Restorative Materials Market Projected to Garner Significant Revenues by 2024
Restorative Materials Market: Introduction
In terms of value, the global & Asia Pacific restorative materials market is anticipated to expand at a CAGR of 7.5% from 2020 to 2030. Rise in demand for dental treatment is boosting the dental consumables segment. Dental consumables include dental restoratives, orthodontics, endodontics, and infection control products. The expansion of the dental consumables segment is driving the global restorative materials market. The restorative materials market is also expanding due to the rise in aging population, growth in number of dental clinics, increase in demand for cosmetic dentistry, and advancements in dental treatments.
The increase in dental tourism across the globe is driving the demand for dental materials. Asia Pacific is emerging as a global leader in dental tourism. Countries in the region such as India, Thailand, Vietnam, Singapore, Taiwan, and South Korea are emerging as preferred destinations for dental tourism. Vietnam witnessed a threefold increase (5 million to 15 million) in the number of foreign tourists during 2010 to 2018.
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Rise in Regulations on Usage of Amalgam and Lack of Dental Insurance to Hamper Restorative Materials Market
Concerns over mercury pollution due to the usage of amalgam are adversely affecting the demand for dental amalgam. Several countries in North America and Europe have banned the usage of dental amalgam in children under 15 years and pregnant women. Furthermore, the preference for esthetic restorative materials has hampered the demand for amalgam. The ban on amalgam has affected the overall expenditure on dental treatment in developing economies due to the rise in costs of restorative materials. The ban on amalgam is estimated to lead to an increase in the average price of restoration materials, as amalgam is one of the low-priced materials available for dental restoration. The dental market in developing countries is price sensitive. People cannot afford expensive treatments. They prefer inexpensive materials. This is hampering the global restorative materials market.
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India to be Lucrative Country of Restorative Materials Market
Based on country, the global & Asia Pacific restorative materials market has been split into China, Japan, India, Vietnam, Thailand, Rest of ASEAN, and Rest of Asia Pacific. The restorative materials market in India is projected to expand at a rapid CAGR of 8.5% during the forecast period. China accounted for major share of the market in Asia Pacific in 2019. In terms of demand, the restorative materials market in Thailand is estimated to expand at a significant pace during the forecast period. Low treatment cost and rise in medical tourism in countries such as India, China, Thailand, and Taiwan are some of the factors likely to drive the restorative materials market in these countries during the forecast period.
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Competition Landscape of Restorative Materials Market
In March 2019, Dentsply launched restoration material called ‘Surefil one.’ It is an innovative filling for posterior teeth. Surefil one is a self-adhesive restoration material, which combines the stability of a conventional composite and simplicity of a glass ionomer. In May 2017, Shofu Dental launched Beautifil II LS (Low Shrink), a hybrid composite formulated to minimize polymerization shrinkage and shrinkage stress. Beautifil II LS offers clinicians predictable and functional esthetics with greater strength and higher resistance.
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Leading players have taken initiatives to expand their presence through acquisitions, increase of production capacities, and strategic partnerships. Key manufacturers operating in the global & Asia Pacific restorative materials market are 3M Company, Dentsply Sirona, COLTENE Group, Ivoclar Vivadent AG, Voco GmbH, Kulzer GmbH, GC Corporation, Ultradent Products Inc., Septodont Healthcare India Pvt. Ltd., Medicinos linija, UAB, Prime Dental Products Pvt Ltd, IDENTA Dental Material GmbH, KaVo Kerr, and Shofu Dental Manufacturing Co., Ltd.
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