Regionally, the global dental equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America region is estimated to witness noteworthy growth over the forecast period on the back of the increasing geriatric population and higher prevalence of dental implants. One of the major growth drivers in the region is estimated to be the higher geriatric population. For instance, as of 2019, the people aged 65 or above were anticipated to be about 21 million in North America. The young population of the region is also projected to require essential dental care during the forecast period owing to the significant change in lifestyle. In a report provided by the Centers for Disease Control and Prevention (CDC) in 2020, it was stated that 63.0% of adults aged 18 in the region visited dentists while in 2018, the percentage for children between 2 to 17 was estimated to be 85.9%.
The market in the Asia Pacific region is estimated to garner noteworthy revenue share over the forecast period owing to the increasing awareness regarding oral health, and rising availability of advanced medical facilities in the developing regions. Based on a report provided by the Indian Journal of Dental Research (IJDR), 0.1 to 0.3 million dental implants are received by people annually.
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The global dental equipment market is further classified on the basis of region as follows:
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centres for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Our in-depth analysis of the global dental equipment market includes the following segments:
By Equipment Type
May 20, 2022: Straumann Group announces the acquisition of PlusDental, a substantial provider of doctor-led orthodontic treatment solutions in the Europe region.
May 5, 2022: Midmark merges path with Jeff Carter, Pat Carter, IIDA, and DDS of Practice Design Group to work on ImpactDesign workshops to enhance the clinical environment.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: Rising geriatric population and increasing demand for cosmetic dentistry are the major factors driving the growth of the dental equipment market.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 - 2031.
Ans: The need for high initial investment is estimated to hamper the market growth.
Ans: North America region will provide more business opportunities for growth of the dental equipment market in the future on the back of growing geriatric population.
Ans: The major players in the market are Straumann Group, Midmark Corporation, Sirona Dental Systems Inc., A-dec Inc., Noble Biocare Services AG., BIOLASE, Inc., Planmeca Group, Danaher Corporation, and Carestream Health, Inc.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by equipment type, end-user, and by region.
Ans: The hospital segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.