Plano, TX - When you have a fixed practice and work in it, day in and day out, it is easy to get lost in what you know in your immediate area. Much like any other job with its repetition and routine, we get caught up getting so focused on immediate things that grab our attention that we forget there is more out there. Texas isn't the only state that does dental implants. The United States isn't the only place that does them either. There is an entire world that has either more or less access to things like orthodontic technology or the materials we use in dental implants today. We aren't the only ones that make up the marketplace when it comes to dental implants. Not to mention, like with any market there will be competition and innovation coming from all angles.
So, who are the big contenders of the dental implant marketplace? How do they determine their standards? Also, what are the factors that make the dental implant market the way it is today?
The State of the Global Dental Implant Market
There are several elements that make up the dental implant marketplace. For starters, there are the usual factors like supply and demand. These also come with elements of risks and threats to this burgeoning market. But what do we know about the current dental implant market and where do we look for answers? There is no better way to start a comparison than by looking at the market as a whole. According to GlobeNewswire, "the global Dental Implants market was valued at USD 4.38 Billion in 2018 and is expected to reach USD 8.06 Billion by the year 2026, at a CAGR of 7.9%". To put that in perspective, last year's dental implant market back in 2017 was $3.7 Billion USD. That growth is remarkably fast.
So, what is the driving factor for this growth in the first place? According to experts that gathered the data:
· The increased elderly population worldwide
· The growing prevalence of dental disorders
· A rise in demand for cosmetic dentistry in North America and Europe
· Advancement of dental implant technology
The only thing that is standing in the way of market growth is affordability. Most, if not all countries expect patients to pay for dental implant expenses on their own. Combine this with a limitation for reimbursement, and you can see how that can cause a delay. The Straumann group further explains this obstacle in their own report," Private insurance schemes are either financially unattractive or apply strict entry criteria. Even where insurance companies cover dental implant procedures, the amount reimbursed rarely suffices to cover the full cost of treatment, leading to considerable costs for patients, which can discourage them from choosing the procedures. "
Countries with the Highest Dental Implant Rates
Now that we know the state of the dental implant market the next question to ask is, who are the countries contributing to it? While the United States is spending the most amount of revenue in the dental marketplace at $1.1 Billion, that isn't the only marker of success. As I stated before, there is a combination of factors that make up the growing dental implants market, and how much you spend isn't the only contribution.
For instance, the country with the highest rate of dental implant patients in a developed economy, is South Korea. This is because this population has most of the driving factors in today's dental implant market. Straumann states, "In South Korea, they gradually introduced reimbursement for senior citizens in 2014. This, together with the fact that over 70% of the dentists in the country place implants, explains the high penetration rate."
Because there is a high elderly population, dental implant surgery is almost a required form of training, and the government is mitigating costs of the implants, they will get better results than a country that has an inverse of these things, like China or India.
When it comes to the rate of dental implant patients in an emerging market, the highest belongs to Israel for multiple reasons. For starters, they are the country with the largest dental implant production. Israel has 25 dental implant manufacturers, most of which are trying to be the cutting edge of dental implant innovation. They are exporting far more than what they are importing which will make dental implants cheaper for them than a country that imports them from elsewhere. So, out-of-pocket costs aren't as much as a factor for them because they are likely to be much cheaper.
Whether you are getting work done in Plano, Tx or anywhere else in the world, you are part of a market that is growing. It will take some incentives and cost mitigation to push the dental implant market in the right direction. But as long as there are people out there, who would want to see their patients have access to the most basic dental implant care, then dentists and oral surgeons will steer the market in the right direction.