The dental equipment market is wide-ranging due to the variety of dental care options. With technology becoming increasingly sophisticated, this sector of the dental industry has expanded due to more demand for more niche or complex equipment. Equipment for crowns and bridges, dental lasers, radiology equipment, dental chairs, dental biomaterial, and other systems and parts are examples of the types of products produced in this market.
Major players in the global dental equipment market include US-based companies Danaher Corporation, Dentsply Sirona, Patterson Companies, Carestream Health, and Biolase Inc; GC Corporation, a company based in Japan; Planmeca Oy, a company based in Finland; and Straumann, a company based in Switzerland.
The promise of the industry can be seen in these companies’ earnings over the past year. Danaher Corporation, for example, which reported its Q4 and full-year earnings for 2020 in late January saw the former increase by 55% and the latter increase by 43% from the same period in 2019. Biolase, in its preliminary Q4 earnings report, announced sequential growth of 26% to 31%.
Currently worth nearly $7.5 million, the value of the market is projected to grow by roughly 38% in the next seven years. This won’t come from explosive growth by a steady expansion, analysts predict. The global dental equipment market is expected to reach $10.25 billion in value by 2028 through a compound annual growth rate (CAGR) of 4.75%.
Reasons For Growth
Projected growth in this market is tied to trends in the broader dental industry. First and foremost, as the US population continues to live to older ages, this growing geriatric segment faces more dental challenges. Then, there is a continued issue of “consumption of harmful substances such as tobacco or alcohol which cause tooth damage,” explains the report, and will continue to drive demand for dental equipment.
In addition to this rise in necessary dental care, there’s also an increase in demand for cosmetic and beautification care. According to research, global spending on cosmetic dentistry is projected to reach $27.95 million. All this funnels more money into the dental industry — and subsequently, dental equipment.
The market for dental equipment is one of those markets that can best be defined by the idiom “slow and steady wins the race.” With the cultural and medical trends driving its growth showing no sign of disappearing, it’s a safe bet that this sector of the dental industry will continue to see steady growth in value.
About the Author
Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.