Increasing Dental Tourism Is Driving The Global Dental Services Market
Dental services in many countries are expensive and individuals are increasingly seeking dental care outside their local oral health care systems. Dental tourism is gaining traction and will support the growth of the market. Emerging economies such as Brazil and India will become major destinations for medical tourism as they have skilled dental professionals available at half the cost or even less, when compared to western countries. The cost of a root canal treatment ranges between $100 to $200 in India whereas it is as high as $3000 in the west. A dental filling costs between $30 to $40 in India whereas the cost ranges between $300 and $400 in the USA. A dental implant costs around $4,000 in the USA, and $3,500 in the UK, but only $1100 in India.
The global dental services market is expected to grow from $436.2 billion in 2018 to $629.3 billion in 2022 at an annual growth rate of more than 9.5%. Franchise dentistry is another important driver of the global dental services market. This is a change in an industry which was traditionally dominated by independent dentists. Franchises have purchasing power advantages compared to individual owners. Dental services franchises provide staffing, accounting, repairs and other services for dentists, thus reducing their costs. For example, Great Expressions Dental Centers was rated as one of the fastest growing companies by Inc. Magazine in 2013. The dental franchise model offers the benefit of cost savings realized through economies of scale and increased negotiating power. It reduces the overall prices of the services, which in turn will increase the number of patients availing the dental services, thereby driving the market.
A faster growth of the dental services market in the forecast period than in the historic period can be attributed to increasing size of geriatric populations, growth in medical tourism, aging population, and increasing number of patients with periodontal diseases.
The dental services industry is continuously incorporating new technologies for diagnosis or treatment. New composite materials are being developed for implants. CAD/CAM units, digital radiography, 3-D printers, bulk-fill composites with hand pieces, high-definition (HD) cameras and caries detection devices are other recent innovations. The adoption of latest technologies has led to accurate diagnosis and safer treatments with improved aesthetic results. According to the American Dental Association (ADA), 34% of dentists in the USA spent nearly 20% of their budget on digital technology in 2018. This change has given a boost to the dental services market by improving patient outcomes and increasing the number and range of procedures offered by dentists.