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3rd Quarter 2012 U.S. Market Snapshot Series (MSS) Report on Dental Practice Activity - Industry Loses Steam as Overall Economy Decelerates

Report #: 120833-100

Date: 10/15/2012

Fees: $1,495 USD for current release (inquire for annual subscription discounts)

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Overview:

The 3rd Quarter 2012 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 have been made available as part of a new report titled: “3rd Quarter 2012 U.S. Market Snapshot Series (MSS) Report on Dental Practice Activity - Industry Loses Steam as Overall Economy Decelerates”.

Specifically, AFG Research probed into what 250 U.S. dentists think about the current economic environment and the challenges faced by their practice (3,750 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 overall macroeconomic situation of the U.S. changed little in the second quarter of 2012 with respect to first quarter trends. Economic growth was estimated slightly above 1% and unemployment lingered just above 8%. Real GDP growth is still expected to increase only gradually over the next year, as the economy continues to overcome important hurdles. However, as we enter the final months of 2012, employment creation, capital markets and consumer confidence seem to be on slightly positive grounds. Recent unemployment estimates reveal a healthier 7.8% rate in September, stock market indices have recuperated to pre-recession levels and consumer confidence seems to have spiked shortly after the end of August. The continuation of these positive outcomes will likely depend on the expectations and results of the general election in November, as the electorate goes to the polls to decide on a new set of policies for economic growth. The following summarizes the U.S.’s most recent macroeconomic trends up to the third quarter of 2012:

  • The U.S. Department of Commerce estimated that real GDP increased at a quarterly (seasonally-adjusted) rate of 1.3% in the second quarter of 2012; quarterly growth in the first quarter was estimated at 2.0%. This deceleration was the result of weaker growth in personal consumption expenditures and residential/non-residential fixed investment.

  • Health care services contributed negatively to GDP growth in the second quarter of 2012. In the fourth quarter of 2011, such services had contributed positively with a 0.4% growth to the 4.1% overall growth in real GDP; in the first quarter of 2012, the contribution was also of 0.4% to the 2.0% overall growth; in the second quarter of 2012, the contribution was in the order of -0.15%.

  • The national unemployment rate decreased slightly to 8.1% in August and to 7.8% in September. Nonfarm payroll employment rose by 181,000 jobs in July, 142,000 in August and 114, 000 in September – a recuperation from the weak job creation record of the second quarter (below 90,000 jobs per month). Employment gains in September were due primarily to job creation in the health care, transportation, warehousing and finance sectors; while important job losses were observed in manufacturing.

  • In terms of inflation, the monthly seasonally-adjusted consumer price index for all-items increased by 0.6% in August - the largest monthly increase since June 2009. Such increase was due primarily to a 9% increase in the gasoline index, which contributed to sharp increases in the energy index. The food CPI increased by 0.2% in August, in line with the 0.1%-0.2% monthly increases recorded in the past six months.

The following articles present an overview of the current and upcoming challenges facing the American economy in the months to come:

  • “The Job Market Has a Case of the Blahs”, Brookings, September 7, 2012.

  • “More Proof The U.S. Economy Is Falling Apart: GDP Revision A Grim Surprise”, Forbes, September 27, 2012.

  • “The Conference Board Consumer Confidence Index® Increases in September. Index Improves Nine Points”, The Conference Board, September 25, 2012.

  • “America’s economy: Cliffhanger”, The Economist, September 22, 2012.

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 12 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 (ten questions on current practice conditions and ten 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 2012 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 2012

Report and Data Availability:

  • Online report (MarketSight) available using name-based account
  • 200 key charts presented by key topics (current and expected practice activity metrics, procedure volume and variations)
  • 300 online charts and summary tables
  • Summary of key findings and executive summary
  • Downloadable report (MS PowerPoint)
  • Cross-tabulation of survey results by multiple classification questions (MS Excel available to subscribers only)

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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