Dental implant makers lost their shine as a recession-proof investment during the global crisis, which turned fixing smiles into a luxury for consumers who struggled to pay for non-essential work on their mouths. "In spite of their rather functional nature, implants are similar to luxury goods in the sense that they are expensive, discretionary items," Jefferies analyst Stephan Gasteyger said. The dental implant market earned a reputation for being recession-proof by maintaining double-digit growth rates in prior downturns, but the exceptionally tight credit markets during the recent crisis killed growth last year. Implants have proven to be more cyclical than other parts of the medical technology sector as patients usually have to pay for the often expensive treatments themselves and are rarely reimbursed by insurance policies. "We are talking about a price category that is similar to a nice Swiss watch," Gasteyger said.

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