According to Allied Market Research, the projected value of the dental handpiece market in 2031 is an impressive $2.7 billion.
This number is good news for dental distributors. It confirms that you’re participating in a thriving sector with plenty of product demand and underscores the crucial role you get to play in meeting it. There’s a market for what you’re selling, and it’s a highly sustainable one.
Your products make a difference, and—even better—they have the potential to jump off the shelves and drive substantial profits from this quarter to hundreds of quarters from now.
Okay, we’ve patted ourselves on the back for our enterprising ways, but now it’s time to get down to brass tacks, the facts of the matter.
While dental distribution continues to prove itself a thriving sector, such an environment can make it more challenging to establish a competitive edge.
The potential for soaring profits leads to market oversaturation. Rival businesses want their piece of the pie. They will do everything possible to get it, including scratching and clawing for an edge over your dental distribution company.
How can you stay ahead? What can you do to garner a leg up in an increasingly competitive industry to earn your lion’s share of the revenues?
The answer is tracking and leveraging trends.
Below, we’ll explore some industry trends and discuss their importance before discussing how to use those insights to your business’s benefit.
Dental Distribution: A Highly Competitive Sector
We spoke about the competitiveness of dental distribution, but only based on its high market worth projection.
Here are some more concrete facts compiled from a market research study on the Global Dental Consumables market:
- The study classifies the dental consumables market as “highly competitive.”
- There are 400 players in this market.
- Regional players dominated the majority (40%) of the market share.
Of course, handpieces aren’t dental consumables since they aren’t for single use, but there’s certainly overlap between them. We’re dealing with the same target consumer (dental practice owners) who require the items for similar reasons (practice operations and patient care).
Competitors come in all shapes and sizes, from global juggernauts to mom-and-pop shops.
Thus, you must find your place and the ideal target consumer for your brand. That’s only possible if you keep up with industry trends.
The Value of Staying on Top of Dental Distribution Trends
Both long-term and short-term trends can inform your entire business strategy.
Tallying what dental practices wanted yesterday and today and what they might want tomorrow or a year from now informs and guides your proactivity. You can plan far ahead but with the numbers on your side.
Knowing trends can help you proactively select your product lines and craft relevant, prescient marketing/sales strategies.
You’ll tap into the behaviours and psychology of practice owners, having one eye on the future. You’ll have a feel for what they desire now, six months from now, and a half decade ahead.
A firm knowledge of trends also enables your dental distribution business to differentiate itself in a relevant, profitable manner. By understanding the industry’s ebbs and flows, you’ll have a better chance of identifying gaps in the market you can fill and leverage for an influx of revenues.
Let’s explore the dental market trends and what they might mean for your distribution company.
What are the Current Dental Market Trends?
Below, we’ll delve into various trends influencing the comings and goings of the dental market.
Healthy Global Growth Across the Sector
We’ll return to our stats from Allied Market Research in the introduction because we only mentioned one element of it—the $2.7 billion 2031 market-worth projection.
Fully appreciating the significance of those numbers means understanding where the dental handpiece market stood in 2021: at $1.6 billion. That means experts expect a 5.5% CAGR (compound annual growth rate) for the sector.
Here’s what’s fueling this significant growth:
- Acquisition, agreement, partnership, and collaboration among players in the industry will drive revenues and profits.
- Speed handpieces are in high demand due to technological advancements in dentistry (e.g., electric motors).
- An influx of patients prioritizing healthcare spending will keep driving growth in North America.
- Asia-Pacific’s dental handpiece industry will benefit from a steadily expanding healthcare infrastructure and rising dental disorders.
Dental Diseases on a Troubling Upswing
Oral cancer, gum disease, dental caries, and other dental diseases are rising in patients, resulting in an increased demand for dental handpieces catered for restorative procedures, such as root canals.
High-quality, reliable handpieces are more crucial in dental practices than ever, considering the 25 million root canals performed annually in the US alone.
Dental Patients Prioritize Appearances
Monetizing trends requires some understanding of human psychology. For instance, research speaks to the meaningful impact of a person’s physical appearance on their opportunities and life experiences.
While dentistry revolves around oral health (in the medicinal sense), cosmetics drive much of the industry’s revenues.
To the above point, projections for 2031 show the dental cosmetics industry market reaching $84.9 billion (up from $29.52 billion in 2021).
Straits Research cites a boost in consumer willingness to pay for aesthetic dental procedures and media influence as primary drivers for this growth.
Therefore, the demand for dental handpieces used for veneers, implants, teeth whitening, and other cosmetic procedures is soaring.
New Technologies Taking The Industry By Storm.
Innovative dentistry field technologies (most prominently, virtual reality (VR), artificial intelligence (AI), 3D printing, and teledentistry) are transforming workflow efficiency and patient care.
Thus, an opportunity exists for dental handpiece manufacturers to integrate their products with the advanced technologies mentioned above.
One example is how handpieces can integrate with CAD/CAM systems and digital workflows, bolstering modern dental practice operations with enhanced treatment outcomes and streamlined processes.
The High Demand for Ergonomics in Dental Practices
Over 30% of dentists who retire early do so because of musculoskeletal injuries.
In recent years, dental professionals have become more aware of the physical rigours involved in their job. Thus, the industry continues to focus on ergonomics as a vital factor when investing in handpieces.
Dental pros continue prioritizing handpieces with advanced ergonomic designs that reduce fatigue and strain. Don’t expect that trend to change in the near or distant future.
Valuable Insights for Dental Distributors
Below, we’ll offer tips on how to turn your deep-dive dental handpiece trend knowledge into branding, marketing, and sales gold.
Educate On Market Trends
Dental professionals want to invest in handpieces from distributors they can trust. Oral healthcare practitioners prioritize the quality of their work and the positivity of their patients’ experiences and outcomes. As such, low-tier handpieces are a non-starter.
The truth is dentists have much to consider when purchasing a handpiece. Establish yourself as an industry authority to prove you’re worthy of their trust. Show that you’re a distributor of reliable, top-shelf handpieces.
Educational content helps guide your audience’s purchasing behaviours and decisions. Research indicates that it increases the chance of a purchase by 131%.
Ensure your educational content ticks these two boxes:
- Giving detailed insights about the industry’s market segments and technological advancements.
- Focusing on the steady, continued growth of electric handpieces and cosmetic dentistry.
You can write blogs, produce podcasts, send newsletters, and more. When it comes to making educational content, the world is your oyster.
Address Common And Rising Oral Health Challenges
Your primary product offerings—and the marketing surrounding them—should focus on the oral healthcare problems most impacting your target market. This will help raise awareness about these issues while promoting oral health.
When you’re ahead of the pack, you can inform dental professionals of new technologies that can help them effectively treat issues they often encounter.
Expand Your Product Range
Adding air-driven and electric handpieces to your product offerings marks a shift to brushless motor technology.
As dental clinics face more challenges, a well-rounded product range will help ensure that you amply equip your customers for their practices’ diverse needs.
Want to learn more from a dental distribution trendsetter? Check out the Sable Industries blog! We’ll open your eyes to industry knowledge that’ll give you a competitive edge.