June 12, 2020
According to recent study titled ‘Global Dental Tourism Market Size study, by Treatment Type (Prevention Treatment, Restorative Treatment, Prosthodontics Treatment, OMS and other treatment) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global dental tourism market was worth USD 2.64 billion in 2018 and is projected to record a y-o-y growth rate of 12% through 2026.
When people with dental ailments travel to other countries for checkup and treatment owing to availability of comparatively cheaper and efficient treatment options in those regions, the scenario is known as dental tourism.
Dental care is expensive in all developing countries across the globe, including advanced economies with Universal Healthcare Policies such as Canada and the United Kingdom. Whereas, in the United States which has one of the most expensive healthcare systems in the world, the accessibility to dental services are exorbitant for the average income earner. Citing an instance, according to a 2018 online survey conducted by Unum Group, over 37% of men and 46% of women are troubled by dental costs in the US. In addition, according to a study by Foundation for Economic Education (FEE), more than 800,000 Americans seek dental care travel to overseas countries each year.
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As per Dently.org, a dental patient can reduce 50% of total cost by travelling abroad. The cost of dental implants in the United States is USD 3,900, whereas in Thailand it costs about USD 1,900 and USD 1,300 in Mexico. Similarly, it costs around USD 155 for composite fillings in the United States, far higher than in Thailand and Mexico, where it costs about USD 38 and USD 51 respectively. Thus, the expensive costs of dental treatments in developed economies as compared to emerging economies will sustain the industry growth in the forthcoming years. However, travel costs may negatively impact the market growth over the forecast period.
Considering the geographical landscape, global dental tourism market is split into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Asia Pacific is slated to show robust growth over the analysis timeframe with Thailand at the forefront. Thailand has been the leading country in medical and dental tourism. It is the most preferred destination for dental tourism for over 20 years. Low cost of dental treatment and rising disposable income are driving industry growth in APAC.
Prominent industry players include Carestream Health, Ivoclar Vivadent, Dentsply Sirona, Patterson Companies Inc., Planmeca Oy, Zimmer Biomet Holdings Inc., Henry Schein, Straumann, Biolase Inc., and Danaher Corporation.