The Dental Services Market
The global dental market is projected to grow from USD $38.84 billion in 2022, according to Fortune Business Insights, to USD $63.93 billion by 2029. The compound annual growth rate in the dentistry market is 7.4 percent. In 2020, likely due to COVID, dental expenditures decreased by 1.8 percent.
In the U.S. dental services were valued at USD $109.28 billion in 2020 with a forecast for a CAGR growth rate of 6.24% taking the projections to USD $196.18 billion by 2027
Impact of COVID Pandemic on Dentistry
While COVID-19 pandemic affected growth in the market with a decline in demand for services by about 8 percent, the forecast suggests that dentistry will continue to advance in size.
What will contribute to the rise in demand for services is the rising numbers associated with periodontal disease, malocclusion, and tooth decay. At the same time, more consumers seek aesthetic services in dentistry that include whitening, implants, endodontics, periodontics, and prosthetics.
Some market reports suggest that over 1/2 of the U.S. population has gum disease. This data alone assuredly drives demand for dental services now and in the future.
Market Trends in Dentistry
Invisible orthodontics contributes to market opportunities for dentists with increased adoption of clear aligners. Moreover, patients receive benefits from invisible orthodontics with less irritation to gums, fewer dentist visits, and easier removal of braces, for example.
As more patients understand these benefits, they will increase demand from patients to the provider which will in turn increase benefits to the supply chain. For dentists specializing in implants, robot-assisted surgery with minimally invasive procedures is on the horizon as a significant advancement.
One market player, Neocis, Inc. said its surgical robotic system completed more than 1,000 precision-oriented implantations in 2019.
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