Global Dental Market To Exponentially Grow In The Next Decades
We have seen how the global dentistry market has grown exponentially in 2017 and in the past few years. There were a lot of new innovations in dental devices, equipment, and tools as well as new advanced dental techniques being introduced in the market. Looking back, we can say that the dental industry is indeed in a revolution period. The dental care system is also continually changing over time. And we can expect this growth to continue not only in the coming year but also in the next few decades.
Factors that affect this growth
Together with the advancement in technology, the people, their habits, and their way of life also advanced. People are getting more and more dependent on technology not only in their everyday life but also in seeking for health care services. They get more diverse, more vigilant, and wiser when it comes to getting the best value for every single dollar they spend.
People are always looking for convenience, and this is also true when it comes to diet. Because they want convenience, they tend to turn to eating instant convenient food which are often unhealthy rather than taking the hassles of preparing a healthy meal at home. Due to lifestyle and diet changes, many people are now experiencing dental caries and other periodontal illnesses.
Advancement in technology has become one of the most effective ways to disseminate information and to create awareness about the importance of oral health and about the different dental diseases people may suffer from if they fail to take good care of their dental health. And because of this growing awareness, the demand for different dental care services also increases.
More new innovations in dental technologies is also expected
The projected US$ 60 billion dental industry is not only focused on oral health care services. In the next couple of years, there will be more new innovations in dental technologies specially in different tools, devices, and equipment that the dentists use like the dental loupes and headlights which can enable them to quickly and accurately carry out delicate dental procedures in various areas including dental cosmetics, restorative, implants, endodontics, prosthetics, and orthodontics.
Tighter competition
Like the rule of supply and demand tells, if the demand increases, the supply decreases. Associated with this change is the price of the commodity which in this case are the oral health care services and products.
In order to stay ahead of the competition, many oral health care providers are expected to lower their rates, retain their current rates, or perhaps offer a very little price increase. This way, they can be able to attain greater patient base than their competitors. For instance, dentist A receives 5 patients a day for a dental procedure that cost $50 each. That gives him a total of $250 earning at the end of the day. Whilst, dentist B offers the same dental procedure at only $40 each and receives 20 patients a day. That would be a hefty $800 earning per day.
Wholesalers of dental products as well as those offering products at factory price like the Schultz dental magnifcation loupes, also offer competitive pressure to other retailers.