Orthodontic treatment is increasingly being sought for improvement of dental aesthetics and alignment besides functional reasons. Orthodontic treatment involves the use of braces, retainers, and aligners to gradually straighten crooked, protruding or overlapping teeth into healthy position over a period of time. Technological advancements have introduced new devices and materials for orthodontic treatment such as removable aligners and lingual braces for adults which are virtually invisible and cause minimal discomfort. Increasing awareness about orthodontics through marketing campaigns is driving greater acceptance of orthodontic treatment at any age. 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, 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 growing popularity of clear aligners. Clear aligners are an alternative to traditional metal braces. They are virtually invisible and less noticeable especially for adults undergoing orthodontic treatment. Leading clear aligner brand Invisalign by Align Technology dominates over 80% of the clear aligners market share. Other key players like SmileDirectClub and Candid are further promoting the benefits of clear aligners over braces thus driving the adoption of clear aligners. Moreover, the advent of 3D printing technology enabled digital impression taking and rapid prototyping of clear aligners with customized progression of tooth movement based on each individual case. This has streamlined the manufacturing process and improved the efficacy of clear aligners treatment. The orthodontics market is poised to grow further with continuous technology advancement and innovation in orthodontic devices making treatment more effective, efficient and aesthetically appealing for different age groups.
Threat of new entrants: The orthodontics market requires high capital investments and is difficult for new players to enter due to established brand loyalty among customers.
Bargaining power of buyers: Individual customers have moderate bargaining power due to availability of substitutes, while hospitals and dental clinics have high bargaining power due to bulk purchasing.
Bargaining power of suppliers: Major suppliers in the market include material suppliers and equipment manufacturers who have moderate bargaining power.
Threat of new substitutes: Substitutes include dental veneers, dental implants, braces etc. but none provide comprehensive orthodontic treatments thus threat is low.
Competitive rivalry: The market is consolidated with top players occupying majority share. Competition is based on new product innovation, brand building and customer service.
The global Orthodontics Market Share is expected to witness high growth over the forecast period driven by increasing awareness regarding dental aesthetics.
North America currently dominates the market due to technological advancements and supportive reimbursement policies in the region. The Asia Pacific region is witnessing fastest growth due to increasing medical tourism and growing middle class population willing to spend on dental treatments. Countries like China, India offer huge untapped growth opportunities.
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. They are focused on developing advanced clear aligners and new material-based orthodontic products.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it