The global ”dental equipment“ market size is expected to gain momentum by reaching USD 16.07 billion by 2027 while exhibiting a CAGR of 9.6% between 2020 and 2027. This is attributable to the growing preference for digital dental x-ray and the rising geriatric population that is projected to drive the demand for advanced dental equipment. Fortune Business Insights published this information in its latest report, titled, “Dental Equipment Market Size, Share & Industry Analysis, By Product Type (Dental Radiology Equipment, Dental Lasers, Dental Surgical Navigation Systems, Dental CAD/CAM Equipment, Dental Chairs, and Others) and By End-User (Hospitals, Dental Clinics, and Others), 2020-2027.” The report further mentions that the market stood at USD 8.89 billion in 2019 and is likely to experience considerable growth in the forthcoming years.
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COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations travel bans and quarantines restaurants closed all indoor events restricted over forty countries state of emergency declared massive slowing of the IT Spending market volatility falling business confidence, growing panic among the population, and uncertainty about future.
Out research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers & acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.
Supply Chain Disruption to Affect Dental Equipment Product Sales amid COVID-19
Significant supply chain disruption and low footfall of the patients has led to a reduced sales of dentistry equipment. In addition to this, the growing focus of the healthcare industry to attain COVID-19 patients has led to postponement of non-COVID-19 medical procedures. This has further impacted the market negatively.
Dental equipment are tools adopted by the dentists to provide effective dental treatment. They include devices that are extensively adopted to examine and operate dental procedures. The increasing prevalence of dental diseases is driving the demand for innovative dentistry equipment across the globe.
An Overview of the Impact of COVID-19 on this Market :
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
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Rising Geriatric Population to Augment Growth
The rising geriatric population is leading to several dental ailments that is anticipated to propel the demand for advanced dental equipment. Additionally, the increasing dental disorders is driving the manufacturers to develop innovative dental equipment across the globe. For instance, the growing preference for digital dental x-ray equipment that aids in significant cost reduction and better image processing is expected to boost the global dental equipment market growth during the forecast period.
Dental Radiology Equipment Held 46.4% in 2019
The dental radiology equipment segment, based on product, held a market share of about 46.4% in 2019 and is anticipated to showcase exponential growth backed by the growing preference for advanced dental radiology equipment that enables efficient image processing systems.
North America to Remain at Forefront; Increasing Spending on Dental Care to Aid Growth
Among all the regions, North America is expected to hold the highest position in the global dental equipment market in the forthcoming years. The increasing spending on dental care is propelling the demand for innovative dental equipment that is attributable to the region’s growth between 2020 and 2027. North America stood at USD 3.49 billion in 2019.
On the other hand, Europe is expected to hold the second position in the market during the forecast period. This is ascribable to factors such as the growing adoption of dental implants that will boost the adoption of dental equipment in the region.