Jan 15, 2020 11:58 PM ET
Cosmetic Dentistry Market size is Forecast to Grow at CAGR of 6.97% During 2019-2024
iCrowd Newswire -
Jan 15, 2020
Cosmetic Dentistry Market size is forecast to reach $28.11 billion by 2024, growing at a CAGR of 6.97% during 2019-2024. Cosmetics dentistry market growth is characterized by the growing focus on dental aesthetics, growing dental tourism in emerging markets and increasing disposable incomes of middle class population in developing nations. Increasing R&D investments and growing effort on technological innovations will further enhance the overall market demand of cosmetics dentistry during the forecast period.
- Europe dominates the cosmetic dentistry market owing to availability of qualified dental practitioners and advancement in technology. The cosmetic dentistry market scope for different regions will be provided in the final report.
- The growing popularity of medical aesthetics among the general population and increasing dental tourism in the developing countries is likely to aid in the market growth of cosmetic dentistry. Cosmetics Dentistry market trends will be also provided in the report.
- Detailed analysis on the Strength, Weakness and opportunities of the prominent players operating in the cosmetics dentistry market will be provided in the report.
- High Price of dental imaging systems and lack of reimbursement will create hurdles for the cosmetic dentistry market.
Type of Product – Segment Analysis
Dental Systems and Equipment held the largest share in the cosmetic dentistry market in 2018 and is estimated to grow at a CAGR of 5.3% during the forecast period 2019-2024. This is mainly due to the wide range of applications of dental systems and equipment in different dental procedures. The dental systems and equipments segment includes dental aesthetics, prosthodontics, orthodontics, enameloplasty, gingivectomy, dental materials & dental implants.
Advancements in dental systems such as availability of computer-aided designing and computer-aided manufacturing (CAD/CAM) systems that extensively uses 3-dimensional technology to improve the accuracy of aesthetic procedures are also contributing in the growth of the market. Different prothetics such as crowns, bridges, veeners and inlays and onlays for cosmetic dental procedure have also contributed in the development of the market.
End Use – Segment Analysis
Dental Clinics holds major share in the cosmetic dentistry market in 2018. However, Hospitals are projected to witness significant growth of CAGR 4.1% during the forecast period 2019-2024. Owing to its well-developed infrastructure and the availability of high-end dental equipment in these facilities, hospitals are recognized as the best center for cosmetic dentistry. Increasing trends in minimally invasive cosmetic procedures coupled with increasing numbers of hospitals in both developed and developing countries will have a positive impact on segment growth.
Geography – Segment Analysis
Europe dominated the cosmetic dentistry market with a share of more than 33.4%, followed by North America and APAC. Presence of a large number of cosmetic dental manufacturers is increasing the cosmetic dentistry market demand in this region. Availability of highly qualified dental practitioners and growing number of individuals opting for dental procedures in the country are helping in the growth of the market in that region. Advancements in dental technology has also helped in the growth of the cosmetic dentistry market in the region.
However, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period. This is because of the rising disposable incomes, expansion of healthcare infrastructure, and increasing dental tourism. As most of the countries in Asia Pacific have large population base, the number of people undergoing cosmetic dentistry procedures is higher.
Drivers – Cosmetic Dentistry Market
- Increase in demand of Medical Aesthetics
There is an increased demand for medical aesthetics among the general population as cosmetic dentistry enhances the color, alignment, shape, size and overall smile appearance of an individual. The American Academy of Cosmetic Dentistry (AACD) data reveals that 96 percent of patients who request cosmetic dentistry are females and more than 70 percent of patients are between the age of 31 and 50. According to World Health Organization, there were approximately 3.58 billion people having dental caries, almost more than half of these cases could have been avoided with the availability of proper medical treatment.
- Technological Advancements in the Cosmetic Industry & Rising consumer awareness
Introduction of several new products including dental lasers, dental implants, and dental equipment and improvement of minimally invasive cosmetic dental procedure has permitted a lot of patients to undergo treatments that they did not prefer earlier, which is helping in the growth of the market. Utilization of novel techniques and rising demand for dental implants and orthodontic appliances in the developing markets has helped in the market growth. The rising consumer awareness and growing medical tourism is also contributing in the growth of the market.
Challenges – Cosmetics Dentistry Market
- Lack of reimbursement for cosmetic procedure
Cosmetic dental procedures are conducted with the intention of improving aesthetic appearance of a patient; hence, they do not qualify as primary healthcare procedures. Insurance companies and government agencies do not regard cosmetic procedures as essential and thus not many reimbursement options are available for the cosmetic dentistry.
- High price of dental imaging systems
Dental imaging requires expensive equipment and instruments, limiting access to middle-class population. It also requires technologically advanced equipment requiring huge investments that are not covered by insurance companies, which limits access to all due to financial constraints.
Cosmetic Dentistry Market Outlook
Product launches, acquisitions and R&D activities are key strategies adopted by players in the cosmetic dentistry market. In 2018, cosmetic dentistry market share is consolidated by the top ten players. Major players in the cosmetics dentistry Market are 3M Company, A-Dec Inc., Align Technology Inc., Biolase Inc., Danaher Corporation, Dentslply International, Inc., Sirrona Dental Systems Inc., Zimmer Bionet Holdings Inc., among others are considered for cosmetics dentistry industry analysis.
- In March 2017, Straumann (Switzerland) launched a range of Variobase Abutments such as Crown under its dental Prosthesis product portfolio which is quick, cost-effective, and efficient for the GP or dental laboratory.
- In March 2018, Vericore LLC launched ZR Pro Zirconia, which is ideal for both anterior and posterior segments of the mouth.
- In April 2019, 3M introduced a new universal composite, 3M Filtek that offers a modernized technique to both anterior and posterior restorations which results in a strong and aesthetic outcome for the patient.
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Mr. Venkat Reddy
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