The market for dental services reached a value of nearly $401 billion in 2017. North America was the largest market for dental services, accounting for around 37% of the global market in 2018. The USA is the largest country in terms of value in the dental services market.
Dentists are health practitioners who operate private or group practices in their own premises or in other facilities such as hospitals or health maintenance organization (HMO) medical centers. They provide dental preventive, cosmetic maintenance and/or emergency care.
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Dental Services Market Size
The dental services market is expected to grow at a growth rate of around 9% to nearly $630 billion by 2022.Growth in the dental services market in the historic period resulted from rise in geriatric population, rise in disposable incomes and health insurance reforms. Factors that negatively affected growth in the historic period are weak wage growth in developed economies, unqualified manpower and limited coverage for dental services. Going forward, economic growth, technology, more educated patients, dental franchise model and dental tourism will drive growth. Factors that could hinder the growth of this market in the future are cost, interest rate increases and government regulations.
The global dental services market is highly fragmented. Players in the market include IDH, The British United Provident Association Limited, Abano Healthcare Group Ltd., Aspen Dental and Birner Dental Management Services, Inc.
The UK’s IDH was the second largest company in the dental services market in 2017 with around 0.2% share of the market. Integrated Dental Holdings Ltd. provides dental care services such as dental treatments, routine check-ups, bridges, crowns, dentures, fillings, inlays and on lays, veneers, implants, hygienist services, root canal treatment, teeth straightening, etc. in the United Kingdom.
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Some of the major drivers of the market are:
Economic Growth – The global economy is expected to go through a continued period of steady growth during the forecast period.
Technology – Technology is expected to be a continued driver of market growth during this period. Areas of particular development are likely to be robotics and minimal invasive surgery technologies. Markets such as this one will benefit from the greater efficiencies offered by these technologies.
However, the market is expected to face restraints from several factors such as –
Government Regulations – Dental service providers must follow numerous, complex regulations that set guidelines for service quality and care delivery. Technology companies that entered the healthcare industry are finding it difficult to release products due to excessive regulations.
Interest Rate Increases – Interest rates are expected to increase in developed nations, particularly the USA and Europe, during the forecast period.
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