November 14, 2022
by Naren Arulrajah, Ekwa Marketing
Did you know that Canada’s dental market is forecast to grow to US$ 16.61 billion in 2026? The Canada Dental Market: Insights & Forecast with Potential Impact of COVID-19 (2022-2026) report indicates a Compound Annual Growth Rate (CAGR) of 2.41 percent from 2022 to 2026.
Canada’s dental industry is expected to grow by two percent this year. In fact, the market grew by two percent per year on average between 2017 and 2022. According to IBISWorld this growth is more significant than the growth of the overall economy. This is a faster growth compared to the increase in the country’s Healthcare and Social Assistance segment, where dentistry stands in third position.
Factors supporting growth
This growth is supported by factors like consolidation of dental practices, ageing population and longer lifespan, higher awareness about dental health, increasing expenditure on dental health, and a higher rate of tooth decay among youngsters. Interestingly, Canadians overall have experienced significant decreases in dental decay over the past 40 years. The growth in dentistry may be curtailed by the high cost of dental products and processes and reimbursement-related issues.
General dentistry dominates the market when revenue is considered by type of dental specialty. The other commonly practiced types of dentistry in Canada include restorative, preventive, surgical, orthodontic, prosthodontic, periodontic, and emergency dentistry. Restorative dentistry used to hold the largest share in the past.
With regard to the type of dental office, independent practices hold the most significant percentage of the market. In contrast, the other types include partnerships, public health, associates in private practices, academic settings, and military and other settings/retirement. Covid-19 regulations imposed during 2020 affected most of these dental practices as only emergency dentistry was performed at the time.
Types of dentistry and practices
Regardless of what type of dentistry you practise or what kind of practice you operate, you need to market your business for it to grow and thrive. Now that marketing has shifted to online platforms and social media (especially with the pandemic making physical commuting difficult), mastering these technologies is essential to take your practice to new heights. It will give you a competitive advantage over similar dentists in your area.
If you are planning to take your dental practice online, you should first have a proper marketing plan. Know your strengths, weaknesses, advantages, and disadvantages. Try to improve the areas that you are weak in and better your competition. Understand your future goals and what you need to do to achieve those goals. If there are any obstacles to achieving your goals, think about how you can overcome them. Your marketing plan can help you here.
Selecting a marketing plan
You are an expert in dentistry, not in digital marketing. However, you can employ the services of an experienced digital marketing agency to handle your online marketing. With a sound marketing plan, you will be able to have a thriving practice in your hands with 30 – 50 new patients every month.
About the Author:
Naren Arulrajah, President and CEO of Ekwa Marketing, has been a leader in medical marketing for over a decade. Ekwa provides comprehensive marketing solutions for busy dentists, with a team of more than 180 full time professionals, providing web design, hosting, content creation, social media, reputation management, SEO, and more. If you’re looking for ways to boost your marketing results, call 855-598-3320 for a free strategy session with Naren. You may also schedule a session at your convenience with the Senior Director of Marketing – Lila, by clicking https://www.ekwa.com/msm/ or simply send a text to 313-777-8494.