"In fact, there is still a big gap between China and developed countries. There are still quite a few people in the crowd who need orthodontic treatment, but they have not yet been treated. " Xu Baohua, director of stomatology center of Peking University Friendship Hospital in China and professor of stomatology in Peking University, said.
A data often quoted by the industry is that the overall prevalence rate of malocclusion in China is about 72%. In 2020, there were about 654.38+0004 billion malocclusion cases in China, while only 3.5 million cases in China received orthodontic treatment in the same year. Malocclusion refers to irregular tooth arrangement, including crowded arrangement, gap arrangement and protrusion, which is closely related to genetic, environmental and ethnic factors.
Qi Xiaohuan, executive director of Yi Kai Capital, pointed out in an interview with China Newsweek that after 20 15, with the improvement of social consumption level, the whole consumer medical care has become more and more popular. In the field of consumer medical care, oral cavity is the largest sector, which has been concerned by the capital market. However, the focus of investment has changed. At first, private dental clinics were invested to support chain expansion, and then the focus gradually shifted to equipment and consumables related to oral disease diagnosis and treatment, including imaging equipment, implants, invisible orthodontic appliances, aesthetic restoration consumables and so on.
According to the report of consulting company, the orthodontic market in China will increase from $3.4 billion to $7.9 billion by 2020, and it is expected to reach $29.6 billion by 2030. Among them, the invisible orthodontic market segment grew rapidly, and the average annual compound growth rate of the invisible orthodontic market reached 44.4% in the same period, far exceeding the average level of the overall orthodontic market.
Because of its high unit price and gross profit rate, orthodontics and implant are the two pillars of the whole dental industry. Qi Xiaohuan said that generally speaking, in a mature comprehensive dental clinic, orthodontics can account for 30%~40% of a clinic's income, implants account for 30%, and other projects such as cleaning teeth, aesthetic restoration and periodontal treatment account for the remaining 30%.
Xu Hongfeng, Deputy Secretary-General of Private Branch of China Hospital Association, was in charge of operation and management in several dental medical groups. For example, he said that Taikang Baibo's flagship general hospital in Shanghai Port and Land Plaza achieved a turnover of more than 65.438+0.5 billion yuan in 2065.438+09, which is the highest among single private dental medical institutions in Shanghai. Shen Gang and his students are in charge of orthodontics in this institution. Shen Gang is also the medical president and chief orthodontist of Taikang Baibo Group.
Invisible braces is also a high-profit business for manufacturers of invisible home appliances. According to the prospectus data from Time Angel, during the period from 20 18 to 2020, the total revenue of Time Angel was 488 million yuan, 646 million yuan and 8170,000 yuan respectively, and the gross profit margin during the same period was 63.8%, 64.6% and 70.4% respectively.
On 2021June 16, the "first invisible orthodontic angel" was officially listed in Hong Kong. According to market analysis, the current invisible orthodontic market in China is similar to that in the United States many years ago, and it is on the eve of the outbreak. It is expected that there will still be dozens of times of growth space in the future.
Stomatology is one of the earliest specialized medical services in China. As early as1990s, oral chain brands represented by Mei Jia, Baibo and Riel were founded successively. Orthodontic treatment is not a medical insurance reimbursement item. Moreover, people usually don't regard malocclusion as a disease. Conceptually, they are not too worried about going to private clinics in the field of correct treatment. Therefore, public hospitals do not occupy an identity advantage in this field, and private institutions have more ways to compete for consumers.
Taking pricing as an example, Xu Baohua said that according to the regulations, the cost rate of hospital medical devices should not be higher than 30%, so the price of Invisalign's head invisible braces product entering the hospital is16800 yuan, and the final price for patients is more than 60,000 yuan. "The pricing standards of public hospitals can't follow the market, while the orthodontic and planting projects of private institutions can be discounted."
However, there is a serious shortage of doctors in the orthodontic industry, which does not match the rapid gold absorption ability of the orthodontic industry. The whole dental industry is competing for doctors, and orthodontists are a scarcer resource. In 2020, there are about 158400 general dentists and 10800 orthodontists in the United States, which is equivalent to 47.8 general dentists and 3.3 orthodontists per 65438+ 10,000 people. In contrast, in 2020, there will be about 277,500 general dentists and 665,438+orthodontists in China, which is equivalent to only 19.5 general dentists and 0.4 orthodontists per 6,543,800+people.
6 100 orthodontists face more than 1 10000 dental institutions nationwide, which is far from enough. As the top population on the dental pyramid, most orthodontists will choose to practice in first-tier cities or developed cities in the east. In a prefecture-level city in Hubei, consult a dental clinic at will. The resume of the director of orthodontics does not indicate the institution and major he graduated from, but simply says "medical practitioner".
Bu Yunlu, the head of the domestic invisible appliance brand "Mei Instant", which is actively exploring the sinking market, told China News Weekly that there are almost no orthodontists in the strict sense in third-and fourth-tier cities, and most of them are ordinary dentists. Especially those private dental clinics in the county market, most of them are general practitioners, and may not even be qualified as dentists. In these markets, there are many potential contact correction patients who need to be served.