The dental industry in 2024 is positioned to experience a significant evolution, with four key trends at the forefront of this transformation. These trends encompass the expansion of Dental Support Organizations (DSOs), evolving dental insurance regulations, the increasing complexity of staffing, and technological advancements in dental treatments, particularly through 3D printing. As these trends unfold, they are expected to substantially alter the operational, clinical, and business dimensions of dental practices.
- DSO Expansion: Dental Support Organizations (DSOs) are gaining market share, signaling a shift towards more consolidated practice management structures. These entities bring together resources and efficiencies of scale, offering an attractive proposition for smaller dental practices aiming for competitive edges. The growth of DSOs is expected to set new benchmarks for efficiency and patient care within the industry.
- Insurance Industry Developments: The dental insurance market, with its steady growth—evidenced by a compound annual growth rate (CAGR) of 0.2% over the past five years and reaching an estimated $93.6 billion in 2023—is witnessing the introduction of medical loss ratios at the state level. This regulatory change is altering how premiums are spent on clinical services. It could also significantly impact the financial and operational aspects of dental practices.
- Recruitment Challenges: The industry continues to grapple with the challenge of recruiting skilled dental hygienists and dental assistants. This ongoing issue is prompting practices to offer more competitive employment packages and invest in the development of their personnel to bridge the demand-supply gap.
- Advancements in 3D Printing Technology: The dental sector is increasingly embracing 3D printing technology, which stands as a testament to its innovative spirit. This technology enables the in-house production of various dental restorations, such as dentures, veneers, and crowns, streamlining the workflow and offering rapid, personalized patient care.
Emerging Trends and Insights:
Teledentistry: The landscape of dental care is further transformed by the rising trend of teledentistry, which has grown considerably in popularity. This remote care model has been a boon for dental insurance providers, facilitating broader access and potentially lowering costs associated with in-person consultations.
Preventative Care: A significant shift towards preventative dental care has marked the last five years. This approach, focusing on proactive care to prevent dental issues before they escalate, is saving costs for individuals and providers alike. It’s a trend that’s reshaping patient care strategies and insurance coverage policies, emphasizing the long-term benefits of preventive measures.
With these trends at play, the dental industry is navigating a period of transformative change. Practices that can adapt to the evolving dynamics of workforce, technology, insurance regulations, and patient care models are likely to thrive. The industry’s direction is clear: a more integrated, patient-focused approach that leverages technological advances and innovative care delivery methods for improved dental health outcomes.
Sources: Becker’s Dental, IBIS World
