MegaGen is one of the fastest-growing dental implant companies in the world market. After the South Korean company only recently announced that it was discontinuing its business relationship with a global implant manufacturer, Dental Tribune Online had the opportunity to speak with Dr Kwang-bum Park, CEO of MegaGen, at the International Dental Show (IDS) about the company’s participation at the trade fair and its future global market strategies.
Dental Tribune Online: IDS is a unique opportunity for dentists to experience implant products live and gain an overview of the latest developments in the field. What are your expectations for IDS?
Dr Kwang-bum Park: We have always viewed IDS as the key location to meet international partners and to present our new products to the market. This year, we look forward to getting to know more dentists and involving them in our MegaGen family. In 2017, we continue to highlight our AnyRidge implant system, which has seen increasing demand from patients for instant smiles. In addition, we are promoting R2 GATE, a digital solution for dentists, bringing a streamlined digital approach to implant treatment ever closer.
Dental implants were first introduced in South Korea about 20 years ago. How has implantology evolved in the country since then?
The growth of implant dentistry in South Korea has been a phenomenon that can be equalled only in a few other countries, such as in Italy and Israel. High-level implant surgery is the standard in South Korea, and unless strong contra-indications are present, implants are the absolute standard for replacing missing teeth. Dental care in general is a high-priority health care consideration in all South Korean families. It is widely available and the average overall dental health of the population is good.
Today, MegaGen exports its products to 90 countries worldwide, including many European countries. How important is this market for you, and how do your products perform in this market?
As it is one of the world’s largest implant markets, the European market remains our greatest export market. We have been active in Europe for ten years now and are still experiencing a growth of over 20 per cent on average in this market, which we expect to see continue over the coming year. Our largest expected growth, however, is in the newer markets, with key product launches in India and Japan, Russia and other countries of the Commonwealth of Independent States last year. We expect to rival our European market share across the Asian, Middle Eastern and African markets. We also expect to achieve double-digit growth in the US in 2017.
With a number of major company mergers and increasing competition worldwide, the international implant market is expected to change and grow over the next few years. How do you evaluate this development, and how does MegaGen intend to compete in the future?
MegaGen is growing strongly as an independent company. We remain focused on customer satisfaction, product development and better patient outcomes. We have clinicians at the top of our company who are still practising implant dentistry, which gives us a unique insight into what dentists need to improve their and their patients’ lives. We believe that the implant business is going to continue to grow as implants become the standard of care for tooth replacement worldwide. We have found that our approach to business remains uniquely different in the implant segment. We remain open, of course, to discussing possible future partnerships if we find compatible partners with whom we can establish a clear and good understanding. Meanwhile, we will continue to develop our implant product line and the digital approach, which we believe is the future for reliable patient outcomes. Our strong partners worldwide stand with us and we foresee continued excellent growth for our company.