ALBANY, New York, December 20, 2018 /PRNewswire/ --
According to TMR's report the global dental consumables market is projected to rise at a 6.1% CAGR over the forecast period 2016 to 2024. The market was estimated to be worth US$19.6 bn in 2015 and is forecasted to reach US$33.4 bn by 2024.
Based on the different product types, the segment of crowns and bridges is expected to witness a 7.2% CAGR over the forecast period, and lead the market.
Based on region, the global dental consumables market is predicted to be dominated by Europe. The region held roughly 41% of market revenue share in 2015, and the trend is expected to continue over the forecast duration.
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Growing Geriatric Population, Rich Diets to Amplify Demand
The ever-growing ageing population across the globe has led to an increased demand for dental procedures. Additionally, urbanization and the changing dietary patterns such as high sugar products is leading to increased demand for restorative dental care. According to the World Health Organization (WHO), 60-90% of school children and about 100% of adults had dental cavities in the year 2012.
The need for dental consumables in dental practice is steadfastly affecting the demand in the global dental consumables market. Other factors such as chewing tobacco, alcohol consumption, and unhealthy diets, are expected to lead to an increase in oral diseases, in turn fuelling the dental consumables market in the coming years.
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Dental Tourism to Emerge as Leading Market Trend
Over the past few years, the concept of dental tourism in countries such as India, Hungary, and Turkey is taking shape. This is expected to propel demand for dental consumables over the coming years. A large number of customers are being attracted to go in for dental treatments in these regions cost-effective services offered. Additionally, increased awareness regarding oral care, changing lifestyles, and growing disposable incomes are envisaged to boost the global dental consumables market over the coming years.
The global dental consumables market is anticipated to witness a positive growth trajectory in the coming years according to Transparency Market Research (TMR). There is stiff competition within market players in the market's competitive ecosystem. The leading three vendors in the global dental consumables market are Henry Schein Inc., Dentsply Sirona, and Danaher Corporation. These companies hold nearly 62% of the total market share in the base year. This could be attributed to their high brand recognition and competitive pricing offered by these vendors.
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In order to gain momentum in the global dental consumables market, vendors are expected to adopt several organic and inorganic growth strategies. Mergers, joint ventures, and takeovers are expected to be the leading strategies used by players in this market. Other leading vendors operating in the global dental consumables market are Henry Schein, Inc., 3M Health Care, Institut Straumann AG, Ivoclar Vivadent AG, and Patterson Companies.
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This review is based on TMR's report titled, "Dental Consumables Market (Product - Dental Implants, Crowns and Bridges, Dental Biomaterials, Orthodontics, Endodontics, Periodontics, and Retail Dental Care Essentials) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
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