Straumann Group

Straumann built a CHF 2.5 billion dental implant business (2024, 13.7% organic growth) on a biological phenomenon: titanium integrates with living bone through osseointegration, creating permanent attachments that function like natural tooth roots. Founded 1954, the company commercialized Swedish professor Per-Ingvar Brånemark's research into what happens when metal fuses with bone at the cellular level. This isn't mechanical attachment—it's mutualistic integration where osteoblasts (bone-building cells) grow directly onto titanium surfaces, creating bonds that can last decades. The business model exploits multiple reinforcing moats: regulatory barriers (FDA/CE approval requiring extensive clinical evidence), surgeon training and preference (dentists master specific implant systems through hundreds of procedures), patient switching costs (future repairs require compatible components from the same manufacturer), and recurring revenue from associated parts (abutments, crowns, surgical instruments). Straumann's estimated 35% global market share in implantology (up from 32% in 2023) generates 25%+ EBITDA margins that generic competition struggles to erode. Q1 2025 revenue hit CHF 680.7 million (11% organic growth), driven by the iEXCEL implant system launch in premium segments. The dental implant addressable market grew from CHF 19 billion (2023) to CHF 20 billion (2024), fueled by aging demographics, cosmetic dentistry demand, and clinical evidence showing implants outperform bridges and dentures. Straumann's profitability proves that in medical devices, combining IP protection, clinical evidence demonstrating superior outcomes, and practitioner lock-in creates pricing power that persists across decades. The company survives because osseointegration—bone growing into titanium—creates irreversible path dependence for both patients and practitioners.