Global Dental Services Market which reached a value of more than USD 35 billion in the year 2022. The dental service industry is further expected to grow at a robust CAGR by 2027, says a report by Ken Research
1. Total Number of Dentists Has Got Doubled Since The Last Decade: With India At The Top.
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As per the dental services industry research- market value of the dental services industry increased at around 5% CAGR, wherein, countries such as India, Japan, U.S., UK, China, and South Korea held significant share in the global market. The continuous surge in consumer’s awareness towards dental care has been propelling the demand for dental services market. Owing to this, dental services market is projected to grow at a CAGR of more than 6% over the coming 10 years.
2. Pandemic Impact Was Insignificant: Nearly 60% Of The Dentists Believe Covid-19 Has Not Impacted The Products Or Services They Offer.
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Oral health service provision has not been significantly affected by COVID-19, although access to routine dental care was reduced due to country-specific temporary lockdown periods. While the dental profession has been identified at high-risk, the reported rates of COVID-19 for dental professionals were not significantly different to those reported for the general population in each country. Compared to many other businesses, the impact of COVID-19 on the dental services sector was less severe. In spite of significant setbacks to several businesses, the dental services sector grew strongly in 2019 at an average rate of 5.6%. Dental professionals believe that individuals’ increased attention to oral cleanliness during the epidemic may have contributed to the industry’s development. Also, people’s awareness of their looks has grown, therefore even if the sector experienced some low points at one point or another, it rapidly bounced back.
3. Nearly 50% Of Dentists Reported That Lab Fees Increased More Than 1-10%, Such High Cost For Dental Services To Hamper The Dental Market Growth.
Reimbursements and treatment costs are two significant variables that affect the services provided to patients. Nonetheless, market expansion is considerably constrained, particularly in developing nations, by the high cost of therapy and low reimbursement. More than 40 % of dentists reported staff wages had increased by more than 1-10%. The high-cost causes treatment delays and cancellations, which somewhat lowers the adoption of consumables. Also, compared to other types of healthcare insurance, the dental insurance offered for the treatment is substantially less expensive. Private health insurance or personal funds are used for the majority of the funding. The expansion of the dental sector is constrained by the decrease in patient visits and treatments caused by such low insurance and reimbursement rates.
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