In the world of dental implants, Korea is an outlier.

Nearly 250 out of every 10,000 people in the population receive such treatment here, putting Korea at the top of the world in implant penetration. Getting an implant costs just $1,000-$1,500 (1.3 million won-1.8 million won) in this country with per capita income of $27,340.

Credit for the popularity of one of the most expensive dentistry procedures goes to Osstem Implant.

The company, formed in 1997 by a Korean dentist, rolled out products that were cheap but good enough to replace premium foreign brands, while providing dentists with training in implant surgery. Its efforts served as a catalyst in the local implant market’s takeoff, clearing two key hurdles -- affordability and accessibility.

Osstem, which now controls 50 percent of the Korean market, is employing the same strategy in emerging markets, aiming to duplicate its success there.

“Osstem Implant stands to benefit when China wakes up to the world of dental implants,” said Jung Seung-kyu, an analyst at KB Investment & Securities in Seoul. “The company’s investment in training of dental professionals in China will reap fruits, helping it hold onto its market leader position,” he said.

Right now, the Chinese market is in its infancy, with only two out of every 10,000 people receiving dental implants. The country’s dental equipment market, including implants, is projected to grow 19.2 percent annually to reach $1.8 billion by 2019.

Osstem’s share of the market is estimated to be around 40 percent in 2015, the biggest of all players.

China is definitely a top priority, but not everything to Osstem.

The company has a global presence in 21 countries across Asia, Europe and North America. Globally, it ranks fifth. In Asia-Pacific, it is No. 1.

Osstem reported a consolidated revenue of 2.8 trillion won in 2015, with 1.3 trillion won coming from outside Korea.

In the first quarter of 2016, the firm reported a 27.8 percent growth in revenue. Lee Gee-hyun of Kiwoom Securities expects the growth pace to continue for the time being on strong domestic sales, as Korea is to expand health insurance coverage of dental implants in July.

“Defying some worries about high valuation, the stock is likely to reach a higher level going forward,” she said. “On top of the expected boost in domestic sales, the company will benefit from a global industry trend where growth is being increasingly driven by non-premium brands like Osstem,” she added.

Shares in Osstem Implants closed at 74,500 won on the tech-heavy KOSDAQ exchange on Monday.

Founder and CEO Choi Kyu-ok is the largest stakeholder of the firm, controlling 20.8 percent of shares. Foreigners hold a combined 42.49 percent.

By Lee Sun-young (milaya@heraldcorp.com)