The dental surgical equipment market will register a CAGR of nearly 6% by 2023
NEW YORK, June 10, 2019 /PRNewswire/ -- About this market
The rising number of dentists and dental practices is one of the critical factors that will trigger the growth of the global dental surgical equipment market. The number of practicing dentists in several developed as well as developing countries is steadily increasing. This is attributed to the increase in the number of dental schools, a rise in financial aid programs for dental students, and the demand for dental services. Also, demand for dental practitioners is mainly attributed to the rising prevalence of dental diseases, coupled with the awareness about the importance of oral health. The number of dental facilities worldwide is also on the rise. Our analysts have predicted that the dental surgical equipment market will register a CAGR of nearly 6% by 2023.
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Market Overview
Favorable reimbursements and tax benefits
Many countries offer dental services for free or at subsidized costs. Countries such as Austria, Mexico, Poland, Spain, and Turkey cover the total cost of dental services. In Denmark, the NHS is funded through general taxation and provides children up to the age of 18 years with free dental care through their schools. Many countries, such as the US, offer tax deductions to dental professionals and clinics on the purchase of new dental equipment. In the US, Section 179 of the Internal Revenue Service (IRS) tax code allows businesses such as dental practices to deduct the full purchase price of qualifying equipment and software. If the dental practice purchases or leases qualifying equipment, it can deduct the total purchase price from its gross income. Thus, the availability of favorable reimbursements, subsidies, and tax benefits for the purchase of new dental equipment will increase the adoption of dental surgical equipment.
Intense competition among vendors
The global dental surgical equipment market is highly competitive due to the presence of several regional and global vendors. Leading vendors offer a broad range of products, as they have the required financial, technical, and marketing resources, sizeable geographical coverage, and strong distribution channels, and make significant investments in R&D. Many dental hospitals and clinics in developing countries have low awareness about advanced dental surgical equipment and do not have the capital required to purchase such equipment. Hence, they prefer local vendors that offer dental equipment at a lower cost. This will put pressure on critical vendors to reduce the price of their products, which will impact the market profitability negatively.
For the detailed list of factors that will drive and challenge the growth of the dental surgical equipment market during 2019-2023, view our report.
Competitive Landscape
The market appears to be highly concentrated. The presence of few companies, including 3M Co. and Danaher Corp. makes the competitive environment quite intense. Factors such as the growth in the number of dentists and dental practices and the favorable reimbursements and tax benefits will provide considerable growth opportunities to the dental surgical equipment manufacturers. Dentsply Sirona Inc., Institut Straumann AG, and Planmeca Group. are some of the major companies covered in this report.
Read the full report: https://www.reportlinker.com/p05015480/?utm_source=PRN
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