The report is "Special Report on the Dental Industry: Downstream Industry Concentration or Intensification, Upstream Focus on Incremental Opportunities", the report has a total of 28 pages, for more important content and core views, please refer to the original text of the report, and there is a full version at the end of the article.
This report aims to provide an in-depth analysis of the upstream and downstream market conditions of the dental industry. In the downstream market, although the overall expansion trend of oral medical institutions, the growth rate has gradually slowed down, and they are facing certain pressure in the short term. However, with the gradual recovery of the consumer market, leading institutions are expected to show recovery momentum. The implant and orthodontic business** has stabilized, and it is expected that the industry concentration will further intensify in the future, and the market share of leading institutions is expected to increase steadily. In terms of the upstream market, the field of prosthodontics and orthodontics has shown significant incremental investment opportunities, especially in the field of orthodontics and orthodontics, whose market potential should not be underestimated.
Downstream Market:
Oral medical institutions as a whole show an expansion trend, but the growth rate is gradually slowing down, and the expansion momentum is slightly insufficient in the short term.
Compared with dental clinics, the growth rate of dental clinics has slowed down significantly, and medium and large institutions have shown a more cautious attitude towards expansion.
In 2023, the cancellation rate of dental clinics will increase significantly.
The implant and orthodontic business** has stabilized and is expected to maintain a high growth rate in 2024. The pediatric and periodontal business is expected to become the core growth point of terminal institutions in the future.
It is expected that the industry concentration will further intensify, and the market share of leading institutions is expected to increase steadily. It is recommended that investors focus on leading institutions such as Tongce and Arrail.
Upstream Market:
*Orthodontics: Limited by the number of orthodontists, the overall orthodontic penetration rate in China is at a low level. **Orthodontics accounts for only 10-15%, which is much lower than the market share in the United States. In the short term, the domestic market is expected to maintain a steady growth rate of 10-15%. Recommended investment target: Angelalign.
Oral restoration: The growth of dental implants will continue to drive the volume of post-restoration business. It is expected that the use of bone meal and periosteum will increase simultaneously. At present, the proportion of bone meal and periosteal used in China's leading medical institutions is comparable to that in Europe, and this proportion is expected to increase further in the long run. Recommended investment target: Zhenghai Biotechnology.
In short, this report believes that the downstream market of the dental industry is facing certain pressure in the short term, but with the recovery of the consumer market, leading institutions are expected to show recovery momentum. In the upstream market, investors should focus on incremental investment opportunities in the field of prosthodontics and orthodontics. Based on the above analysis, investors can make more informed investment decisions.
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