The increasing incidence of oral problems across the world is one of the key stimulants of growth of the global consumable dental market. Dental consumables are primarily used for treating dental impairments, tooth restoration, and related gingival tissues. According to a report by Transparency Market Research (TMR), the valuation of the market was US$19.6 bn in 2015 and is estimated to rise to US$33.4 bn by the end of 2024, expanding at a CAGR of 6.1% from 2016 to 2024.
The flourishing dental tourism sector in developing countries such as Turkey, India, and Hungary is providing a significant momentum to the global market. A TMR analyst states that low cost of labor and oral healthcare services and low government intervention are fuelling the dental tourism industry, which in turn is working in favor of the global market. However, the high cost of products coupled with poor reimbursement framework is keeping the market from realizing full potential.
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How are quality improvements and technological advancements contributing to the growth of the global dental consumables market?
The increasing focus towards effective dental treatments and improving quality of dental implants are luring in a large number of patients for dental services. Continuous advancements in digital dentistry are leading to the birthing of advanced automation solutions that will revolutionize digital practices, pointing towards the phenomenal potential of the global dental consumables market. In March 2017, Align Technology, Inc. and Exocad GmbH announced a partnership to integrate iTero intraoral scanners and exocad Chairside CAD software. The amalgamation of these technologies will have a significant impact since it will provide various clinical settings advanced workflow solutions for carrying out efficient scanning, design, and production of in-house dental implants.
Why are players in the global dental consumables market shifting their focus towards developing regions?
Geographically, Europe will continue to be at the forefront of growth until 2024, owing to the rapidly growing population of aged people. The rising concerns regarding oral healthcare are translating into the greater uptake of dental consumables. Moreover, the increasing investments by private and public organizations towards improving and expanding oral healthcare facilities across Europe will supplement the growth of the market.
While developed regions will account for large shares, developing regions are emerging as attractive destinations for global players in the market. Asia Pacific is expected to rise at a noteworthy CAGR during the forecast period. The booming dental tourism sector in India and other developing countries is one of the primary factors contributing to the growth of the region. The expanding base of middle-class population and the rising disposable incomes of the populace is also escalating the demand for dental consumables. Furthermore, the growing access to oral healthcare and the increasing sense of oral hygiene among the populace is propelling the market in APAC.