Straumann Group

Straumann built a $2.5B+ dental implant business on a biological insight: titanium integrates with bone through osseointegration, creating permanent tooth replacements. Founded in 1954, the company pioneered commercial dental implants based on research by Swedish professor Per-Ingvar Brånemark. Dental implants are high-margin medical devices ($500-2000 per implant) with recurring revenue from associated components (abutments, crowns, surgical tools). The business model exploits multiple moats: regulatory barriers (FDA/CE approval), surgeon training and preference (dentists stick with systems they know), and patient switching costs (future repairs require matching implant systems). Straumann's 25%+ EBITDA margins prove that in medical devices, combining IP protection, clinical evidence, and practitioner lock-in creates pricing power that generic competition struggles to erode.