Dental Laboratories NAICS 339116

May 2, 2025 - Gold Spot Price Remains In Record Territory

• The spot price of gold increased from about $1,800 per ounce in October 2023 to over $3,200 in early May, a 78% increase. The pricing and availability of raw materials for dental labs can vary and affect operations and profitability. Prices for precious metals that are components of many dental alloys, including gold, platinum, palladium, can be volatile and driven by global market conditions. The spot price surged to a record $3,395.84 per troy ounce on April 21, 2025. "Trump's election win has provided one of the most favorable scenarios for gold due to the likelihood of elevated US fiscal spending and increased geopolitical uncertainty," says Michael Haigh, head of commodities research at French bank Société Générale. The all-time high price of gold, set on February 24, 2025, was $2,950.12 per ounce.
• US health spending increased 7.2% year over year in November 2024 and represented 18.1% of GDP, according to health care nonprofit organization Altarum. Medical billing services are likely to benefit from increasing health spending. Personal health care spending growth in November was 7.4%, year over year, with utilization growth continuing to outpace price growth. Nominal health care wage growth in November 2024 was 4% year over year. The overall Health Care Price Index (HCPI) held steady at the 2.7% year over year in September. Economy-wide inflation increased in November, with year-over-year growth in the overall Consumer Price Index increasing 0.2% to 2.9% and growth in the Producer Price Index increasing 0.3% to 3.3%.

• New networked technology allows dental laboratories to expand their reach directly into dental practices, according to additive manufacturing technology firm Desktop Metal. Networked scanners, for example, allow dentists to scan patients and use the digital data to directly order restoration services from a dental laboratory, or print-ready digital files from laboratories can be sent from a laboratory to the practice, where products can be printed chairside in the dental practice on networked 3D printers. Dentists can order a full range of simple to complex restorations, removables, and appliances including bite guards, crowns, veneers, dentures, and more.
• Dental laboratory industry employment decreased slightly and average wages for nonsupervisory employees increased slightly during the first month of 2025, according to the US Bureau of Labor Statistics. Dental lab industry sales are forecast to grow at a 3.43% compounded annual rate from 2024 to 2028, slower than the growth of the overall economy, according to Inforum and the Interindustry Economic Research Fund, Inc.