29/02/2020
Dental Practices in the UK - Market Research Report
January 2020
No cavities: Revenue is increasing due to an increase in the usage of private dentistry
How will Brexit Impact the Dental Practices Industry?
Following the EU referendum on 23 June 2016, IBISWorld has analysed the potential effects of the UK's exit on more than 400 industries in our library. On 29 March 2017, Article 50 was triggered, beginning the process of leaving the European Union. Following an initial extension to 12 April 2019, a further extension to 31 October was agreed after MPs voted against leaving the European Union without a deal. On 4 September UK Parliament again voted to block a no-deal exit and EU leaders agreed to further extend the leave date to 31 January 2020 after the government failed to gain approval on an exit deal before the October deadline. However, this agreement comes with the provision that the United Kingdom will be able to leave the European Union sooner if a withdrawal agreement is ratified. Although the future of the relationship between the United Kingdom and the European Union remains unclear, IBISWorld has explored how UK industries have already been affected by the UK's decision to leave the European Union.
- Uncertainty has weighed on consumer spending, which in the long run could weaken the UK economy and lead to lower tax receipts, leaving less money available for publicly funded services.
- Patients may become more cautious with regards to spending if confidence remains low, possibly causing some to postpone visiting the dentist.
-Barriers to the free movement of people could exacerbate the labour shortage currently facing the industry.
Public purse
Persistent economic uncertainty has led to weak consumer confidence since the referendum, which in turn has caused consumers to be more frugal with discretionary spending. If the economic slowdown continues, this is likely to have a negative effect on public finances, as tax receipts fall when economic activity weakens. Because dental practices rely on funding from the government, a blow to the UK's public finances has the potential to limit funding for dental services. However, the government has previously prioritised spending on health and dental services, so it is unlikely that funding will be cut significantly.
Private demand
Approximately 51% of industry revenue is derived from the private, self-funded market, a figure that has risen steadily over the past five years...(🔰Read More🔰)
https://www.ibisworld.com/united-kingdom/market-research-reports/dental-practices-industry/
