Open Source Securities: Global Dental Market Needs Resonate with Technology, and 3D Printing Reshape Efficiency and Boundaries

The Zhitong Finance App learned that Open Source Securities released a research report stating that the aging population, high incidence of oral diseases, and increased awareness of preventive oral health support the continued boom in the global dental market. Relying on the advantages of the local rare earth and zirconia industry chain, Chinese companies are expected to follow global price increases for zirconia powder and porcelain to achieve price transmission, increase unit prices and profitability, and enter high-end customer supply chains to increase global share. The dental 3D printing/mouth cleaning industry is highly concentrated. Europe and the US dominate, but some Chinese companies have established advantages in some fields. Domestic dental companies are going overseas at an accelerated pace, the trend of import substitution continues, and the share of overseas revenue continues to rise.

The main views of Open Source Securities are as follows:

The global dental market has nearly doubled in ten years. Leading implants and orthodontics are the most promising markets

The global dental care market continues to grow, reaching 365.6 billion US dollars in 2020, and is expected to increase to 551.9 billion US dollars and 709.7 billion US dollars in 2025 and 2030, respectively. The upstream dental equipment and consumables market is expanding simultaneously. It is estimated to reach US$44.71 billion in 2026, of which consumables account for more than 80%. Among consumables, orthodontic materials are growing the fastest, with a compound growth rate of 25.7% from 2022 to 2024. Looking at the subregions, North America is the world's largest market, and the Asia-Pacific region has strong momentum for subsequent growth. The size of the domestic dental care service market increased from 119.9 billion yuan to 147.2 billion yuan in 2020-2024, and is expected to exceed 200 billion yuan in 2029. An aging population, high incidence of oral diseases, and increased awareness of preventive oral health support the continued boom in the global dental market.

The dominant position in the rare earth control supply chain has been further enhanced, and word scanning and 3D printing are reshaping efficiency and boundaries

(1) Material side: Yttrium oxide is a key variable in the zirconia industry chain. Due to China's rare earth export controls to Japan, overseas supply of yttrium oxide has shrunk, and the price difference at home and abroad has increased 57 times. The cost of overseas zirconia powder is about 3-5 times that of China. Zirconia powder manufacturers have rigid cost transmission requirements, and it is feasible to pass on the cost of powder to ceramic block vendors. Relying on the advantages of the local rare earth and zirconia industry chain, Chinese companies are expected to follow global price increases for zirconia powder and porcelain to achieve price transmission, increase unit prices and profitability, and enter high-end customer supply chains to increase global share. Edit/Modern Dentistry both raised product prices in 2026Q1, which is higher than before.

(2) Technical side: Increased penetration rate of oral scanning and 3D printing can directly increase clinic output per unit time, reduce rework rate, shorten patient decision-making cycle, and provide a data foundation for orthodontic simulation/aesthetic display/implant guide plate design. According to Credence Research, the global digital dental market is about US$8.12 billion in 2025, and is expected to reach US$14.13 billion in 2032, with a CAGR of 9.7%. According to Global Information, the global dental 3D printing market is about US$3.57 billion in 2025, is expected to grow to US$4.31 billion in 2026, and is expected to reach US$9.04 billion in 2030, with a compound annual growth rate of more than 20%. The dental 3D printing/mouth scan industry is highly concentrated, and Europe and the US dominate, but Chinese companies such as Pioneer 3D have established advantages in some fields.

Overseas travel accelerated, and when domestic policies bottomed out and domestic substitution was carried out, the results of globalization continued to be realized

In 2025, China's dental exports/imports reached US$1,54/610 million, yoy +9.7%/-7.7%, exports/imports amounted to US$54/170 million in January-April 2026, yoy +10%/-13.3%, overseas travel accelerated, and the trend of import substitution continued. The share of overseas revenue of Chinese companies continues to rise. Modern Dentistry/Advanced 3D/Editt's overseas revenue share was 83.5%/73.6%/66.3% respectively in 2025, and Times Angel's share of overseas revenue increased from 10% in 2023 to 44% in 2025. Beneficial targets: (1) Editt: Stable raw material supply chain, participation in Jingdezhen Wanwei's zirconia ceramic raw material chain, which is expected to benefit from overseas price increases; (2) Modern Dentistry: leading global production capacity layout, digital transformation drives net interest rate increase, rare earth control strengthens pricing capacity; (3) Advanced 3D: digital dental access to the sea, IPG technology builds differentiated advantages; (4) Angel of the Times: The global strategy is being implemented at an accelerated pace, and the global share will increase from 4.5% in 2022 to 10.6% in 2025; (5) Chinese porcelain materials: Global leader in zirconia powder, based on supply The volume and price of advantages have risen sharply.

Risk warning: global macroeconomic fluctuations; increased industry competition; overseas market expansion falls short of expectations, etc.