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Business of Dentistry

This guide supports the dual degree tract for DMD/MBA and DDS/MBA

Resources for doing Industry Research

Using NAICS codes to find industry research

Identify the NAICS Codes of the industries you are researching!

Industry codes are numbers used to describe a company's line of business. Many business databases including the US Economic Census are searchable by NAICS codes. The current standard for industry codes is the 6-digit North American Industry Classification Systems (NAICS) code.

List of NAICS Codes impacting Dentistry
2022 NAICS Description
325412 Mouthwashes, medicated, manufacturing
326211 Toothpastes, gels, and tooth powders manufacturing
325620 Mouthwashes (except medicinal) manufacturing, Dental floss manufacturing
339114 Manufacturing of dental supplies, instruments and equipment including: abrasive points, wheels, and disks; amalgams; autoclaves; cements; cutting instruments; dental alloys for amalgams; dental chairs; glues; hand instruments; impression materials; instrument delivery systems; laboratory equipment; dental wax; drills; enamels; furnaces; sterilizers; ultrasonic dental equipment; 
339116 Dental laboratories; custom made bridges, dentures, mouth guards and protectors, orthodontic appliance, and teeth in dental laboratories
424210 Toothpastes and other dental care preparations merchant wholesalers
423450 Wholesalers of dental chairs; dental equipment and supplies; instruments; laboratory equipment; teeth; x-ray machine and parts; 
524114 Dental insurance carriers, direct
541715 Dental research and development laboratories or services
611310 Dental Schools (this code reflects all types  professional schools including medicine, law, business administration)
611519 Dental hygienist schools; Dental technician schools
621210 Offices (centers, clinics, practices) of DDS, DMD. 

Dental hygienists' offices (centers, clinics, practices)

621512 Dental x-ray laboratories (note this code also reflects medical x-ray laboratories)

Dental equipment repair and maintenance services

How can I find market size, demographics, and other information for a local geography?

Help I can only find national data and I but my target is just Indiana (...or Carmel...or the midwest)

When you can only find national data for your market size but you want to narrow it down to a smaller geographic area, you may need to back into this information often by making an assumption that the proportion of the market that Indiana (or whatever market you are considering) provides will be similar to the proportion that that market contributes to another economic indicator such as GDP,  new residential construction starts, business establishments, population, households, etc.

Example: You are trying to determine the market size for Indiana but only have national market size numbers for your industry. You decide GDP would be a good economic indicator to use. If you use GDP you need to locate the total US GDP and Indiana GDP. Calculate % that Indiana contributes to national GDP and multiple by the national industry market size your found to estimate the Indiana market size.

Don't always use GDP. When discussing your analysis for your forecast in the second deliverable you may need to explain your assumption. Source for economic indicators: 

US Bureau of Economic Analysis

Sources for other types of demographic information:


Researching emerging or niche industries

If you are researching an emerging industry or a very specialized industry it may be more difficult to locate industry overviews and other industry analysis. Some strategies you can consider using to find information:

  • Look for articles in popular and trade journals (magazines and newspapers) that discuss this industry
  • Consider what other industries are related to your industry. Are there industries that have a similar target market or supply chain?
  • Consider researching the industries of your suppliers and your customers (if your customer is a business).
  • Use frameworks such as Porter's Five Forces or PEST Analysis to guide you in researching your industry.

Please don't hesitate to contact your business librarian if you need assistance locating information.