May 21, 2024
Orthodontics Market

The Global Orthodontics Market Is Driven By Rising Awareness Regarding Dental Aesthetics

The orthodontics market consists of orthodontic wires, brackets, intraoral scanners, and retainer products used for correcting misaligned teeth and improper jaw positioning. Orthodontic treatment helps enhance dental appearance, chewing efficiency, and speech. Advancements in orthodontic materials and techniques have made orthodontic treatment more efficient and affordable. Clear orthodontic aligners are gaining popularity as they are less noticeable than conventional metal braces. The global Orthodontics Market is estimated to be valued at US$ 5.06 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key Trends:

One of the key trends in the orthodontics market is the rising popularity of invisible orthodontics. Invisible orthodontics such as clear aligners offer several advantages over conventional metal braces such as aesthetic appeal, comfort, and easier oral hygiene. Companies are investing in advanced 3D technologies and manufacturing techniques to develop innovative clear aligner systems. For instance, Align Technology introduced iTero Element 5D imaging system that enables dentists to carry out an advanced digital workflow for clear aligners. Cosmetic orthodontic treatment for adults and elderly population is another trend fueling market growth.

Porter’s Analysis
Threat of new entrants: The orthodontics market requires substantial investment in R&D and manufacturing infrastructure. Government regulations for approval of healthcare products also acts as a barrier.
Bargaining power of buyers: Individual consumers have low bargaining power whereas large hospitals and dental clinics can negotiate on pricing and contracts.
Bargaining power of suppliers: The market has various suppliers for raw materials, equipment and manufacturing services. This gives buyers negotiation power over suppliers.
Threat of new substitutes: There are limited product substitutes for orthodontic treatments. Some alternative therapies such as braces provide competitive options.
Competitive rivalry: The market has several global players competing on technology, customer service and geographic coverage. Pricing pressures result from established competitors.

Key Takeaways

The global Orthodontics Market Growth is expected to witness high growth.

Regional analysis:

Asia Pacific region is expected to witness rapid growth in adoption of orthodontic treatments. Growing middle-class populations and improving healthcare infrastructure in countries like China and India are major factors driving the region’s market growth. Additionally, medical tourism for cosmetic dentistry is surging the demand.

Key players:

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. These companies are focusing on new product launches and geographical expansion to strengthen their market position

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it