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South Korea Dental Devices - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

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  • 80 Pages
  • February 2024
  • Region: South Korea
  • Mordor Intelligence
  • ID: 4987264
UP TO OFF until Mar 31st 2024
The South Korea Dental Devices Market size is estimated at USD 1.41 billion in 2024, and is expected to reach USD 1.76 billion by 2029, growing at a CAGR of 4.5% during the forecast period (2024-2029).

The current COVID-19 situation has decreased the number of visits to hospitals and clinics for dental purposes, leading to a dampening of the demand for dental equipment. As per the study published in October 2021, titled 'Dental Infection and Prevention Measures in South Korea in the Absence of Restrictions on Dental Practices During COVID-19 Pandemic', since the South Korean government or the Korean Dental Association (KDA) did not impose any particular restrictions on the types of patient treatment or the number of patients, it is believed that the number of visiting patients decreased rather than the dentists reducing appointments. This indirectly indicates the degree of South Korean people's fear of COVID-19 due to dental treatment over the last year.

Dental care in South Korea is usually of a high standard. As the medical setting and dental services are changing in the country, the significance of educating dentists in response to systemic emergencies is also increasing. The current student-oriented education paradigm is moving toward training students for forming abilities that are essential to address the daily crises that they face, while also providing them with the ability to deliver knowledge. However, this is expected to be a temporary downfall, and the market is expected to resume growth in the near future.

In South Korea, the national dental scaling insurance policy has notably increased socioeconomic inequalities in dental scaling usage. As dental care access usually requires a high individual agency, expanded dental coverage may have had limited effects in reducing inequalities and may inadvertently widen the gap. In order to reduce dental care inequalities, global access with worldwide dental coverage should be considered in the country.

As per the data published in 2021 by Statistics Korea, in 2020, the population aged 65 and over accounted for 15.7% of the total population. As per the same above-mentioned source, South Korea is projected to become a super-aged society by 2025, when the elderly population reaches 20.3% of the total population. moreover, with the increasing burden of the geriatric population in the country, the burden of dental infections and other periodontal diseases in South Korea is also expected to rise, which, in turn, is anticipated to drive the demand for dental devices, boosting the growth of the market.

Moreover, the growing number of investments and agreement in dental devices contributes to the market's growth. In January 2020, Light Instruments Ltd. signed an exclusive distribution agreement with Shinhung Co. Ltd. for the distribution of LiteTouch dental laser in South Korea. In December 2020, Medit and Straumann entered a global distribution partnership for intraoral scanners. This agreement leverages the existing partnership of the two companies for dental lab scanners. In August 2021, the firm had raised USD 20 million in a Series B funding round led by Eight Roads Ventures, Think Investments and the Mankekar Family Office. Before that, in January 2021, toothsi raised USD 5 million in Series A funding. Thus, the increase in partnerships and financing by the key players is expected to boost the growth of the studied market in South Korea.

The growing prevalence of dental infections and other periodontal diseases, increasing demand for dental care facilities and dental surgical procedures, and rising dental care personnel, coupled with technological advancements, are some of the major factors propelling the growth of this market.

However, excessive costs involved in health insurance is expected to hinder the market growth during the forecast period.

South Korea Dental Devices Market Trends

Dental Consumables Segment is Expected to Witness Growth Over the Forecast Period

Dental consumables include products such as implants, prosthetics, braces, crowns, dental impression materials, and others. They are used for the treatment of dental disorders such as tooth restoration, problems associated with gingival tissues, dental impairments, dental caries, and periodontal diseases. Dental consumables are one of the largest segments of the South Korean dental device market.

Due to growing socioeconomic factors, many people have been able to afford these procedures. Moreover, the number of dentists is also growing in South Korea to meet the increasing demand for dental procedures. As per the Ministry of Health and Welfare of South Korea updates from 2022, there were 64 dentists per 10,000 inhabitants in South Korea. The ratio of dentists to inhabitants has been slowly but steadily increasing over the past years, having increased by around 33% since 2007. Owing to these factors, the market for dental consumables is further expected to increase in the future as well.

Thus, the segment is anticipated to witness significant growth over the forecast period due to the abovementioned factors.

South Korea Dental Devices Industry Overview

As far as major players are concerned, Osstem Implant is one of the dominant leaders in the market studied. In a market dominated by global players, the company has gradually expanded its market share by focusing on the supply side. The company offers Advanced Dental Implant Research & Education Center (AIC), its own dental care training program for dentists.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Government Initiatives to Simplify the Regulations Governing Manufacture, Import, Export, and Sale
4.2.2 High Number of Dentists and Growing Cosmetic Dentistry
4.2.3 Technological Advancements in Dentistry
4.3 Market Restraints
4.3.1 Excessive Costs Involved in Health Insurance
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product
5.1.1 General and Diagnostic Equipment Dental Lasers Soft Tissue Lasers All Tissue Lasers Radiology Equipment Dental Chair and Equipment Other General and Diagnostic Equipment
5.1.2 Dental Consumables Dental Biomaterial Dental Implants Crowns and Bridges Other Dental Consumables
5.2 By Treatment
5.2.1 Orthodontic
5.2.2 Endodontic
5.2.3 Periodontic
5.2.4 Prosthodontic
5.3 By End User
5.3.1 Hospitals
5.3.2 Clinics
6.1 Company Profiles
6.1.1 3M Company
6.1.2 Coltene Group
6.1.3 Dentium
6.1.4 Dentsply Sirona
6.1.5 Geistlich Pharma
6.1.6 Ivoclar Vivadent AG
6.1.7 Osstem Implant Co. Ltd
6.1.8 Shinhung Co. Ltd
6.1.9 Straumann Group
6.1.10 Zimmer Biomet

Companies Mentioned

A selection of companies mentioned in this report includes:

  • 3M Company
  • Coltene Group
  • Dentium
  • Dentsply Sirona
  • Geistlich Pharma
  • Ivoclar Vivadent AG
  • Osstem Implant Co. Ltd
  • Shinhung Co. Ltd
  • Straumann Group
  • Zimmer Biomet