Albany, NY -- (SBWIRE) -- 10/15/2018 -- The vendor landscape of the global dental restorative market is highly dynamic and competitive as the large number of companies serving across various segments of the market are focused on the development of innovative and technologically advanced products. The market has thus witnessed a surge in the number and varieties of deliverables and a massive rise in the intensity of competition, observes Transparency Market Research in a recent report.
So as to improve their standing in the market, companies need to keep an open eye for budding opportunities in emerging economies that have a thriving medical tourism sector. Some of the leading companies in the market are BISCO, Inc., Ivoclar Vivadent AG, SDI Limited, SHOFU Dental, Institut Straumann AG, and Dentsply Sirona.
The report states that the global dental restorative market will exhibit a promising 6.6% CAGR over the period between 2017 and 2025, rising from a valuation of US$14.0 bn in 2016 to US$24.5 bn by 2025. Geographically, Europe held the dominant share in the global dental restorative market in terms of value in 2016 and is expected to remain dominant during the forecast period as well. Surge in patient pool with missing teeth and aging population are the key factors attributable to the dominance of Europe in the global market. In terms of product type, the segment of restorative material accounted for the dominant share in the global market in the said year.
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Steady Expansion of Medical Tourism Industry in Emerging Economies to Drive Market
The rising geriatric population of the globe, which is a key consumer demographic for the dental restorative market, is likely to have a direct and promising impact on the overall revenue potential of the market. Moreover, the massive rise in the number of dental procedures undertaken across the world are also further adding to the demand for dental restorative products and services. This is collectively caused due to the rising incidence rate of dental issues and the rising disposable incomes of the world population.
Steady rise in the number of conducive medical reimbursement policies in developing economies and increased focus of governments on the overall development of healthcare infrastructures are also adding to the number of dental restorative surgeries. Another key factor that is leading to a surge in the uptake of dental restorative procedures, products, and services, especially across developing economies in regions such as Asia Pacific and Latin America, is the flourishing medical tourism industry. This multi-billion dollar industry is seeing a vast surge in the number of patients that choose to undergo dental restorative procedures in countries that offer low-cost procedures to bring down the overall cost of treatment.
Longer Approval Times for New Product Varieties to Hinder Market Growth
One of the key factors expected to hinder the global dental restorative market is the long time taken for the approval of novel product varieties, especially across developed economies. As this factor restricts the entry of new product varieties at a steady pace in the market, products that are available in the market enjoy the perks of exclusivity such as high costs.
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In emerging economies, the scenario is quite contrary but equally challenging for companies: the presence of a large number of local manufacturers of products such as dental prosthetics, which are offered at a cost much lower than that of international companies. Owing to this, large vendors are forced to reduce profit margins in a market that features expensive equipment. Moreover, the constant demand for technologically advanced products compels companies to consistently keep aside a large share of their profits for research and development activities, negatively affecting revenues.
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