According to the statistics of National Health Commission and Forward-looking Industry Research Institute, as early as 20 19, the size of the dental medical market in China reached103.5 billion yuan, which officially broke through the 100 billion mark, with a compound growth rate of 16.438+02%.
The growth rate of orthodontics with the property of "medical beauty" has been exaggerated, and invisible orthodontics has gradually become a strong driving force: the unit price of customers is as high as 50-80 thousand, the compound annual growth rate is 54.6%, and the gross profit rate is 50%-70%. There are many listed companies in the industry whose annual revenue has increased by more than 20%.
A big white tooth, a small BMW; Orthodontics requires braces, and the poor will lean back a little. In the dental clinic that started with 10 thousand yuan, the first batch of young people have gone bankrupt because of dental care.
Once upon a time, "luminous white teeth" were reserved for black friends and were used to find companions in the dark night. But nowadays, porcelain teeth have become the standard in domestic entertainment circles. Without a bright "luminous tooth", how dare you call yourself a top class?
Hu Haiquan was once ridiculed by Wang Jianguo as "an eyeful flashlight" at the Tucao Conference, and Li Jiaqi was once pushed to the hot search because of his big white teeth.
Stars have always been the vane of the Yan value market, and the economic outlet of "orthodontic whitening" has begun to be released to the vast consumer market.
There are three branches in the subdivision of oral economy, one is implant, the other is orthodontics, and the third is pediatrics. The classification of "others" includes tooth cleaning, whitening and filling.
The Third Epidemiological Investigation Report of Oral Diseases shows that the prevalence rate of oral diseases in China is as high as 97.6%, and only 0.22% of them meet the oral hygiene standards.
Among them, 97% adults suffer from dental calculus, 88% adults suffer from dental caries and 85% adults have gum problems, which together with dentin allergy, halitosis, dental stains and dental plaque constitute the seven most common oral problems faced by China people.
CBNData's "Healthy Living Consumption Trend Report" mentioned that "oral health" not only affects daily life and physical health, but also affects social self-confidence and appearance.
According to the survey data, 72% of consumers think that oral problems will affect social self-confidence, and 67% of consumers think that oral problems will affect appearance. In the eyes of many consumers, whole teeth are equivalent to plastic surgery.
According to the data in the White Paper on Orthodontics Consumers in China, there are currently 378 million potential patients in China. But at the same time, the invisible orthodontic market in China is still in its infancy, and it is a blue ocean market.
Nowadays, the awareness of oral care has awakened from the younger generation, and "beautiful teeth" has become a necessity, releasing a huge market space.
According to the Report of China Oral Medical Industry in 2020, among the oral consumers in 2020, 26% are 20-25 years old, and 33% are 26-30 years old, and the post-90s generation will still be the main population. Tmall international data also shows that the per capita consumption of imported oral products of all ages is on the rise. The fastest growth rate of per capita consumption is after 95, and the proportion of people's consumption exceeds 50%.
On the one hand, the rise of oral economy is due to the trend of consumption upgrading and the awakening of health and face value awareness, on the other hand, it is also due to the reverse promotion of suppliers in publicity and other aspects.
Brands are best at grasping pain points to cater to consumers' preferences. Many oral care brands have begun to play the concept of "oral beauty" in marketing. In the past, the publicity pictures of "sick teeth" that people could not look directly at in stomatological hospitals have long been replaced by photos of celebrity spokespersons.
Implantation and orthodontics have become gold mines in the industry, not only because of the increase in the number and demand of consumers, but also because of the increase in customer unit price.
Li Jin (pseudonym), who recently had orthodontics, told Guanchao new consumers that he went to a private dental institution for consultation. According to his dental condition, the cost of De invisible braces exceeded 50,000 yuan.
The prices of hospitals are not much different. I have consulted in two stomatological hospitals in Chaoyang District and Haidian District of Beijing. The price of orthodontics in public hospitals is not less than 40 thousand, and the price of private stomatological hospitals even exceeds 80 thousand yuan.
Usually, the orthodontic process lasts for one to two years. Traditional metal braces need to be worn all the time. invisible braces can take them off at any time, but they usually need to be replaced in about half a month.
Compared with the traditional "big Kouga" braces, invisible orthodontics has both aesthetic and more natural transition to aesthetics, but these all need high-priced support.
Dental implants, another gold mine of oral economy, have enjoyed the reputation of "sky-high price" as early as a few years ago. The saying that "dental implants are equivalent to buying a BMW" and "dental implants are equivalent to buying a suite in the county" is not only from the experience of consumers, but also appeared in the proposals of NPC representatives and dentists at the two sessions.
The orthodontic price of 20,000 yuan, the average price of more than 50,000 yuan, and the price of dental implants with a unit price of nearly 10,000 yuan are undoubtedly a huge sum for the main force of oral economic consumption, which is dominated by the post-90 s generation.
In addition to dental implants and orthodontics, which are two gold mines with high unit price, projects with low unit price but high frequency are also the driving factors that cannot be ignored. According to the data of iResearch, in the continuous growth of oral consumption, the number of people who consume dental cleaning projects accounts for 67%, filling teeth accounts for 13%, and whitening accounts for 8%.
Undoubtedly, in addition to health awareness, face value payment has become the core driving force of oral economy.
The expanding market scale tells the story of word-of-mouth economy from another angle: Expensive is neither a disadvantage of products nor an obstacle to popularization.
In the past ten years, the overall dental economic market in China has shown a steady growth trend. After the market scale exceeded 100 billion in 20 19, it is estimated that the market scale will reach140 billion yuan in 2022.
The dental economy industry continues to grow at a high speed, the beauty of oral medicine has become a trend, and capital and entrepreneurs have begun to flood in.
There is a saying about the medical industry in the capital circle: "Golden eyes, silver teeth and bronze bones". Ophthalmology, dentistry and orthopedics are highly sought after by the capital in the medical and health track, among which "tooth" is one of the hottest tracks in the capital market in recent years.
According to the Investment and Financing Data Report of Yakuza in Recent Ten Years released by the Research Institute of "An Enterprise Information Query Platform" this year, in the ten years from 20 1 1, the financing amount disclosed by Yakuza exceeded 169 billion yuan, and there were 389 financing incidents.
Specific to the annual financing amount, the data of "an enterprise information inquiry platform" shows that the financing heat of Tooth Rail has fluctuated in the ten years since 20 1 1, but it is at a high level as a whole.
The total amount of financing in 20 18 reached the highest level in ten years, * * * 39130,000 yuan, including 53 cases; Less than half of 20021year, the amount of dental financing has reached 29140,000 yuan, including 26 cases, and the annual data is expected to reach a new high.
Another data of "an enterprise information inquiry platform" shows that in 20 10, there were 1703 registered dental medical enterprises nationwide, and by the end of 2020, the number had reached135,500, an increase of nearly eight times in ten years.
From the perspective of industrial chain, the dental economy includes medical devices and medical consumables in the upstream, dental medical service providers and distributors in the midstream and dental medical institutions in the downstream.
Relevant data show that in 20 19, the market size of dental instruments in China reached 2,3371100 million yuan, an increase of 9.50% compared with 210.34 billion yuan in 20 18. It is estimated that the market scale of dental appliance industry will reach 28.83 billion yuan in 20021year.
Compared with the traditional oral CT, oral scanner, high-end orthodontic brackets and other machines that need to be imported, domestic instruments have begun to cut in from multiple angles to form substitutes, such as CBCT (cone beam CT), oral scanning, orthodontic products and so on.
With the rise of contact orthodontics, domestic brands have occupied nearly 70% of the market share of contact orthodontics, among which Time Angel and Invisalign are the representatives.
In June this year, Time Angel was listed on the Hong Kong Stock Exchange, and its current market value exceeds HK$ 70 billion. Its prospectus reveals the secrets of the invisible orthodontic industry.
In 2020, according to the realized cases, the market share of Time Angel and Invisalign in the domestic contact orthodontics market totaled 82.4%, of which Time Angel accounted for 465,438+0%, with a gross profit margin of over 70%.
The prices of four mainstream invisible appliances of Times Angel all exceeded 20,000, which "guaranteed" the high customer unit price of invisible orthodontics from the source.
In terms of oral medical services in the middle reaches, the main businesses of oral medical institutions include oral surgery, oral medicine, oral repair, orthodontics, tooth whitening and so on.
On the track of more subdivided oral services, children's teeth, dental implants and orthodontics are called the troika of oral economy. Among them, implant accounts for 32%, pediatrics accounts for 18%, orthodontics accounts for 25%, and comprehensive market accounts for 25%.
The prospectus of Jiahong Dental, which sprints for A shares, reveals the profiteering password of dental implant industry: from 20 18 to 2020, the gross profit margin of Jiahong Dental's main business will be 49.74%, 47.58% and 43.2 1% respectively.
Dentures with a cost of several hundred yuan, after entering the consumer market, cost several thousand yuan or even ten thousand yuan, and the pricing power is also firmly controlled by medical institutions. According to the report of CCTV Finance, the current cost of dental implant is between 8,000-20,000 yuan according to different materials, and the cost of full-mouth dental implant is between1000-500,000 yuan. And if you do a digital aesthetics project, that is, a tooth all-ceramic chip, the cost is about 654.38+ 10,000 yuan.
Downstream medical institutions are generally divided into public institutions and private institutions, including stomatology of general hospitals, stomatology of stomatological hospitals, chain stomatology clinics and individual stomatology clinics.
From the consumption point of view, oral institutions can be subdivided into oral service institutions (mainly orthodontics, dental implants, etc. ), oral materials (research and development of implants and new orthodontic materials), Internet oral care (oral information, oral app, online service platform, etc. ) and oral care (tooth cleaning, mouthwash, etc. ).
Among them, the data of "an enterprise information inquiry platform" shows that dental service institutions have the largest financing amount, with a total financing amount of 130 in ten years, with a total amount of nearly 10 billion yuan, mainly including Baibo Dental and Ruier Dental.
At the same time, stomatology also got on the "internet plus" express train, disclosing the financing amount of 654.38+76.5 million yuan and 95 financing incidents.
The White Paper on Stomatology in 2020 shows that online shopping service and offline experience service are becoming the mainstream of oral consumption. Among them, first-tier cities have become the main areas of online oral consumption. The frequency of 88.5% users' oral consumption through the Internet is between 1 and 2 times.
In the broader consumer market, the oral economy is also showing strong penetration. In addition to toothpaste with a fixed frequency of use, the fast-moving track of oral care with mouthwash as the main part has also entered an accelerated period.
For example, brands such as Black, Colgate, Yunnan Baiyao and Listerine also cut into the market from fast-moving products such as toothpaste and mouthwash. Fast-moving oral care products such as sonic electric toothbrush, tooth washer, dental floss, toothpaste, tooth powder, mouthwash, tooth patch and oral spray are in full bloom, and new brands such as Yousimai and Bibi, which have just completed the 400 million yuan series B financing, have also begun to occupy a considerable market share.
The influx of capital and entrepreneurs has released the imagination of the oral economy, but at the same time it has exposed the shortcomings in the industry transformation.
The rise of "quantity" and "price" highlights the magnificent word-of-mouth economy. This business, which is both medical care and service, is showing a unique turning point.
Just as Li Jin mentioned the new consumption of watching the tide, after many comparisons, he chose a dental hospital with moderate price, and the identity of a public hospital made him more at ease. Before there is a substantial gap between price and service, choosing public hospitals may be the subconscious inertia of most consumers.
However, it is undeniable that "Internet plus oral medical care" has become a trend, and the digital oral platform is accelerating its rise.
Among them, there are Internet giants with flow pools headed by Ali and Meituan, emerging medical beauty platforms such as New Oxygen and Bai Mei, and vertical dental medical platforms such as Shell Tooth and Brace House.
As the key to connect the upstream and downstream of the industrial chain, the digitalization of oral medical services is brewing opportunities for industry reform and development.
For example, in the commercial and mature fields of dental economy such as dental implant, orthodontics and restoration, the involvement of digital programs such as 3D modeling and 3D printing can make dental care safer, more efficient and more accurate, and give birth to new industries such as remote diagnosis and treatment and Internet medical care. In addition, the application of big data and database can also make the diagnosis results more accurate, thus bringing personalized oral medical services.
However, emerging markets are often accompanied by problems. Compared with the oral medical industry in traditional hospitals, Internet medical care has many pain points.
According to the White Paper on Stomatology in 2020, the marketing expenses of medical beauty industry account for about 30%~50% of the total cost, which is about 4,000 ~ 6,000 yuan per person. As a related business, the marketing cost of medical and aesthetic dentistry is relatively low, but it still accounts for more than 30% of the total cost on average.
For the platform, the key points to incite the 100 billion market are not only technology and services, but also high customer acquisition costs; For consumers, whether there is enough strength behind the hype marketing routine as a support is still the most difficult multiple-choice question before paying.
With the digitalization of dental service institutions, emerging technologies have become an obstacle to reducing prices, and commercial insurance has gradually become a breakthrough.
For example, the cost of a dental treatment reaches 50 thousand yuan, and the consumption cycle is as long as one year. Once 12 interest-free payment is launched, it will become the first choice of some consumers.
At the same time, financial products represented by dental insurance began to penetrate into the dental medical service industry, and a closed-loop model of "dental+insurance" appeared in the industry. More than half of dental chain institutions have introduced or plan to introduce commercial insurance.
In a series of turning points, it is undeniable that the market scale of domestic dental economy of hundreds of billions and the high compound annual growth rate are not enough to cover up the problems and chaos in the industry.
First of all, small and medium-sized players have a narrow living space and frequent chaos.
Take invisible orthodontics as an example. Two head players occupy 80% of the market share, and their business model is only upstream, not directly to consumers.
Therefore, many startups need equipment supply and can only define themselves as the sales channels of head manufacturers. The orthodontics used by start-up companies are provided by manufacturers, and the doctors who are responsible for using them are also appointed by manufacturers, which makes many seemingly independent institutions actually become the sales departments of head manufacturers.
This model further reduces the entry threshold, only needs funds and stores to enter the market, and products, equipment, manpower and even publicity and marketing programs can be streamlined.
The threshold is lowered, and at the same time, the profit margin of the downstream is squeezed, while the already high customer unit price inhibits the release of demand in the sinking market, and the "black clinic" takes the opportunity to squeeze in.
Second, there is a shortage of talents.
Orthodontics is a gold mine of oral economy, but it is also the most professional branch of oral field. Orthodontics has officially become a postgraduate course since 2000, but the time span from a medical student to a doctor is usually 5-8 years.
According to the consulting report, in 20 19, there were about 2 1000 general dentists and 5,300 orthodontists in China, that is to say, there were only 14.8 general dentists and 0.4 orthodontists per 10000 population on average.
Compared with the oral prevalence rate of 97.6% in China, the scarcity of stomatological talents has become a restrictive factor for the development of the industry. The speed of training an excellent stomatologist is far behind the growth rate of market demand, and this problem needs to be solved from the policy level.
A good tooth is called "Hermes in the mouth", not only for health and no pain, but also for beauty. Confidence in face value is often the most easily perceived confidence.
Both income and willingness to consume have increased, and demand has boosted hundreds of billions of outlets. Capital and talents gather in the outlets, and the oral economy enters the fast lane.
But under the pressure of giants, do entrepreneurs here still have the opportunity to change the industry? In other words, 10 thousand yuan of dental implants and tens of thousands of yuan of invisible correction will be the eternal wealth password?