It comes as no surprise that China is emerging as another superpower. Apart from the boom of e-commerce and the rise of its own economy, China has become a country to reckon with in terms of manpower. And with their rising manpower comes several industries that are starting to rise. One of those industries is the dental industry.
The Current State Of The Dental Industry
As of today, China’s dental industry is slowly rising along with other aspects of the healthcare industry. According to research, the number of dental enterprises garnered a total annual revenue of RMB 4.61 billion in 2016. This revenue has continuously risen and the assumption is that by 2021, the total annual revenue can reach up to RMB 6.55 billion.
The number of dentists also increased as well with the number of stomatological staff. From 2010-2016, China has experienced a 10.4% increase in the latter while a 10.2% increase in the former. Moreover, the number of stomatological hospitals in 2016 was already at 542. For a growing economy, this is not considered as a slow progress.
With relatively high dentistry statistics that you can find in the company website, one would think that if this improvement continues, China will be able to provide accessible and world-class healthcare to its citizens. However, it is not that easy because even if the 2016 statistics show a high number, it was only able to cater to 20% of the population.
The Factors That Will Drive The Rise Of Dentistry
In spite of still having an 80% population that still needs accessible dentistry and stomatological services, this particular industry is expected to rise with flying colors. Here are four of the major drivers of its growth.
The Surge of Private Hospitals and Clinic Chains
The dentistry and health industry, in general, has seen a new trend in terms of business models. Instead of having a few hospitals with different owners, a new model has emerged and this is the creation of hospital and clinic chains. Dental companies like TC Medical, Yafei Dental, and Huamei Dental are just some of the chains that are starting to emerge across China. While the major chains are found in Beijing and Shanghai, there are a few companies that are setting up branches in rural areas.
To be able to meet the demands and budget of people outside the main cities, dental chains have started building small to medium-sized clinics and hospitals.
The High Appeal of Dental Aesthetics
Beauty may not be the industry China is famous for, but that doesn’t mean that it’s not thriving. In fact, teeth whitening stands out as the most popular dental service that citizens avail of together with other orthodontic services. Even with people in the countryside, dental aesthetics becomes a top priority together with tooth protection.
As more people are drawn to dental aesthetics, other dental services are being noticed too since dentists get to explain the correlation between proper dental hygiene to dental beauty.
A Huge Influx of Capital
With a very attractive industry on the way, Chinese dentistry is starting to attract loads of capital. Just in 2016, there were 12 dental enterprises that received financing.
More capital means that companies are able to buy more equipment and add branches even in rural areas. This also implies that more and more residents are able to avail of dental services which will then benefit the whole dentistry industry.
A Rise in Dental Health Awareness
And last but not least is the increasing awareness of a holistic approach to health. Before, it was just chronic illnesses that had the attention of citizens. But with globalization, the Chinese have started to adopt a more holistic approach to health and this involved giving equal attention to one’s dental and oral health.
Statistics show that even families in rural areas are starting to consult with dentists regarding their teeth and if you can imagine the other provinces having the same scenario, then there will definitely be a higher demand for dentistry.
Dentistry in China looks like it will be experiencing continuous growth for the years to come. But as demand and capital slowly overflow the country, the need for skilled professionals becomes big. The government then should look for ways in order to meet this demand.