The growth of the global Dental Bone Graft Substitute Market can be attributed to factors such as hospital budget cuts, a large inventory of used or old medical devises, rising demand for capital-intensive diagnostic imaging equipment, e-commerce platform enhancing the ease of purchase of refurbished medical equipment, growing preference for eco-friendly products, an increasing number of diagnostic centers & hospitals, and the growing opportunities in emerging economies.
According MarketsandMarkets Research Report – [147 Pages Report] The global dental bone graft substitute market size is projected to reach USD 659 million by 2025 from USD 450 million in 2020, at a CAGR of 7.9% during the forecast period. Growth in the dental bone graft substitute market is driven primarily by the increasing prevalence of dental disorders, continuous product commercialization, market availability & product affordability, rising number of geriatric populations, and growing public awareness related to preventive care are driving the growth of the dental bone graft substitute market.
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Dental bone graft substitute Market Dynamics
Driver: Growing Medical and Dental Tourism in Developing Countries
Dental tourism is an important factor that drives the dental bone graft substitutes market. India’s dental tourism service as there is a lot of cost difference with good quality work when we compared India to the other countries. Like cost for smile designing in US is USD 8,000 and in India is USD 1,000 and for dental implants in the US is USD 2,000, in Hungary is USD 1070 and in India USD 600 approximately. Vietnam revamped its dental care services to world-class standards in the last decade, attracting patients from Australia, New Zealand, and the United States. Today, more than 100,000 tourists from these countries visit Vietnam for cutting-edge dental procedures, contributing more than USD 150 million to the country’s dental industry.
Countries, such as Thailand and Malaysia, offer dental tour packages that include the cost of a dental treatment as well as a vacation, which is still lower than the total cost of a dental treatment incurred in the US or the UK. This has attracted a large number of people from America and Europe to avail dental treatments in Asian countries, thus making dental tourism a major source of revenue collection in these countries. Introduction and availability of newer and advanced dental products is expected to further fuel the growth of this market.
Restraint: Lack of Proper Reimbursement Scenario
Dental treatments lack proper reimbursements in developed regions, such as the US, Europe, Australia, and Japan. In developing nations, such as India, China, and Thailand, medical insurance policies do not cover expensive dental procedures such as implantations. In case of the US, very few dental procedures are eligible for reimbursement, due to which a patient’s decision to opt for treatment is largely dependent on its affordability. This may restrain the growth of the bone graft substitutes market in the coming years.
Opportunity: INCREASING DEMAND FROM CUSTOMERS AND RISING INCLINATION TOWARDS COSMETIC DENTISTRY
The increasing demand from customers and rising inclination towards cosmetic dentistry are some of the major opportunities for the growth of the dental bone graft substitute market. Forty per cent of the UK population are unhappy with the appearance of their teeth, according to a new survey, with nearly half (48%) planning to undergo cosmetic dental work. New technology, materials and procedures have also played a major role in the cosmetic dental boom. “Same-day smiles” have become a reality, as cutting-edge CAD/CAM systems, advanced intraoral scanners and sophisticated 3D imaging software have been combined to facilitate improved diagnostics and treatment.
Challenge: PRICING PRESSURE FACED BY PROMINENT MARKET PLAYERS
Pricing pressure is one of the major challenges faced by players in the dental bone graft substitute market. The major players operational in the dental bone graft substitutes market have been successful in establishing their position in the global market; however, entry into local markets has been a major challenge for these players. This is because products in local markets are generally priced lower as compared to international markets. Though most of the major players have adopted various strategies to combat this challenge, the pricing pressure has remained one of the major challenges in the market.
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• In 2019, Straumann and Modern Dental Group Limited (Hong Kong) entered a joint venture to create distribution company that will serve the dental communities in Hong Kong and Macau; Peak Dental Solutions Hong Kong Ltd
• In 2018, Dentsply acquired OraMetrix, a leading industry provider of innovative 3-D technology solutions improving the quality and efficiency of orthodontic care.
• In 2018, Straumann acquired 30% stake in Botiss biomaterials.
• In 2017, Straumann acquired 70% stake of its distributor Batigroup for taking over direct distribution of its products in Turkey.