Press release
Dental Consumables Market to Grow at a CAGR of 6.1% through 2024
The global market for dental consumables stood at an overall valuation of US19.6 bn in the year 2015. This valuation is expected to grow and reach a figure worth US$33.4 bn by the fall of 2024. This growth of the market is expected to be achieved with the help of a strong CAGR of 6.1% over the course of the given forecast period of 2016 to 2024.
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Of the various products available in the global market for dental consumables, the segment of crowns and bridges is projected to witness a promising growth during the given period of forecast. The segment is estimated to develop with an impressive CAGR of 7.2% over the course of the given forecast period of 2016 to 2024.
In terms of geography, the global market for dental consumables can be segmented into key regions such as North America, the Middle East and Africa, Latin America, Europe, and Asia Pacific. Of these regions, Europe is expected to be the leading regional market thanks to the growing facilities of oral healthcare across different nations such as Greece, the U.K., Spain, and Italy among others. The Europe market for dental consumables is projected to account up to 41.1% of overall market share across the globe.
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New and Effective Methods of Treatment to Drive Market Growth
The emergence of new services such as dental tourism in emerging nations such as Hungary, Turkey, and India have augmented a huge demand for dental consumables over the last few years. The less expansive nature of oral health care services offered in these upcoming economies has attracted several customers over the last few years to take up dental treatment. The low cost of labor, enhanced and effective methods of treatment, and minimal intervention of government regarding healthcare companies in the emerging nations are expected to act in favor of driving the overall development of the global market for dental consumables in the coming years.
The growing success rates of dental implants, specifically for the upper jaw is also projected to play an important role in the overall growth of the global market for dental consumables. This has resulted in the increased adoption of several processes that make use of dental implants. The market is also benefitting from the increasing incidences of dental disorders such as gum decay, tooth decay, mouth sores, and tooth erosion. In addition to this, the high prevalence of chronic diseases have also helped in fuelling the growth of the market for dental consumables. The increasing disposable income in the developing nations and altering lifestyles have made patients prefer improved oral care treatment and thus, helping the growth of the market in the coming future.
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Expensive Treatment Costs with Poor Reimbursements to Impede Market Growth
The main restraining factor for the growth of the global market for dental consumables is considered to be the high costs of products due to heavy spending on the activities of research and development. Additionally, poor policies of reimbursement after the treatment are also expected to hamper the growth of market in the coming years.
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