Orthodontics Market Is Anticipated To Witness High Growth Owing To Rising Demand For Aesthetic Dental Treatment
Orthodontics |
Orthodontics involves the straightening of teeth and
realignment of jaws for improving aesthetics and oral health of an individual.
The orthodontics market comprises orthodontic appliances such as braces,
retainers, and other devices used for orthodontic treatment. Braces include
fixed braces, clear aligners, and lingual braces. Retainers help maintain teeth
alignment after braces treatment. The global orthodontics market is witnessing
significant growth due to the increasing demand for braces products and rising
awareness regarding oral hygiene and dental aesthetics among individuals.
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 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.
Key players are focusing on launching innovative orthodontic products to
improve the aesthetics and comfort of orthodontic treatment. For instance, in
2022, Align Technology launched its new clear aligners product called
Invisalign G8 with SmartForce features that allow improved control over tooth
movements.
The orthodontics
market analysis provides ample growth opportunities due to the
increasing focus on aesthetics and availability of invisible braces options.
Rising spending capacity and access to dental insurance are encouraging more
individuals to opt for aesthetic orthodontic treatment. Moreover, the growing
availability of affordable options such as clear aligners is widening the
customer base for orthodontic products.
The increasing globalization has enabled key orthodontics market players to
expand worldwide. Strategic collaborations with local dental clinics and
practitioners have helped global market leaders enhance their geographical
presence. Additionally, companies are focusing on emerging markets in Asia
Pacific and Latin America owing to growing medical tourism and expenditure on
dental care in these regions.
Market drivers: Rising prevalence of malocclusion disorders globally,
increasing focus on aesthetics, availability of invisible treatment options,
and growing dental tourism are some of the key factors driving the growth of
the orthodontics market.
Market restraints: High cost of orthodontic treatment especially invisible
aligners and braces is a major challenge in developing regions limiting market
growth. Limited insurance coverage for orthodontics in many countries is
another market restraint.
Segment
Analysis
The
orthodontics market can be segmented based on age group into adults and
children. The children sub-segment currently dominates the market as
malocclusions have become more prevalent among children over the past few
years. Malocclusions have become more common in children due to their excessive
consumption of junk and sugar-filled food and beverages. However, demand from
adults is expected to grow rapidly during the forecast period due to rising
orthodontic awareness and disposable income among adults.
Global Analysis
North America currently dominates the orthodontics market and is expected
to continue its dominance during the forecast period. This can be attributed to
rising prevalence of malocclusions, growing orthodontic treatment adoption
rates, and presence of key players in countries like the US and Canada.
However, Asia Pacific is anticipated to witness the highest growth rate owing
to growing medical tourism, rising disposable incomes, and increasing
healthcare investments in emerging countries like China and India. Furthermore,
increasing insurance coverage for orthodontic procedures in several European
countries will further aid the regional market expansion during the projected
timeframe.
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