Albany, NY -- (SBWIRE) -- 06/05/2017 -- The geriatric are a key consumer demographic for the consumption of dental prosthetics, and therefore an increase in their number will directly improve the revenue generated by this market. The growing population of the elderly across the world is thus the key driver for the dental prosthetics market.

Additionally, the number of dental procedures being conducted around the world are also increasing, further improving the demand for dental prosthetics. This is caused collectively by the growing number of people with dental issues and the rising disposable incomes of individuals. The steadily growing number of favorable reimbursement policies in developed economies are also adding to the number of dental care patients.

Another driver increasing the consumption rate of dental prosthetics, especially in developing economies, is the growing rate of medical tourism. This multi-billion dollar industry is currently witnessing an increase in the number of patients that opt to undergo dental procedures overseas to reduce the total cost of the procedure.

However, the market for dental prosthetics is still being hindered by the excessive level of competitiveness in terms of pricing. Local manufacturers of dental prosthetics can offer products at a much lower cost than global players, thereby forcing the latter to cut prices and significantly reduce margins in a market where equipment costs are high. Additionally, players are expected to offer updated solutions and services through constant technological advancement. As a result, the capital required for R&D efforts in dental prosthetics are quite high.

All in all, the global market for dental prosthetics is expected to reach US$3.5 bn by the end of 2016.This revenue is projected to rise at a CAGR of 7.6% from 2015 to 2023 to reach US$5.88 bn by the end of 2023.

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APAC Demand for Dental Prosthetics Rises Rapidly

Asia Pacific is expected to progress at a CAGR of 8.7% from 2015 to 2023 in terms of revenue generated in the dental prosthetics market. The key reasons for this are the rapidly improving healthcare infrastructure, the growing attraction of leading players towards this region, and the proliferation of medical tourism.

Meanwhile, Europe is expected to continue leading the consumption of dental prosthetics till 2023. This region is showing a significant increase in its geriatric population, the key target demographic for most dental prosthetics. There is also an increase in the prevalence of periodontal diseases due to the growing consumption of junk foods and convenience foods, which is further complemented by the growing level of awareness of dental care options.

Dental Crowns Remain Most Consumed Dental Prosthetics

By the end of 2023, the revenue generated by dental crowns is expected to reach close to US$2.9 bn. Crowns and bridges are the two most commonly consumed dental prosthetics today, owing to the ease with which they can be used and the high level of aesthetics that modern dental crowns can offer. Patients today can choose dental crowns made out of plastics, ceramics, metal ceramics, and zirconium.

The leading manufacturers of dental prosthetics from a global perspective include Institut Straumann AG, Nobel Biocare Holdings AG, DENTSPLY International, Inc., Biomet 3i, and Zimmer Holdings, Inc.

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