Dental Market Analysis: Size, Share, and Forecast

Before you consider opening your dental clinic, it’s better to get a glimpse of the market and what’s going on there. Speaking in particular of the Canadian terrain where Dental Corp is the frontrunner in the domain—every Canadian dentist’s assistant. With over 551 locations and a staff of around 10,000 employees, it’s already leading by example.

This is one of the reasons why dental market analysis matters and how it’s shaping the overall oral healthcare industry. Also, it helps with permanent and temporary staffing needs in both short and long terms. Not to mention, temporary dental staffing is on the rise as more and more applicants are filling in to experience oral care jobs first-hand.

Overview of the Canadian Dental Market

Canada’s dental market is expected to grow at a CAGR rate of 6.4% by 2023—reaching $4.72 billion in valuation. Meanwhile, the dental industry witnessed a 1.8 CAGR (Compound Growth Annual Rate) in 5 years—from 2018 to 2023. And for the next four years (from 2024 to 2028), it is estimated to grow by 2.1%. The reason is the prevalence of chronic dental issues, as around 11% of Canadians suffer from periodontal diseases and, thus, require recurrent dental services. Currently, around 28,853 dental practices are floating in Canada, meaning a dentist career is indeed a worthwhile and lucrative career.

Astonishingly, the global oral healthcare industry will reach the CAD 24 billion market valuation cap in the next four or five years and even exceed more than expert estimates. These facts and stats for 2024 are proof even Forbes anticipates upcoming dental industry trends. Take 3D printing technology, for instance, which currently stands at over $3.5 billion and is set to reach USD 6.7 billion by 2028. Heads up:“Although Forbe’s listing solely covers the United States, it is indirectly pertinent to North American territories, including Canadian Oral organizations.”

Key Trends in Dental Care

-Emphasis on Preventive Care: Growing concerns and trends for regular oral checkups among Canadians are the reason for the growth of Canada’s dental market

– Rising Interest in Cosmetic Dentistry: Teeth whitening, scaling, and veneering services are becoming increasingly popular among people seeking aesthetic enhancements.

– Integration of Digital Technologies: Leveraging the latest tools and technologies with conventional dental procedures has led to dentists providing superior oral healthcare services to patients.

Factors Driving Market Growth

• The number one factor for growing dental care services is the aging population, which has dental issues prevalent among senior Canadian citizens.
• Every Canadian citizen, regardless of age and gender, has become fixated on their oral health amid higher dental IQ on social media.
• Increased spending on oral hygiene driven from both private insurance sectors and personal pockets has fueled the dental market expansion.

Overview of Market Size and Value

Dental care services in Canada are growing day by day as more Canadians are coming all-out concerned about their oral health. It is estimated that Canada’s dental market valuation cap will reach an estimated CAD 33.7 billion by 2030.

Technological Advancements Impacting the Market

Below is an overview of some of the best technological advancements in the Canadian dental industry:

I. Digital Dentistry and Innovations

• Adoption of CAD/CAM Systems: Canada’s dental domain now uses digital radiography, computer-aided Design and Computer-aided Manufacturing (CAD/CAM) systems that allow same-day restorations with more improvements for dental prosthetics. It will also enable dentists to provide better services using these digital dentistry solutions. Undeniably, the dental industry has revolutionized with both tech and techniques.
• Integration of 3D Printing Technology: Dental mapping and models for crowners, braces, and aligners with 3D printing have significantly reduced turnaround times and overall costs.
• Novel Digital Imaging Advancements: Dentists can now achieve high-resolution images using intraoral scanners and CBCT (Cone Beam Computed Tomography) technologies.
• Tele-dentistry Growth: Clients facing dental issues can easily get access to dental care remotely through their smartphones. Thus facilitating quicker dentist appointments and treatment schedules.

II. Role of AI and Automation in Dental Care

Even the use of Artificial Intelligence has come in handy and is increasingly becoming popular among dentists and pertinent oral healthcare specialists. For instance:

• AI-Powered Diagnostic Tools: Dental diagnostic capabilities have reached a whole new level using AI-powered interpretation of dental imaging. Thus,oral-oriented database accuracy can be increased by overcoming dental market challenges and reducing the time needed to make assessments. (this)
• Streamlined Practice Management: Administrative tasks, appointment schedules, patients’ history recordkeeping, and billing processes now flow smoother than ever, thanks to AI-powered automation tools.
• Generative AI for Patient Interaction: Now, patients can raise their concerns and inquire about dental services by talking to advanced AI Chatbots and receiving information in real time.
• Predictive Analytics for Treatment Planning: AI models and advanced algorithms assess patients’ history and overall oral healthrecords and provide treatment options and personalized dental hygiene plans.

Forecast for the Canadian Dental Market (2024-2030)

Here’s a little summary we’d expect in the next six years or so:

I. Expected Growth Rate and Trends

• Projected Market Growth: With a CAGR rate of 5.4%, Canada’s market is estimated to reach a staggering CAD 33.7 billion in the next six years.
• Segment Performance: Among all the oral healthcare treatments, periodontics and cosmetic esthetician dentistry services are gaining traction. This shows consumers’ growing predilection for 360-degree face aesthetics.
• Key Driving Factors: The two biggest aspects that accelerate the dental industry’s growth are the ageing population and growing awareness among the public for oral healthcare.

II. Opportunities for New Market Entrants

The thriving landscape of the dental domain means applicants with BDS degrees and ambitious college students can apply without worry. Their future dental healthcare careers are secured with countless opportunities on the horizon.

• Fragmented Market: The Canadian dental industry sprawls across the territory and has no specific channel that scrutinizes students’ academic accomplishments. Shockingly, the fragmented market has over 28,853 dental practitioners active—and operating. So there’s a fair chance for everyone.
• Technological Innovations: Candidates can now explore new dental industry avenues thanks to 3D printing technologies and CAD/CAM software and systems.

Consumer Demand: Preventive care and cosmetic treatments are on the rise, leading to more dental opportunities.

Challenges Facing Dental Practices

Regulatory Barriers and Compliance

Every province in Canada has its own complex regulatory environment and varies with dental practices, which means professional dentists and applicants coming from other regions/countries may face compliance issues.

Economic and Demographic Factors

Consumer spending and different demands are the reasons why economic fluctuations occur, especially with the growing dental cosmetic dentistry services. On top of that, consumer eating habits, oral treatment preferences, and urbanization may alter patient demographics. Thus, dentists are required to adopt their dental services catalog and rosters accordingly. (this)

Staff Shortage and Workforce Issues in the Dental Industry

The shortage of qualified dental professionals, the growing demand for new oral trends, and the rise of innovative technologies are rising concerns. This is one of the reasons clinics in Canada and elsewhere struggle to find skilled staff.

Conclusion: Future Prospects for the Canadian Dental Industry

This particular healthcare domain will be safe and secure in the coming years due to the steady growth and curiosity among Canadians for oral care. Consumer preference for regular checkups and cosmetic treatments, together with technological advancements, furthers the Canadian dental industry license. With the market evolving rapidly at scale and growing oral care awareness and trends, it’s safe to say choosing dentistry as a career is indeed a good option.