The Market Potential for Dental Sleep Medicine
You have likely seen these statistics: As many as 1 in 5 adults have sleep apnea. Up to 80% of OSA sufferers are undiagnosed. CPAP has a failure rate of around 75%. You know the potential for dental sleep medicine.
What if I told you the potential for dental sleep medicine is greater than dental implants? Or, in most markets around the country there are several dozen dentists placing implants for every one that’s providing oral appliance therapy for sleep apnea?
The market potential is huge and the time to grab market share is now.
Look at the following Google search data for Chicago and Boston:
These charts indicate the average monthly searches on Google.com for sleep apnea and dental implants over the past 12 months. Under suggested bid you see the approximate cost for each click of an ad related to these searches.
Not only are there more people searching for sleep apnea than dental implants, the average cost per click is significantly less for apnea than implants.
If you are a dentist in Boston who is advertising on Google’s search network for dental implants, you can expect to pay approximately $15.37 each time someone clicks on your implants ad. Conversely, the same dentist advertising for apnea will only pay roughly $1.27 per click. The data was similar in every market we analyzed.
You will also notice the competition level for sleep apnea is low while implants is high. Pricing on Google’s search network is based on an auction style system, therefore, the more businesses bidding on a keyword term, the higher the price per click.
There’s a popular business book called Blue Ocean Strategy. The premise is that businesses can succeed by pursuing “blue oceans” of uncontested market space, as opposed to “red oceans” where competitors fight for dominance. The analogy is an ocean full of vicious competition turns red with blood.
Dental sleep medicine is the blue ocean – at least for now. Eventually, it will become fiercely competitive like most other high-profit dental services. Now is the time to position yourself as the go-to expert in your market and grab market share before the sharks start circling.
If you’d like to discuss your market and brainstorm ideas to capture more dental sleep market share, visit BullseyeDental.com/Call to book a complimentary strategy call.