Global Dental Equipment Market Foraying Ahead With a CAGR of 4.9% for the Forecast Period 2016-2023: Occams Business Research & Consulting Pvt. Ltd.
INDORE, India, September 12, 2017 /PRNewswire/ --
Since 2000, oral healthcare has gained significant attention from the world mainly due to the rise in mouth & facial pain, oral infection, soreness of gums, dental diseases, etc. According to FDI World Dental Federation, the number of people with untreated decay of primary and permanent teeth is estimated to be over 3,354 million, globally. In 2015, FDI World Dental Federation stated that the number of people affected with tooth decay problems is highest amongst upper & lower middle-income countries across the globe. According to America Journal of Dentistry, in the US alone, the number of people suffering from oral health problems is likely to increase by an average of 4% per annum. Research studies from Heidelberg University, Germany, shows global burden on oral healthcare which is expected to increase to $442 billion per year by 2025 from $298 billion in 2016. World Bank estimates that the average expenditure by countries across the globe on oral healthcare will account up to 4% of the total GDP by 2022. With the increasing focus on coming up with better healthcare treatments, the government & public authorities across the globe are enacting several plans and policies such as Smile Across America in USA to improve the oral healthcare. Dental healthcare systems continue to evolve with new innovations and introduction of wide varieties of treatment methods according to dental health editorial Dental Economics. Global dental equipment market is projected to have a CAGR of 4.9% during the forecast period 2016-2023. Increasing prevalence of dental caries and other periodontal diseases directly affect the demand for cosmetic dentistry. The rising geriatric population and increase in dental tourism in emerging markets such as Thailand and Malaysia are some of the factors contributing to the growth of global dental equipment market. High cost of dental equipment is one of the factors restraining the growth of global dental equipment market.
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Increasing geriatric population: Growth driver
In 2016, according to National Institute of Health (NIH), the number of people aged 65 or more than 65 years were accounted to be more than 8.5%. This percentage is likely to reach up to 17% of the total world's total population (1.6 billion) by 2050. According to NIH, by 2018, Europe and Asia Pacific are expected to be the centre for this increase in geriatric population, with majority of the countries in the region crossing median age of more than 50 years. Countries like Germany, Italy, Japan, India and China are the prime markets for geriatric oral healthcare according to Science Journal Nature. Japan leads the world with the largest number of geriatric population. More than 25% of the total population of Japan are aged 60 years or above according to WHO, making it a lucrative investment destination for dental equipment market for the forecasted period. The increase in geriatric population and the high prevalence of both communicable and non-communicable diseases are significantly affecting the market growth. According to American Dental Association, in 2015, out of the total healthcare cases reported amongst elderly population, 25% of the cases registered were oral healthcare cases. People aged above 60 years are more likely to suffer from diseases such as oral cancer, oral candidiasis, dental caries, and tooth loss conditions. Government and competent healthcare bodies across the globe are introducing cost effective oral healthcare treatment programs for geriatric population. For example, Program of All-inclusive Care for the Elderly (PACE) a Medicare & Medicaid program focusing on healthcare needs of geriatric population (55 years and above). Rising geriatric population, high prevalence of oral health problems amongst elderly, and government funded healthcare programs are the factors which are enhancing the global dental equipment market for the forecasted period.
North America: Dominating market
According to OBRC analysis, North America dominates the global dental equipment market in terms of revenue. Increasing prevalence of oral health diseases, rising demand for cosmetic dentistry, favourable government health care programs are the factors which give the global dental equipment market in North America a rise. An epidemiological study conducted by National Institute of Health US, in 2015, stated that the majority of the North American population were facing teeth loss by middle age. Despite fluoridation of water supplies, tooth loss cases amongst middle aged (45-65 years) North American population have increased by an average of 8% per annum since 2010. Centre for Disease Control and Prevention (CDC), USA, estimated that in 2016, the number of dental visits amongst adults aged 18-64 years increased by an average of 20% and 30% among children aged 5-19. Dental caries (cavities) and periodontitis are amongst the leading oral healthcare problems in North America. CDC estimates more than 90% of Americans aged 20 years or above are expected to have oral healthcare problems at least once in their life. Similarly, a study conducted by the University of Ottawa on Canadian Oral Health stated that over 96% of total Canadian population suffer from dental caries at least once in their lifetime. Cosmetic dentistry has gained significant foothold in North America since 2005. According to American Academy of Cosmetic Dentistry (AACD), the US cosmetic dentistry market accounted to be $3.7billion in 2016.
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