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3rd Quarter 2011 U.S. Market Snapshot Series (MSS) Report on Dental Practice Activity - Economic Headwinds and Growing Pessimism

Report #: 110833-100

Date: 10/05/2011

Fees: $595.00 USD (also available as a subscription)

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Overview:

The 3rd Quarter 2011 edition of OMNIDEN™ - AFG Research’s U.S. and international dental omnibus - included several questions designed to gather dentists’ opinions regarding the current state of the U.S. economy and the way their practice has been affected by the current economic environment. Results for these questions are made available as part of a new report titled: “3rd Quarter 2011 U.S. Market Snapshot Series (MSS) Report on Dental Practice Activity - Economic Headwinds and Growing Pessimism”.

Specifically, AFG Research probed into what 200 U.S. dentists think about the current economic environment and the challenges faced by their practice (2,500 U.S. dentists since the 4th quarter 2008). As part of this study, AFG Research measured the changes experienced in the volume of twenty different dental procedures during the past six months, including direct restorations, implant procedures and many others.

The current ‘infertility’ of the American economy has not met the expectations of economic expansion for 2011. As we enter this year’s final quarter, both GDP and employment growth have failed to pick-up. In addition, the recent heavily-politicized debates around the U.S. debt ceiling, the subsequent down-grading of U.S. Treasury bonds by Standard & Poor’s, and the urgent yet unaddressed need for tax reform to reduce the deficit have sent the wrong signals to investors at home and abroad.

The result of these events has been clear: long-term expectations of economic recovery have become fragile and economic certainty has eroded away. The following is a concise summary of America’s most recent macro-economic indicators for the third quarter of 2011:

  • The U.S. Department of Commerce estimates that real GDP increased at the quarterly rate of 1% in the second quarter of 2011 (second estimate), while the quarterly growth of the first quarter was revised downward to merely 0.4 %. It must be noted that quarterly growth of real GDP did not fall below 2.3% in 2010.

  • The loss of growth momentum has made its imprint on job creation. With an unemployment rate held at the 9.1% level, non-farm payroll employment remained unchanged in August – meaning that no jobs were added to the economy. This follows the weak yet positive addition of jobs recorded during June (20,000) and July (85,000).

  • Despite the absence of an economy-wide net gain in employment, different sectors record different employment trends. With a loss of 17,000 jobs (up from a loss of 71,000 jobs in July and 55,000 in June), government employment continues to follow its long-term downward trend of approximately 39 months. In addition, the number of long-term unemployed (those jobless for at least 27 weeks) remained unchanged over the month of August at 6.3 million, making up 42.9% of persons currently unemployed. On the other hand, healthcare employment rose by approximately 30,000 in August, with 18,000 coming from ambulatory health care services and 8,000 from hospitals. Over the last year, health care employment has added around 306,000 jobs.

  • Regarding inflation, the seasonally adjusted consumer price index for all items increased 0.5% in July, following a decrease of 0.2% in June. At least half of this recent increase in the CPI is attributed to the increase in the gasoline index (4.7% increase in July), which re-emerged from previous declines (it had decreased by 6.8% in June). The index for all items less food and energy experienced an increase of 0.2 percent, which was slightly down from the previous two months.

Concerns on the current state of the economy by key opinion leaders and think tanks abound:

This quarter’s report continues to analyze current and expected production for 20 key dental procedures. It also focuses on two measures for tracking both the current state and the expected state of dental practice activities over the last 9 quarters: the “AFG Research Current Dental Practice Activity Index” and the “AFG Research Dental Practice Activity Expectations Index”. These indices, each of which is constructed from the re-scaled results of twelve questions (six questions on current practice conditions and six questions on expected practice conditions), provide a clear and concise view on the evolution of current business perceptions and expectations over the recessionary period.

The report will help dental manufacturers and distributors to: a) assess the current business environment of the industry, b) better understand the ways in which dentists across the U.S. are coping with changes in the economic environment, c) identify key opportunities for adapting their business to better address the needs of their customers d) track the changes in key dental business activities during both the recessionary and post-recessionary periods, and e) identify future trends and developments to better forecast business activity in 2011 and beyond.

Research Focus:

  • Influence of the U.S. economy on dental practices (current and historical levels by specialty and segment)
  • Current dental practice current activity index
  • Perceived conditions of the U.S. economy & practice activity (local economy, business conditions, revenues, profitability and technology investments, practice daily calendar, conversion rate for elective procedures)
  • Expected dental practice activity index
  • Expected conditions of the U.S. economy & practice activity (local economy, business conditions, revenues, profitability and technology investments, practice daily calendar, conversion rate for elective procedures)
  • Dental procedure volume analysis (current and historical levels by specialty and segment)
  • Dental procedure volume variations in past 6 months
  • Dental procedure volume variation expectations for next 6 months
  • Number of patients seen per week (current and historical levels)
  • Number of orthodontic cases & Invisalign patients (by age group of patients)
  • Dental impression methods (conventional versus digital impressions)
  • Practice expansion intentions (add new operatory, practice relocation, add new office)
  • Practice management priorities

Dental Procedures Covered:

Regional Market Covered: USA

Data Collection Date: September 2011

Report and Data Availability:

  • Online report (iCharts) available using name-based account
  • 400 key charts presented by key topics (current and expected practice activity metrics, procedure volume and variations)
  • 150 interactive charts with filtering capabilities (census region, dental practice size, etc.)
  • Summary of key findings and executive summary
  • Cross-tabulation of survey results by multiple classification questions (MS Excel)
  • Downloadable report (MS PowerPoint)

Information on Report License:

  • Site License: This license allows for use of the report by an unlimited number of people within the same enterprise location. Each of these people may use the report on any computer, and may print out the report, but may not share the report (or any information contained therein) with any person or persons outside of the enterprise location. Customers who infringe these license terms are liable for a Global Site license fee.

  • Global Site License: This license allows for use of the report by an unlimited number of people within the same enterprise worldwide. Each of these people may use the report on any computer, and may print out the report, but may not share the report (or any information contained therein) with any other person or persons outside of the enterprise. Please contact us for details.

DTA Members Discount:

Dental Trade Alliance (DTA)

 AFG Research is a member of the Dental Trade Alliance (DTA)

Any organization which is currently a member of the Dental Trade Alliance (DTA) is eligible to an additional discount on the report license fees. Please request your coupon code if applicable.

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