Showing posts with label Demand Of Dental Services In India. Show all posts
Showing posts with label Demand Of Dental Services In India. Show all posts

Tuesday, April 11, 2023

Ken Research - What makes India- the desired destination for Dental Services?

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Indian dental service industry comprises dentists and dental ancillaries. This industry has shown a phenomenal compounded annual growth rate of ~8% for the period ranging from FY 2017 to FY 2022 with increased dental awareness and disposable income. In the past five years, the growth in the dental care market of India has been spurred by the rising elderly population, changing lifestyles leading to oral problems, and increased healthcare expenditure by the government as well as households. Also, India is becoming the favored destination for dental tourism. Why?
Here, we have thrown light on those key points that make India- a desired destination for dental tourism. Let’s dive in to find the answer.

1.  The Indian healthcare sector is expected to record a three-fold rise, growing at a CAGR of ~22% between 2016–22 to reach over $ 350 Bn in 2022 from around $ 100 Bn in 2016

Key Trends:-

  • Strong demand: The healthcare market in India is expected to reach $372 Bn by 2022, driven by rising income, better health awareness, lifestyle diseases, and increasing access to insurance.
  • Rising Manpower and Medical Colleges: Availability of a large pool of well-trained medical professionals in the country. The number of allopathic doctors with recognized medical qualifications registered with the state medical councils/national medical council increased to 1.3 Mn in November 2021, from 0.83 Mn in 2010.
  • Government support: In Union Budget 2022-23, ₹86,200.65 Cr ($ 11.28 Bn) was allocated to MoHFW. In March 2021, the Parliament passed the National Commission for Allied & Healthcare Professions Bill 2021, which aims to create a body that will regulate and maintain educational and service standards for healthcare professionals. The Indian government is planning to o introduce a credit incentive program worth ₹500 Bn ($ 6.8 Bn) to boost the country’s healthcare infrastructure.

2. The India Dental Market is also anticipated to grow at a CAGR of 10%-15% for FY’2022-FY’2027F with the increasing number of dentists, dental colleges and labs in the country

Key Takeaway:-

  • States with significant shortages of dental surgeons, characterized by less than one surgeon per million people, include Gujarat, Uttar Pradesh, Odisha and Maharashtra. On an average, the population served by a dental surgeon in government institutions during 2017 ranged from 1,141,869 in Uttar Pradesh, 1,483,150 in Maharashtra, 1,037,608 in Jharkhand while in Haryana it was as low as 47,129.1
  • In FY’2019, the country achieved more than the ideal dentists-to-population ratio of 1:5,000, as against the 1:7,500 recommended by the WHO2
  • In Karnataka, the dentist to population ratio is 1:2,130 and Kerala where it is 1:3,388 (2021), which is higher as compared to other parts of the country.

3.  Moreover, dental services in India are poised to thrive as dental insurance is finally coming live with PNB MetLife India Insurance Company launching India’s first dental health insurance plan

The Problem:-

  • Dental surgeries are not covered by most Indian health insurance companies because of the misconception that they come under cosmetic treatment.
  • There are very few private insurance companies in India that cover dental operations and none of the big insurance companies offer dental insurance separately.
  • Because of the high cost of dental services, the usage of dental care is low and is proportional to the current demand. As a result, dental payment programs or insurance plans can reach out to more individuals.

Impact of Covid-19:-

  • Demand has increased- Since the pandemic, the awareness among population has been increasing for regular check-ups.
  • Patient demand for better health care facilities has increased. As a country without a unified health care system, more Indians are purchasing private oral health insurance.

 Needed Dental Insurance Benefits:-

  • Free dental consultation
  • The advantage of Whitening of tooth and cleaning
  • Mild infection management
  • There are a few free tooth scaling services available.
  • Covers for the tooth extraction
  • Routine dental checkup at discounts

Recent Developments:-

  • PNB MetLife India Insurance Company has launched India’s first dental health insurance plan.
    • This is the first insurance plan in India that covers fixed-benefit outpatient expenses and provides financial assistance with costs related to overall dental health.
    • This launch reinforces PNB MetLife leadership in the industry with this one-of-a-kind, standalone, the dental health insurance plan that covers major dental procedures without the hassles of hospitalization.
  • Union Budget 2021 increased FDI limit in insurance from 49% to 74%. India's Insurance Regulatory and Development Authority (IRDAI) has announced the issuance, through Digilocker, of digital insurance policies by insurance firms.

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4.  Government Initiatives like National Oral Health Programme (NOHP) to provide infrastructure and manpower to enhance dental/oral health services in India

Government Initiatives in Indian Dental Services Market

 

  • The Ministry of Health and Family Welfare proposed the draft National Dental Commission (NDC) Bill in January 2020.
  • This proposed Bill will repeal the existing Dentists Act 1948and dissolve the Dental Council of India.
  • The new Bill aims to improve access to good-quality and affordable dental education, availability of dental professionals and their services in all parts of the country, periodic and transparent assessment of dental institutions and facilitate maintenance of a national dental register.
  • It proposes the formation of a new regulatory body, called the National Dental Commission (NDC),to draft policies and maintain quality standards in dental education and the profession.
    • The Bill also seeks to standardise the procedure for graduates to enroll in the state dental registers, obtain licenses to practice dentistry and to seek admission into graduate programmes through a National Exit Test (Dental).

  • Under the Program, the support is provided to States for recruitment of the dental manpower (dental surgeons, dental hygienists, dental assistants, dental technicians), procurement of dental equipment, and consumables required for treatment of dental diseases. Support is also provided for training and IEC activities for generating awareness and capacity building.
  • Objectives of the Programme:
    • To improve the determinants of oral health
    • To reduce morbidity from oral diseases
    • To integrate oral health promotion and preventive services with general health care system
    • To encourage Promotion of Public Private Partnerships (PPP)model for achieving better oral health.

5.  An increasingly ageing population, changing lifestyles, and increased private and public health care expenditures are currently driving the growth of the Indian Dental Services market

Key Growth Drivers in India Dental Services Market

Technological Advancement

  • With the introduction of computer-aided design/computer-aided manufacturing (CAD/CAM,) technology has significantly reduced the dental treatment time. Therefore, the technological advancements in the field of dentistry are facilitating this trend. 

Aesthetics

  • With the changing demographics and a change in lifestyle, aesthetically driven patients seek tooth treatment procedures & dental implants not as a part of their medical needs but as a cosmetic procedure to enhance beauty.
  • The entertainment industry is also fuelling the growth of cosmetic procedures in dentistry. 

Increased Private Investment & Rising Oral Healthcare

  • Several seed funding companies and larger VC firms have invested in dental chains.
  • Some financial groups in India are building hospitals with dental specializations, offering general dental care, and specialty treatment which is expected to give an impetus to the demand for dental supplies and equipment.

Increased Private Investment & Rising Oral Healthcare

  • With the advent of India as a medical tourism destination, dental companies are focusing on improving dental services for tourists seeking lower-cost treatment across India.
  • Under dental tourism, some organizations are offering packages to foreign patients which include travel, stay along with the dental treatment. Dental Tourism forms 10% of the total medical tourism industry in India. 

6.  Also, India is becoming the favored destination for dental tourism because of its advanced infrastructure and technology which is at par with the developed countries like USA

7.  Government initiatives, Dental Tourism and rising demand for Dentistry, Dental Services Market is expected to grow in upcoming years in India

To Know more about this Whitepaper, Visit this link:-

India Dental Services Market

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Monday, November 28, 2022

Rising Dental Awareness, Dental Tourism, Lower Dental Services Cost and Government’s Strong Initiatives in Healthcare System will boost the Dental Service Market in India: Ken Research

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1. The India Dental Market is expected to grow at a CAGR of 10% for FY’2022-FY’2027F due to increasing number of dental colleges and labs in the country

India Dental Services Market Revenue

The rising Dental consciousness among the Indian population, along with the growing purchasing power, is expected to contribute to the market growth over the forecast period. Dental services market is anticipated to witness significant growth over the forecast period due to the improvements in already existing services along with introduction of new improved technologies.

2. The expansion of coverage, services, and rising spending by both public and private entities are all contributing to the rapid growth of the Indian healthcare industry

Government Health Expenditure

The Healthcare Market in India is expected to reach USD 372 Bn by 2022, driven by rising income, better health awareness, lifestyle diseases and increasing access to insurance. Moreover, in Union Budget 2022-23, INR 86,200.65 Cr ($ 11.28 Bn) was allocated to MoHFW. In March 2021, the Parliament passed the National Commission for Allied & Healthcare Professions Bill 2021, which aims to create a body that will regulate and maintain educational and service standards for healthcare professionals. The Indian government is planning to o introduce a credit incentive programme worth INR 500 Bn ($ 6.8 Bn) to boost the country’s healthcare infrastructure.

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3. Number of dentists will increase in the future due to an increase in the number of colleges and government initiatives to revise the curriculum

Number of Dentists in India

Changes in lifestyle and diet have caused several health issues in India, including those related to dental health. The dental services market growth will be influenced by the rise in periodontitis and teeth decay. In addition, a rise in demand for aesthetic and cosmetic dentistry will also help the market grow. In recent years, dentistry has come up as a rewarding career. People have started recognizing dental disorders and with the advancement in science and technology, the treatment has become specialized. Therefore, the demand of dentists has been slowly and steadily increasing in the Indian market.

For more insights on the market intelligence, refer to the link below:-

India Dental Services Market