April 15, 2024

Orthodontics Market Is Estimated To Witness High Growth Owing To Rising Adoption Of Advanced Technologies For Treatment

Orthodontics refers to the branch of dentistry that deals with the treatment of teeth and jaw alignment by using orthodontic appliances such as braces or retainers. Orthodontic devices are used to correct crooked, protruding or crowded teeth and help align the teeth and facial bones to a functionally and aesthetically pleasing position. The demand for orthodontic products and services is growing due to increasing awareness about importance of good oral health, higher treatment success rate and availability of advanced technologies like clear aligners, lingual braces and digital impression techniques. 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.

The key opportunities in the market include growing focus on aesthetic orthodontics treatments to address aesthetic concerns along with functional corrections. There is also increasing sales of orthodontic products in emerging markets owing to improving healthcare infrastructure and adoption of orthodontic treatment.

Technological advancements like three-dimensional imaging systems, invisible aligners and CAD/CAM have enabled better treatment efficacy and efficient diagnosis and treatment planning. The introduction of guided self-ligating braces and rapid palatal expanders have accelerated orthodontic treatments.

Market Drivers

One of the major drivers for the Orthodontics market is rising adoption of clear aligners over conventional braces. Clear aligners are transparent and invisible, making them more aesthetically appealing, removable and less prone to oral issues caused by wires and brackets. They provide comfort in comparison to conventional orthodontic treatments and have better patient compliance. Hence their demand is growing significantly among teenage and adult population with malocclusion issues. This is fueling the overall market growth during the forecast period.

Current Challenges in Orthodontics Market
The orthodontics market demand is currently witnessing challenges related to high cost of orthodontic procedures and lack of insurance coverage. Braces can cost anywhere from $5,000 to $8,000 usually and insurance coverage is limited. Moreover, orthodontic treatments are time consuming requiring multiple visits to orthodontists spread over 1-2 years. This deters many patients from going for corrective procedures. Lack of awareness among adults is another challenge as many are not aware of teeth straightening options available for them. Late diagnosis of orthodontic issues also poses problems.

SWOT Analysis
Strength: Advancements in clear aligners and new technology have made orthodontic treatments less visible and more comfortable. 3D printing is enabling customization.
Weakness: High costs remain a barrier. Limited insurance coverage constrains access.
Opportunity: Growing adult patient segment increases addressable market. Emerging markets in Asia Pacific and Latin America offer scope for expansion.
Threats: Threat from low cost alternatives. Intense competition can reduce margins for players.

The North America region currently holds the largest share of the orthodontics market in terms of value owing to high patient acceptance and frequent use of orthodontic treatments. With nearly half of all children and one-third of adults seeking orthodontic care, the U.S. accounts for the major share. However, the Asia Pacific region is emerging as the fastest growing market for orthodontics given massive population, growing middle class and rising dental tourism in countries like India, China and Thailand. Increasing awareness is propelling growth 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