Ray Establishes JV with India's Leading Dental Market Share Company

[Asia Economy Reporter Yoo Hyun-seok] Ray announced on the 31st that it has signed an agreement to establish a joint venture (JV) called Chesa-Ray with Chesa, a dental specialist company holding the number one market share in the Indian dental market, to target the Indian market.

Ray began its business in 2004 by manufacturing and selling dental X-rays and CBCT. In the fourth quarter of 2017, it started its digital treatment solutions business. Currently, Ray is the only domestic company that produces and provides a full lineup of digital dental solutions using its own technology.

At present, Ray operates two businesses: digital diagnostic systems for dentistry and digital treatment solutions for dentistry. Due to the rapid expansion of the sales proportion of digital treatment solutions, Ray has achieved fast growth with an average annual growth rate approaching 40% over the past four years. A Chesa official stated, "Ray's innovative digital treatment solution technology is important in contributing to our sales growth," adding, "We persuaded Ray CEO Lee Sang-cheol to promote the establishment of the JV, believing that this technology is essential for the underdeveloped Indian dental market."

A Ray official emphasized, "Although we first entered India in 2018 and the sales scale in 2019 was just over 2 billion KRW, which is not large, we expect growth in the Indian market through this JV establishment."

India, with its massive population of 1.3 billion and great growth potential, is the fourth largest medical device market in Asia after Japan, China, and Korea, showing steady growth every year. Currently, India is growing into a huge market with over 5,000 dental research institutes and about 300 dental associations, and it is expected to become the largest single market in the world in the future regarding dental medical devices.

A company official explained, "According to 2005 statistics from the Indian Dental Association, 95% of the Indian population suffers from gum disease, only 50% of the population uses toothbrushes, and only 2% visit dentists," adding, "To address these issues, India is implementing national-level expansions of medical infrastructure, training of medical personnel, and oral health programs."

This content was produced with the assistance of AI translation services.