VOL. XCIV, NO. 247
★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
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Saturday, January 10, 2026
Straumann Holding AG
STMN · SIX Swiss Exchange
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
Straumann Holding AG (Straumann Group) is a Swiss dental devices company focused on implantology (tooth replacement/restoration), orthodontics (clear aligners), and digital dentistry/prosthetics workflows. At its 25 Nov 2025 Capital Markets Day, the company stated it holds around 35% global market share in implantology. A major strategic pillar is the Straumann AXS cloud platform, described as an open hub linking hardware, software and services into integrated workflows. Key moat pressures include price controls/tenders (e.g., China VBP), aggressive competition in clear aligners and digital equipment, and the risk that open workflows reduce lock-in.
Primary segment
Implantology (Tooth Replacement & Restoration)
Market structure
Oligopoly
Market share
34%-36% (reported)
HHI: —
Coverage
3 segments · 7 tags
Updated 2026-01-10
Segments
Implantology (Tooth Replacement & Restoration)
Dental implantology (tooth replacement and restoration solutions)
Revenue
—
Structure
Oligopoly
Pricing
moderate
Share
34%-36% (reported)
Peers
Orthodontics (Clear Aligner Solutions)
Clear aligner orthodontics (treatment planning + aligner manufacturing)
Revenue
—
Structure
Oligopoly
Pricing
weak
Share
2%-4% (reported)
Peers
Digital Dentistry & Prosthetics Workflow
Digital dentistry workflows (intraoral scanners, cloud platforms, CAD/CAM and chairside prosthetic production)
Revenue
—
Structure
Competitive
Pricing
moderate
Share
5%-8% (reported)
Peers
Moat Claims
Implantology (Tooth Replacement & Restoration)
Dental implantology (tooth replacement and restoration solutions)
Brand Trust
Demand
Brand Trust
Strength
Durability
Confidence
Evidence
Premium positioning and clinician adoption support willingness-to-pay; flagship innovations show strong uptake in the premium implant franchise.
Erosion risks
- Price controls / tenders (e.g., China VBP) compress premium pricing
- Feature/clinical evidence parity from competitors
- Brand damage from quality or safety issues
Leading indicators
- Implantology market share trend
- Premium mix (share of premium SKUs within implant sales)
- New product adoption (e.g., flagship implant system volumes)
Counterarguments
- Competitors have comparable clinical evidence and premium brands, limiting differentiation
- Patients and clinics may trade down in price-sensitive markets
Training Org Change Costs
Demand
Training Org Change Costs
Strength
Durability
Confidence
Evidence
Education programs and workflow tools reinforce clinician familiarity with Straumann systems; switching implant systems can require retraining and process changes.
Erosion risks
- Standardized surgical workflows reduce brand-specific training needs
- DSOs standardize purchasing across brands based on price
- Increased use of guided surgery and digital planning reduces procedural variability
Leading indicators
- Training/course participation and certification counts
- Rep/clinical support coverage and engagement
- Clinic share-of-wallet and repeat ordering behavior
Counterarguments
- Clinicians can multi-source implants; retraining costs may be manageable
- Digital planning and standard kits can make switching easier over time
Service Field Network
Supply
Service Field Network
Strength
Durability
Confidence
Evidence
Global distribution reach and local commercial presence support share capture and service levels in a clinician-driven market.
Erosion risks
- Shift to centralized procurement by DSOs and group practices
- Digital commerce reduces dependence on reps/distributors
- Distributor consolidation weakens bargaining position
Leading indicators
- Direct vs distributor mix
- DSO penetration and contract wins/losses
- Regional revenue growth vs market growth
Counterarguments
- Competitors also have global sales forces and distributor networks
- Channel partners can carry multiple brands, reducing exclusivity
Orthodontics (Clear Aligner Solutions)
Clear aligner orthodontics (treatment planning + aligner manufacturing)
Partnerships referenced by the company include Smartee (manufacturing/efficiency) and DentalMonitoring (remote monitoring integration).
Data Workflow Lockin
Demand
Data Workflow Lockin
Strength
Durability
Confidence
Evidence
ClearCorrect is positioned as a digitally enabled workflow (AI planning + portals + remote monitoring), which can create switching friction for clinics once embedded.
Erosion risks
- Clinics multi-home on multiple aligner systems
- Open scanning and interoperable planning tools reduce switching costs
- Price competition and commoditization of aligner manufacturing
Leading indicators
- Case volumes per active provider
- Provider retention and repeat ordering
- Share of cases using remote monitoring tools
Counterarguments
- Dominant competitors offer similar digital tools and larger ecosystems
- Workflow tools may not meaningfully prevent switching if price/performance differs
Scale Economies Unit Cost
Supply
Scale Economies Unit Cost
Strength
Durability
Confidence
Evidence
Manufacturing automation and partnerships are positioned as a way to improve cost structure and scale in aligners.
Erosion risks
- Competitors also automate manufacturing and scale globally
- Regulatory or quality issues can disrupt production and increase costs
- Rapid price erosion as more entrants scale capacity
Leading indicators
- Gross margin trend in orthodontics-related sales
- Turnaround time / throughput metrics
- Automation-driven unit cost reductions
Counterarguments
- Market leader scale may remain materially larger, sustaining a cost advantage
- Manufacturing partnerships can be replicated and may not be exclusive
Digital Dentistry & Prosthetics Workflow
Digital dentistry workflows (intraoral scanners, cloud platforms, CAD/CAM and chairside prosthetic production)
Interoperability Hub
Network
Interoperability Hub
Strength
Durability
Confidence
Evidence
Straumann positions AXS as a cloud platform connecting its solutions into integrated workflows, acting as a hub across scanning, planning, and treatment execution.
Erosion risks
- Open standards/interoperability reduce platform lock-in
- Clinics/labs prefer best-of-breed point solutions
- Regulatory/security incidents undermine trust in cloud workflows
Leading indicators
- Active users on the platform (clinicians/labs)
- Attach rate of scanners to platform workflows
- Software/service recurring revenue growth
Counterarguments
- Major incumbents and independents offer comparable end-to-end digital workflows
- If the platform is truly 'open', it may reduce exclusivity and monetization leverage
Ecosystem Complements
Network
Ecosystem Complements
Strength
Durability
Confidence
Evidence
Integrated hardware (scanners/printing), software, and consumables enable a bundled digital chairside workflow, increasing value as more components are adopted together.
Erosion risks
- Hardware commoditization (scanners/printers) reduces differentiation
- Dental labs may resist vendor lock-in and demand open formats
- Competitors bundle at lower price points
Leading indicators
- Scanner installs and utilization
- Cross-sell rates (scanner -> software -> production/consumables)
- Renewal rates for software/services
Counterarguments
- Clinics can assemble similar workflows from multiple vendors
- Bundling can face pushback if any component is inferior to best-in-class alternatives
Evidence
Straumann iEXCEL ... surpassed one million implants sold ... represent 20% of Straumann premium implant business.
High adoption of a premium system suggests durable brand/clinical trust in the implant franchise.
... brands that stand for excellence, innovation and quality ...
The company positions its portfolio as premium brands, consistent with a demand-side brand moat.
Digital tools, education programs and workflow solutions support clinicians ...
Directly supports investment in education/workflows that can raise switching costs for clinicians.
Offering education programs to advance implantology skills in China
Shows ongoing education as a lever to capture/defend share, supporting training-based inertia.
... available in more than 100 countries through a broad network of distribution subsidiaries and partners.
Direct evidence of an extensive sales/distribution network (a field network moat).
Showing 5 of 17 sources.
Risks & Indicators
Erosion risks
- Price controls / tenders (e.g., China VBP) compress premium pricing
- Feature/clinical evidence parity from competitors
- Brand damage from quality or safety issues
- Standardized surgical workflows reduce brand-specific training needs
- DSOs standardize purchasing across brands based on price
- Increased use of guided surgery and digital planning reduces procedural variability
Leading indicators
- Implantology market share trend
- Premium mix (share of premium SKUs within implant sales)
- New product adoption (e.g., flagship implant system volumes)
- Training/course participation and certification counts
- Rep/clinical support coverage and engagement
- Clinic share-of-wallet and repeat ordering behavior
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.