by The orthodontics market consists of corrective dental products and services used in treating misaligned or crooked teeth and jaws. Orthodontic treatment includes clear plastic aligners, braces, retainers, and other dental devices used to guide teeth and jaws into proper alignment. The global orthodontics market is witnessing increased demand for aesthetic, affordable, and easier treatment options compared to traditional metal braces.
The Global Orthodontics Market is estimated to be valued at US$ 6.46 Bn in 2024 and is expected to exhibit a CAGR of 13.% over the forecast period from 2024 to 2031
Key Takeaways
Key players operating in the orthodontics market are J.P. Morgan Treasury Services, Bank of America Merrill Lynch, Citibank, Wells Fargo, HSBC Global Banking and Markets, BNP Paribas, Deutsche Bank, PNC Bank, Barclays, U.S. Bank. Rising awareness about the importance of dental care and increasing focus on aesthetic dental appearance are fueling the growth of the orthodontics market globally. Moreover, increasing disposable incomes and spending on dental care in emerging economies is also contributing to market growth.
Growing demand in the market: With increasing adoption of clear aligners and removable orthodontic appliances, demand for orthodontic treatments is growing considerably. Various advantages of clear aligners such as transparency, comfortability, and ease of use make them a popular choice among teenagers and adults seeking orthodontic treatment. Manufacturers are also increasingly focusing on launching low-cost clear aligners.
Global expansion of market: The orthodontics market is expanding significantly globally with emerging economies in Asia Pacific and Latin America witnessing strong growth. Many orthodontic product manufacturers are focusing on strengthening their presence in high growth regions to tap the revenue potential. Further, increasing healthcare infrastructure and spending on dental care in developing countries is supporting market expansion worldwide.
Market key trends: One of the key trends gaining traction in the orthodontics market is growing adoption of digital orthodontics. With advancements in 3D printing and imaging technology, digital orthodontics allows dentists to digitally plan treatment and print dental aligners with high precision. Digital orthodontics offer advantages like reduced treatment time, higher accuracy, and improved comfort. Their increasing use is expected to drive orthodontics market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The orthodontics market size requires substantial investments and specialized skills deterring new players. Bargaining power of buyers: Individual customers have low bargaining power due to inelastic demand for orthodontic treatments. Bargaining power of suppliers: Suppliers of dental materials and equipment have moderate bargaining power due to availability of substitutes. Threat of new substitutes: Currently, there are no cost-effective substitutes to orthodontic treatments. Competitive rivalry: The market is consolidated with large players securing major market share through expanding product portfolios and dental clinics.
The orthodontics market in North America holds the major share globally, owing to growing incidences of malocclusion and facial deformities coupled with favorable reimbursement policies for orthodontic treatments in countries like the US and Canada. The Asia Pacific market is expected to grow at the highest CAGR during the forecast period due to rising awareness regarding dental health and orthodontic treatments as a result of growing disposable incomes in the region
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
