is expected to increase adoption of dental equipment and imaging devices. According to the American Dental Association, 29 states in the U.S. extended dental Medicaid benefits to population in their respective states (as of March 2015). Demand for Medicaid dental services is increasing with expanding coverage of Medicaid dental services across different states in the U.S. According to the statistics of National Health Smile organization, around 88% of the U.K. adult population in 2016, did not have dental insurance.
Key takeaways of the dental equipment market:
The global dental equipment market is expected to expand at a CAGR of 4.7% during the forecast period due to increasing dental insurance and dental tourism in emerging economies in Asia and Latin America
In terms of equipment, dental system and parts segment holds the largest market share and is expected to reach a value of US$ 2,363.3 million in 2017. Increasing demand for dental equipment accessories and parts is fueling growth of the segment.
Adoption of dental equipment in dental clinics is expected to increase rapidly, with growing number of dental clinics across the globe
Although, North America led the global dental equipment market in 2015 (in terms of revenue), Asia Pacific is projected to be the fastest growing dental equipment market expanding at a CAGR of 5.6% during the forecast period. Factors contributing to rapid growth rate include increasing medical tourism for dental care and growing distribution network of dental equipment manufacturers in this region.
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The global dental equipment market is experiencing consolidation, with leading players such as Dentsply Sirona, Inc. and Planmeca Oy cannibalizing each others shares in this industry
Pareesh Phulkar
8087996871
pareesh@coherentmarketinsights.com
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