Global Dental Anesthetics Market Estimated to Rise at a Lucrative CAGR of 5.3% by 2029
Europe and Asia Pacific are likely to be the next key markets for investors in the dental anesthetics industry
[UKPRwire, Tue Aug 27 2019]
Witnessing an average Y-o-Y growth of ~5% in the revenues, the global dental anesthetics market is set to reach the US$ 1 billion market, by 2020. Hospitals will remain the cornerstone of the promising growth outlook of dental anesthetics market, according to a recent study of Fact.MR. The report suggests that half of the overall sales of dental anesthetics is accounted by hospital pharmacies, whereas a third of the total dental anesthetics consumption is registered by hospitals.
A Meaningful evolution of the dentistry and healthcare industry in recent years has provided a feasible boost to dental anesthetics, thereby driving developments in the market. Dental consumables industry is growing positively in line with the progressing traction and outgrowing dental anesthetics market, over the recent past. The current growth trend of dental anesthetics market has prominently influenced the increasing number of dental patients across all the regions of the globe, says the report.
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The study opines that although the increasing consumer awareness about oral care and dental treatments will push the growth of dental anesthetics market, the development of oral care and dentistry offers a potential boost to dental anesthetics sales owing to the rising demand from patients for painless operations. Dental anesthetics has steadily gained widespread acceptance as a safe and effective minimally invasive procedure. Healthcare providers around the globe have opted for dental anesthetics as a preferred option while treating a wide range of injuries and disorders.
Dental anesthetics have witnessed several advancements in terms of technology to achieve higher precision and reduce pain during surgeries and operations. There are numerous aspects that have triggered the adoption of dental care thus pushing the growth of the dental anesthetics market. Increasing spending on dental treatments owing to higher disposable income of individuals worldwide coupled with increasing awareness about oral health have positively impacted the global market growth. Fact.MR’s analysis also analyzes how dental tourism is on a constant rise and becoming an increasingly important aspect fueling the growth of dental anesthetics market. Cost-efficient dental procedures and new dental technologies will continue to create new growth opportunities.
Increasing coverage of commercial insurance and Medicaid represents the powerful tailwind in the entire dental care market. Private health insurance coverage lowers the out of pocket expenses by nearly 80%. For example, the Patient Protection and Affordable Care Act of 2010, is expected to increase the number of individuals with dental benefits by providing consumers with information that would help them better understand the various options and various choices of plans available to them. It will thus create a more organized and competitive market for health insurance by setting common rules regarding the offering and pricing of insurance.
Market in Europe & APAC Projected for Lucrative Prospects
Fact.MR’s study envisions dental anesthetics market to exhibit significant growth rate during the forecast period. The average per capita spending over oral care and healthcare by North America is slightly more than that of Europe and other regions across the globe, which is likely to boost the growth of dental anesthetics market.
North America’s continued primacy in dental anesthetics market is likely to prevail, followed by Europe. The growth of latter is likely to be driven by mounting R&D investments in dental care space, within countries, such as the UK and Germany. Dental anesthetics are largely being manufactured in Europe, out of which a large percentage is being exported to other regions, according to Fact.MR’s research. Latin America is a potential market for dental products after United States. Brazil market for dental anesthetics is expanding at a constant rate owing to entry of various international players. However, counties like Mexico and Brazil import a range of dental anesthetics from Europe and US on a large scale.
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On the other side, Asia Pacific holds lucrative opportunistic potential for the dental anesthetics market, banking on the easy labor availability and relatively lower land costs. Companies are thus strategizing the establishment of their manufacturing bases in Asian economies. Moreover, fast-developing economies, such as China and India, have showcased a notable increase in dental surgeries over the recent past, which continues to trigger increased usage of dental anesthetics in this region.