Growth Drivers
Growing Occurrence of Oral Diseases- Cavities (tooth decay), gum (periodontal) disease, and oral cancer are some of the most prevalent conditions affecting our oral health. More than 40% of adults have experienced oral pain in the last year, and more than 80% are expected to have at least one cavity by the age of 34. As a result, the increasing prevalence of oral diseases is predicted to expand the use of wearable oral health sensors in order to deliver enhanced dental care to the patient population.
Expanding the Usage of Modern Digital Technology- The increasing use of advanced digital technologies in daily practice helps dentists provide better patient experience and treatment. Digital dental radiography, which employs specific sensors and software to make digital images of teeth and oral cells, is one instance of such progress. According to current estimates, the worldwide digital technology business is worth approximately $469.8 billion. This figure is predicted to rise to $1,009.8 billion by 2025.
Increased Consumption of Consumer Electronics Worldwide Owing to the Rapid Implementation of Smart Devices- From cellphones to wearable devices, India's consumer electronics usage increased by 8% in 2021 as contrasted with 2019 before the pandemic began. China was predicted to create an overall of USD 250 billion in revenue by the end of 2022. The expanding urban population, associated with a better lifestyle, has generated health and safety consciousness; as a result, electronic and digital gadgets are becoming increasingly prevalent among the populace. The increasing adoption of smartphones and linked devices, in addition to the affordable prices and convenience given by miniaturized electronics, are a few of the factors predicted to increase the global wearable oral health sensors market size throughout the forecast period.
A large number of senior citizens- The population of Americans aged 65 and more is expected to almost double over the next three decades, rising from 48 million to 88 million by 2050.
Growing awareness among the people for fitness- According to a survey, 84% of people in India believe health awareness has increased after the Covid-19 pandemic.
Challenges
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
5.8% |
Base Year Market Size (2024) |
USD 10.06 billion |
Forecast Year Market Size (2037) |
USD 20.94 billion |
Regional Scope |
|
Author Credits: Radhika Pawar
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