Dental Equipment & Consumables Market Overview with Detailed Analysis, Competitive landscape, Forecast to 2024
An instance justifying the aforesaid is that of the notable dental equipment & consumables market player, Nobilium which announced that its special, RFID-enabled denture identification system has been cleared by the U.S. FDA, and will be commercialized in the coming months. Nobilium basically developed this high-tech product to help nursing facilities ably meet the regulatory standards prescribed for denture care. Apparently, the RFID technology embedded in the rear part of the denture would help identify false teeth from the point of manufacture, owing to which caregivers would be able to link them with the right patient. The system is anticipated to bring about a massive transformation in the perception of dental prosthetics, which would eventually impact dental equipment & consumables market outlook.
Dental Equipment and Consumables Market size was valued at USD 21.4 billion in 2017 and is expected to witness 6.1% CAGR from 2018 to 2024.
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Why the U.S. has turned out to be a major hub for dental equipment & consumables market
It has been observed that most of the developed economies have been witnessing a massive spike in the number of dental surgeries and implants lately, thereby leading to a rise in the demand for high quality dental components. As per the American College of Prosthodontics, over 36 million Americans do not have any teeth, while 120 million of the U.S. populace are missing at least one tooth. These statistics bear evidence to the fact that the United States would continue to remain a major hub for dental equipment & consumables market in the years ahead.
The United States is also home to a host of dental disorders, ranging from oral cancers and hygiene issues to Periodontitis disease and gum inflammation. As per the National Cancer Institute, one American succumbs to death due to oral cancer every hour of every day, and only 50% of the diagnosed subjects will survive more than five years. Furthermore, the geriatric population in the country, vulnerable to numerous dental problems, has been on a rise lately, providing further impetus for the growth of dental equipment & consumables industry size.
Another primary reason for the growth of U.S. dental equipment & consumables market is the favorable support received by the regional government. The availability of reimbursement schemes such as, Dental Health Maintenance Organizations (DHMO) plan and the preferred provider organizations (PPO) dental plan have been contributing toward the prevalence of dental implant surgeries and other dental disorder treatments in the country, thereby providing a major boost to U.S. dental equipment & consumables market trends.
Major companies partaking in U.S. dental equipment & consumables industry share have been striving to come up innovative products and awareness schemes for dental healthcare, in an attempt to consolidate their presence in the regional business and overseas. Midmark Corp., for example, one of most prominent giants in U.S. dental equipment & consumables market, recently unveiled the new Midmark Dental Health Clinic at the Sinclair Community College in Dayton, Ohio. The facility showcases Midmark’s high quality equipment and consumables and provides a rather amiable, educative environment for dental hygiene students. It is prudent to mention that the Midmark Dental Health Clinic, on an annual basis, provides patient care worth USD 500,000 to around 1,500 uninsured children, adults, senior citizens, and veterans. The company thus, seems to be focusing extensively on awareness activities and CSR programs, which would considerably strengthen its stance in U.S. dental equipment & consumables industry.
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Dental equipment & consumables market has been gaining appreciable momentum in numerous other geographies across the globe as well. The latest trends proliferating this business space border on the deployment of laser technology for dental treatment. While the research for using laser therapy for dental surgeries and implants has been underway ever since the inception of lasers, it is being estimated that lesser than 10% of dentists presently use lasers. One of the key reasons for the same may be attributed to the lack of user-friendly, commercial, and high-quality lasers.
Dental equipment & consumables industry has slowly been undergoing a change in terms of the technological advancements, with eminent scientists striving to work on numerous theories related to preventive laser dentistry. With time, it is being forecast that laser dentistry and many other significant types of dental equipment marvels would soon go mainstream, inherently propelling dental equipment & consumables market size, slated to cross USD 32 billion by 2024.
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