Since the emergence of the Internet, people have been increasingly relying on it for their everyday needs. Entrepreneurs are finding different niches and sectors where they should invest to make it fruitful. A sector that is currently untapped in the digital medium will gain a lot of traffic thus leading to more profits.
The dental industry experienced a lot of footfall due to deteriorating living conditions and eating habits. However, there were few pain points of the dental community due to which the process was not seamless. Procurement of dental equipment was a major drawback of the industry which could only be resolved by a b2b online marketplace. The need for the hour was a b2b online marketplace that cuts down the work of the middlemen thus reducing the cost of dental supplies.
The digital dental supply marketplace is still in the nascent stage, now is the right time to invest in this industry as it is predicted to shift to the online medium.
Reason For The Shift of Dental Supply Marketplace to Digital Medium
The b2b Dental Supply sector is one such niche that has been slow to adapt to the digital transformation. Dentists or their staff are still buying products the same way they have been for decades. To buy the products which are of premium quality, they still have to get in touch with the sales executive of the Dental equipment retailer and pay a premium price for it.
One of the biggest problems dentists face while purchasing supplies online was that they had to compare products to find the best fit and provide true-price transparency. Comparing the prices of different vendors from different websites is an outdated process.
According to research done by Levin Group and Dental Economics, the average dental practitioner spends as much as $65,000 on supplies every year, which could be reduced significantly if suppliers and practitioners could be connected.
The Solution to all the pain points of the dental community from premium costing to sourcing inventory collectively can easily be solved by an online marketplace.
Let’s discuss two scenarios to see how dentist and patients can benefit from the digital medium
Traditional Dentist: Received a patient for dental implant procedure to replace damaged or missing tooth or teeth by placing a metal post or screw-like implant in place of the root of tooth and crown above it. The Dentist asks the patient to wait a few days for the procedure till the implants and crown are procured. The dentist then gets in touch with the middleman, discusses the requirement, and asks for quotations. After receiving the quotation, the dentist has to make a selection on guesswork and instincts. Finally, the order is placed and the requirements are delivered.
Tech-Savvy Dentist: The same Patient from the above dentist could not wait any longer for the surgery and found another doctor who could resolve the issue quicker. The Doctor compares the price and quality online. After placing the order, the doctor informs the patient the date on which the procedure is scheduled and the exact price, resulting in a better patient experience.
Trends & Technologies Shaping The Dental Industry
Since very recent years, the Dental Community has understood the importance of the b2b online marketplace to connect with suppliers. Now that e-commerce is becoming an important part of this sector there are trends and technologies that dominate.
3D Printing Revolutionizing The Dental Practices
3D printers have been revolutionary equipment that is changing how different industries use them to procure supplies for their business. For orthodontics, it has helped in reducing the time and cost associated with the production of custom dentures, crown, bridge models, and surgical guides.
3D printers are the only way for practitioners to provide same-day dental service. If a private practitioner invests in this equipment it will significantly lower the time for the patient and also the efforts dental practitioners have to make to connect with 3rd party suppliers.
3D printing has contributed to increased revenue of practitioners as the wait time for customers is reduced, more patients can be attended, faster appointments, better retention.
Dental Industry Goes Green
Since Global Warming and other climate changes have struck the mind of people all over the globe, they have started switching to environmentally friendly products in all niches.
If you check the recent shopping trends, consumers are more inclined towards shopping for natural toothpaste, bamboo toothbrushes, and other environmental products. Environmentally friendly products will become a necessity even for dental practitioners in the coming future.
For future purchases, replace artificial or chemical-induced products with environment-friendly sustainable ingredients.
Dental Impression Goes Digital
One of the biggest challenges of the dental industry is cracking and deteriorated cast thus creating a nuisance for the practitioner and patient.
The cause of these problems was the use of wax molds and clay cast to take the impression of the patient teeth. With computer-aided design and computer-aided manufacturing, the software has provided a huge solution to the problem. The adoptions of this software are still slow but are likely to pick up with the changing demand of patients and pain points of orthodontists.
Changing Techniques by Laser Dentistry
Laser technology is revolutionizing the working of different types of industries. These changes in the dental industry are happening to provide better experiences that can ultimately increase the profit, retention of patients, patient case acceptance, and increase efficiency in practice. Major areas where laser dentistry has already been used is to perform endodontic treatment, oral surgery, implantology, peri-implantitis, periodontics.
The Dental Laser Market Globally is estimated to reach USD 2.3 billion by 2023 with a CAGR of 5.2% during the forecast period (2017–2023). Laser Dentistry reduces the risk of errors and provides 100% results thus increasing dentists are using it to increase patient satisfaction. Other reasons why laser dentistry is becoming increasingly common are: less blood loss, shortens the healing process, no need for anesthesia or sutures, and fewer chances of infection.
Market Players of Dental Products
Here are the top market players that provide dental Products from different suppliers:
Reasons Why Investing in Dental Product Marketplace is a Good Idea
The online b2b Dental Product marketplace compared to other popular niche marketplace is a fairly new concept. Why should an entrepreneur invest in a new niche marketplace? One of the biggest reasons is fairly less competition and high market share. Here are some statistics and facts to prove that the dental product marketplace is a good idea:
The Global dental supply market is projected to reach USD 7.5 billion by the year 2021. It is growing at a CAGR of 4.9%.
The following stats portray that Europe is accounting for the largest share in the dental equipment market.
Two years ago, in the dental industry, systems and parts held the largest market share of 39.9%. However, dental lasers’ equipment is expected to witness the fastest CAGR of 6.8% throughout 2019–2025.
The dental implants market size is projected to reach USD 8350 Million by the end of 2025, rising at a CAGR of 7.8 percent between 2018 and 2025.
What Industry Leader Has to Say About Their Business And Market Growth
Being a newbie or startup in the dental industry, there is a lot to learn from the businesses that have captured the market shares. Here are some views shared by entrepreneurs on dentaleconomic.com about the effect of eCommerce in the dental industry.
Bill McClain Vice President of Net32
“We are unique in serving the dental community as an online marketplace for bringing buyers and sellers together on one site. Kind of like Expedia and Travelocity, which bring multiple buyers of travel services together with multiple suppliers of air travel, hotel rooms, and rental cars — one site for easy comparison shopping.” When asked about whether the internet will change the working of the industry, McClain said, “We`re finding that many dentists are dipping their toes in the water and ordering some of their supplies via the Internet.”
SmartPractice is a 30-year-old business in the dental industry. David Spresser, the senior vice president thought about how the internet has changed their business. He says that the website is another way to connect to the sales representative. They are using the web not just to enhance the buying experience but also to build a profitable relationship between the sales representative and client. According to Spresser, “The supply industry is and will remain, a relationship industry. When people have a problem, they want to talk to their rep.”
Dental Economics discussed with Jeff Lavers of 3M ESPE when asked how technology is contributing to the growth of manufacturing and connecting dental professionals. Jeff: “Listening to our customers is the first step in connecting them with our materials and technology. By the time we launch a product, we have spoken with many dental professionals who have repeatedly tested the product. On top of that, with the professional’s help, we determine what educational materials might be necessary to assist in its adoption. We realize it’s not just about great products; it’s the whole solution that’s important. We have a Website for dental professionals to access educational tools at www.espertiseinteractivelearning.com. Also at the new interactive learning site, they can receive free continuing education at their desks as they listen and watch content featuring renowned doctors from across the globe. We understand the needs of our customers and we are determined to deliver solutions that meet or exceed those needs.
Donald Casey CEO of Dentsply Sirona
The Dental Industry is experiencing an innovative shift to the digital medium. Oral hygiene has always been a priority all over the globe. The need for equipment, implants, Laser will always be needed by professionals, and connecting with offline suppliers with nominal rates is a gruesome task. Aspiring entrepreneurs need to hit the iron while it’s hot. Addressing the issues of dentists and orthodontics, the industry is shifting its working structure from offline to online. Launch a dental eCommerce marketplace for dentists and suppliers to save the investment and be profitable.
Suggested Read: Top 5 B2B Online Marketplace Platforms or Softwares