Dental Prosthetics Industry Key Growth Factors
The geriatric population exhibits potentially the highest demand for dental prosthetics. It is therefore much likely for the global dental prosthetics market to gain increased traction as the geriatric population grows worldwide. Additionally, the rising number of dental procedures conducted around the world has tipped scales in favor of the global dental prosthetics market. This however, is triggered by the rising incidence of dental disorders. Besides this, on back of rising disposable income, consumers are willing to spend on advanced dental care procedures, which has aided in the market’s expansion in the last few years. With the steadily growing reimbursement facilities for dental procedures, in the near future the demand for dental prosthetics is expected to scale higher than expected.
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It is noted that consumption rate of dental prosthetics is comparatively higher in developing nations. This however is achieved on the back of rising medical tourism. These nations provide advanced healthcare facilities, which is available at a lower price tag hence gaining traction from people around the world. Already a multi-billion dollar industry, the medical tourism sector in developing regions is witnessing a surging demand for dental procedures, which has created an environment conducive to the growth of the dental prosthetics market.
Overall, the global dental prosthetics market, which stood at US$3.5 bn in 2016 is expected to reach US$5.88 bn by the end of 2023, exhibiting a CAGR of 7.6% during the time. On the downside, excessive price competitiveness witnessed in the last couple of years has hindered the market’s trajectory to an extent. Given the scenario players are compelled to offer services at a lower price and provide updated solution. This however creates opportunities for research and development, which could act in favor of the market.
Asia Pacific to Offer Lucrative Opportunities for Market’s Growth
Regionally, the global dental prosthetics market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Exhibiting a CAGR of 8.7% between 2015 and 2023, Asia Pacific emerged as one of the most lucrative markets for dental prosthetics. The rising healthcare spending by governments across emerging nations and proliferation of medical tourism have aided the market’s expansion in Asia Pacific.
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Meanwhile, experts project Europe to continue exhibiting the leading consumption of dental prosthetics through the forecast period. The rising geriatric population, which is the key target demographics, is expected to fuel the demand for dental prosthetics in Europe. Besides this, the region witnesses a rising incidence of periodontal diseases owing the rising consumption of junk foods, which has further complemented the growth of the dental prosthetics market in Europe.
Demand for Bridges and Crowns to Remain High Through Forecast Period
By type, bridges, veneers, crowns, dentures, and others (including inlays and onlays) constitute the key segments in the global dental prosthetics market. Before 2023 ends, the dental crowns segment is likely to reach US$2.9 bn. As per studies, crowns and bridges are the most commonly used dental prosthetics as they are easy to use and offer a high degree of aesthetics. Moreover, considering the latest development, patients today can choose crowns made from ceramics, plastics, zirconium, and metal ceramics.
Despite the competitive rivalry among key players, the global dental prosthetics market exhibits a highly consolidated vendor landscape. Some of the leading players operating in the market are DENTSPLY International, Inc., Institut Straumann AG, Nobel Biocare Holdings AG, Zimmer Holdings, Inc., and Biomet 3i.
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