Dental care refers to the maintenance of oral health by treating or preventing diseases and conditions that affect the teeth and gums. It involves various services such as orthodontic treatments, cosmetic dentistry, endodontic services and others. The rise in awareness about oral hygiene and increasing disposable income have been driving the demand for dental services globally. Additionally, the availability of advanced dental technologies and equipment has improved the quality of dental treatments.
The global Dental Market is estimated to be valued at Us$ 36609.25 Mn in 2023 and is expected to exhibit a CAGR Of 6.2% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising dental tourism is one of the major drivers of the dental market. Many people from developed nations travel to emerging countries for dental treatments owing to their lower costs. Countries such as Thailand, Hungary and Mexico have emerged as popular dental tourism destinations. According to the American Academy of Cosmetic Dentistry, nearly 1.6 million Americans traveled abroad in 2014 seeking dental care. The availability of comprehensive dental treatments at affordable prices in these countries has been attracting patients from all over the world.
The other key driver is the growing geriatric population. With age, the risk of oral diseases increases. Moreover, aged people often have poor oral health due to lack of oral hygiene maintenance or pre-existing conditions. According to data by the National Institute on Aging, the population aged 65 years or older is expected to double from 52 million to around 95 million between 2015 and 2060 in the United States. The rising pool of elderly patients will propel the demand for dental services and treatments in coming years.
SWOT Analysis
Strength: The dental market has seen steady growth over the past few years driven by increasing demand for dental treatments and services. Rising awareness about oral healthcare and availability of dental insurance are fueling market growth. Furthermore, technological advancements in dental equipment and procedures have simplified treatments and expanded capabilities of dentists.
Weakness: High costs associated with dental treatments and procedures still pose a major barrier especially in developing regions. Lack of dental coverage under basic healthcare insurance plans also limits access to care for some population segments. Dearth of skilled dental professionals in rural and remote areas further hamper market growth potential in those regions.
Opportunity: Growing geriatric population prone to dental issues present an opportunity for market players. Rising disposable incomes in emerging economies are expected to boost spending on dental services in future. Additionally, untapped rural markets with limited dental infrastructure offer new growth avenues.
Threats: Threat of substitutes from low-cost dental tourism especially in developing Asian countries challenge domestic players. Stringent regulatory framework and compliance issues also increase operational costs for companies. Emergence of new alternative dental treatments pose competitive threats to established procedures and equipment types.
Key Takeaways
The Global Dental Market Demand is expected to witness high growth over the forecast period driven by aging population, rising oral healthcare expenditure and technological developments. The market size is projected to reach US$ 36,609.25 million by 2024, growing at a CAGR of 6.2% during 2023-2030 forecast period.
Regional analysis:
Asia Pacific region currently dominates the global market and is expected to maintain its leading position over the next few years. Rapidly growing economies, increasing healthcare spending, large patient pool and rising awareness about oral hygiene are fueling demand across countries like China, India and Indonesia. North America is another major regional market driven by widespread dental insurance coverage, focus on preventive care and presence of leading industry players.
Key players:
Key players operating in the dental market are Cargill, Inc., PT Astra Agro Lestari Tbk, Wilmar International Ltd, Malaysian Soy oil & palm oil Council (MPOC), Carotino Sdn Bhd, Yee Lee Corporation Bhd, IOI Corporation Berhad, Archer Daniels Midland Company, Dow DuPont Inc., and Guangxi Long'an Ruifeng Industrial & Trading Co., Ltd. These companies dominate the market through extensive R&D efforts, widespread distribution networks and strong branding of various dental products and equipment.
Get more insights on this topic :
Check more trending articles on this topic:
Arabic
French
Spanish
Portuguese
Deutsch
Turkish
Dutch
Italiano
Russian
Romaian
Portuguese (Brazil)
Greek