Open Source Securities has released a research report indicating that an aging population, a high incidence of oral diseases, and increasing awareness of preventive oral health are supporting sustained high demand in the global dental market.
Chinese companies, leveraging their domestic advantages in the rare earth and zirconia supply chains, are expected to benefit from the global price increases for zirconia powder and blocks. This allows them to pass on costs, raise unit prices, improve profitability, and gain access to high-end customer supply chains, thereby increasing their global market share. The dental 3D printing and intraoral scanning industry is highly concentrated, with Europe and the United States holding dominant positions. However, some Chinese companies have already established advantages in specific areas. The pace of overseas expansion for domestic dental companies is accelerating, the trend of import substitution is continuing, and the proportion of overseas revenue is steadily rising.
Key Insights from the Report:
Global Dental Market Nears Doubling in a Decade, with Implants Leading and Orthodontics as the Most Promising Segment
The global dental market continues to grow, reaching $365.6 billion in 2020. It is projected to increase to $551.9 billion by 2025 and $709.7 billion by 2030. The upstream dental equipment and consumables market is expanding in tandem, with an estimated size of $44.71 billion by 2026. Consumables account for over 80% of this market, with orthodontic materials showing the fastest growth, boasting a compound annual growth rate of 25.7% from 2022 to 2024. By region, North America is the largest market, while the Asia-Pacific region is expected to be a strong driver of future growth. The domestic oral medical service market in China grew from RMB 119.9 billion to RMB 147.2 billion between 2020 and 2024, and is forecast to exceed RMB 200 billion by 2029.
Rare Earth Control Enhances Supply Chain Position, Intraoral Scanning and 3D Printing Reshape Efficiency and Boundaries
(1) Material Side: Yttrium oxide is a key variable in the zirconia supply chain. China's export controls on rare earths to Japan have led to a contraction in overseas yttrium oxide supply, widening the price gap between domestic and international markets to 57 times. The cost of overseas zirconia powder is approximately 3-5 times that of China. Zirconia powder manufacturers have a strong need to pass on rigid cost increases, and it is feasible to shift these costs to block manufacturers. Chinese companies, with their domestic rare earth and zirconia industry advantages, can follow the global price increases for zirconia powder and blocks, raising unit prices and profitability, and entering the supply chains of high-end clients to boost their global market share. Aidi Te/Modern Dental both implemented price increases in Q1 2026, at a higher rate than before.
(2) Technology Side: The increasing penetration of intraoral scanning and 3D printing can directly boost a clinic's output per unit of time, reduce rework rates, and shorten patient decision-making cycles. It provides a data foundation for orthodontic simulation, aesthetic display, and implant guide design. According to a Credence Research report, the global digital dentistry market was approximately $8.12 billion in 2025 and is expected to reach $14.13 billion by 2032, with a CAGR of 9.7%. Data from Global Information shows the global dental 3D printing market was about $3.57 billion in 2025, projected to grow to $4.31 billion in 2026 and $9.04 billion by 2030, with a compound annual growth rate exceeding 20%. The dental 3D printing/intraoral scanning industry is highly concentrated, dominated by Europe and the US, but Chinese companies like Shining 3D have established a foothold in certain areas.
Overseas Expansion Accelerates, Domestic Policies Bottom Out, Import Substitution Underway, Globalization Results Continue to Materialize
In 2025, China's dental exports and imports were $1.54 billion and $0.61 billion, respectively, with year-on-year growth of +9.7% and -7.7%. From January to April 2026, exports and imports were $0.54 billion and $0.17 billion, representing year-on-year changes of +10% and -13.3%, signaling an acceleration in overseas expansion and a continuation of the import substitution trend. The overseas revenue proportion of Chinese companies is consistently rising. In 2025, the overseas revenue share for Modern Dental, Shining 3D, and Aidi Te was 83.5%, 73.6%, and 66.3%, respectively. For Angelalign, the overseas revenue share increased from 10% in 2023 to 44% in 2025.
Beneficiary Stocks:
(1) Aidi Te: Stable raw material supply chain, with an investment in Jingdezhen Wanwei to extend into the zirconia block raw material segment, likely benefiting from overseas price increases.
(2) Modern Dental: Leading global production capacity layout, digital transformation driving net profit margin improvement, rare earth control strengthening pricing power.
(3) Shining 3D: Leader in oral digitalization overseas, with IPG technology creating a differentiated advantage.
(4) Angelalign: Global strategy accelerating, with global market share rising from 4.5% in 2022 to 10.6% in 2025.
(5) Guocai Materials: Global leader in zirconia powder, benefiting from both volume and price increases due to supply advantages.
Risk Warning: Global macroeconomic fluctuations; intensified industry competition, and slower-than-expected overseas market expansion.