For those keeping close watch on global dynamics, the story of China and India becoming a part of international discourse wouldn’t have escaped your eyes.
While the former has become world’s factory and revolutionized manufacturing the latter has been making giant strides in the service industry since the last three decades.
Being a former British colony, the knowledge of the English language has worked to the advantage of Indians as they are catering to the developed world especially places where English is a native language. If technology led the first wave of growth in India, next major thrust would come from trades like biotechnology, pharmaceutical and healthcare.
While each of these sectors holds immense potential for the next few decades one already has taken the lead. Dental care industry is flourishing in India and in the next few years it would become world’s dental implant capital offering low-cost dental implants to people from different regions of the world.
Leveraging the competitive edge…
It isn’t a surprise anymore to see people from the developed parts of the world make a trip to India for affordable dental care treatment. It is more the norm now and close to 30,000 people do this every year. Millions of dollars have been spent by Indian healthcare service providers in the last two decades to improve the infrastructure and put it at par with the developed nations.
As a developing country it holds the cost advantages over others. Dental clinics in New Delhi and other parts of the country are able to offer dental implants and other services at only a fraction of the cost as in North America or Europe.
Low cost dental implants in India have offered many from the developed countries a healthy and desirable alternative to deal with their dental problems. People in the past who had stayed away from getting implants due to the higher costs are seeing the incentive of travelling to India for these implants.
In a recently published research Ken Research, India has stated that that the Indian dental industry would be worth US$2.2 billion by the year 2020. The report highlighted the fact that there has been double digit compounded growth since the start of the decade and the trend is expected to continue in the near future.
While the domestic population would contribute maximum to this growth, India’s position as a global hub dental care has also been established strongly during the last decade. The same report also highlighted that the number of dental professionals would double by 2020. This will make dental care much more affordable and thereby further strengthen the advantage when it comes to attracting foreign nationals for treatment.
The support industry is playing along…
It isn’t the healthcare service providers who are working to make India as the preferred destination for low-cost dental implants but the entire support industry is playing along. Sensing the immense potential of the growth of domestic as well as foreign patients most equipment manufacturers in India are working on business models to streamline costs that would allow Indian dental care clinics be more aggressive with pricing their services to improve upon their competitive advantage. The travel and hospitality industry is also working closely with super speciality hospitals to address all the needs of foreign nationals who plan to make a trip to India for dental implants.
India’s growth as the preferred destination for affordable dental implants has been no accident. Stake holders have worked hard to build the competitive edge in the last few years and they would enjoy these benefits well into the future.