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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