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Dental Products Industry Perspective – August 2018

Consolidation among dental products majors continues as the industry expects 6.1% annual growth in the professional market, and a 4.5% growth in the oral care consumer market.

The principal categories of the dental products market are dental consumables and dental equipment.

The global dental consumables market is expected to grow at a 7.1% compound annual growth rate (CAGR), reaching an estimated $41.5 billion by 2023, while the global dental instrument market is set to grow at a 5.9% CAGR over the same period, reaching approximately $6 billion by 2023.1 In addition, the dental laboratory industry, which produces restorations, is forecasted to reach $43 billion by 2022, growing at a CAGR of 5.8%.2 The global consumer oral care market is forecasted to grow by 4.5% annually and reach $54 billion by 2022.3

Consolidation in the dental products market has significantly changed the competitive landscape.

Over the past few years, M&A among the large market players has had a substantial impact on market dynamics. In 2016 Dentsply acquired Sirona, the third largest dental implants maker, for $5.6 billion. In 2018, Danaher Corporation acquired Nobel Biocare for $2.2 billion to strengthen its position as a market leader. In the personal dental care space, Church & Dwight acquired Water Pik for $1 billion in 2017. But the largest transaction in recent years was Zimmer’s acquisition of Biomet for $13.9 billion.

Many of the industry’s largest companies have acquired smaller firms to bolster their product portfolios, expand their geographic coverage, or enter new niches. Consolidation has also helped boost profit margins as it allows companies to spread fixed costs across larger organizations.

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