Dental prosthetics can be defined as a branch of dentistry that focuses on restoration of intraoral defects such as missing teeth, soft tissue, and missing parts of teeth through various artificial methods. As the healthcare infrastructure improves worldwide, especially in the emerging economies with vast population base, the global dental prosthetics market is believed to be in good health, according to a recent report by Transparency Market Research (TMR). The report evaluates that global market for dental prosthetics had an opportunity worth US$3.5 bn by the end of 2016, and projects it to expand at a CAGR of 7.6% during the forecast period of 2015 to 2023, reaching a valuation of US$5.88 bn by 2023.
Get Sample Report:
What are the prominent factors influencing the growth rate?
Rising population of the geriatrics, who commonly suffer from dental diseases, is the primary driver for the global dental prosthetics market. As per the WHO, the world contained 524 million people aged over 65 years in 2010, and the number is estimated to reach 1.5 billion by 2050. The report also credits the emerging trend of perfect set of teeth among the consumers, as it adds to their personal looks. This awareness, along with the availability of dental prosthetics, has improved considerably in the recent past due to social media. Factors such as increasing medical tourism in developing nations and research and development for new products and services will further fuel the market in positive direction. However, the report expects the presence of local players, who offer cheaper products and services, as the main restraint over the growth rate.
What is the nature of competition in the global dental prosthetics market?
The global dental prosthetics market is consolidated, with top five companies accounting for majority of the market share. Companies such as Institut Straumann AG, DENTSPLY International, Inc., Biomet 3i, Nobel Biocare Holdings AG, and Zimmer Holdings, Inc. dominated with collective 58.80% shares in 2014. Out of these, Institut Straumann AG holds maximum share via a strong and wide product portfolio, whereas Nobel Biocare Holdings AG came at second position with a strong emphasis on marketing and distribution in the emerging economies such as countries in Eastern Europe, the Middle East, Brazil, China, and India.
Which is the most lucrative product segment?
Based on product type, the global dental prosthetics market is segmented into bridges, crowns, veneers, dentures, and others including inlays and onlays. Out of these, crowns was the most lucrative segment at a US$1.5 bn in 2014 and will remain in demand through-out the forecast period. However, the segment of dentures, which currently is second most profitable, is projected for the best growth rate. Moreover, increase in the number of individuals undergoing teeth whitening procedure and high awareness among people is expected to boost the market for dental veneers too, although low reimbursement for veneers may hinder the growth.