May 18, 2024
Orthodontics Market

Orthodontics Market Is Expected To Be Flourished By Growing Adoption Of Dental Braces In Adolescents

Orthodontics refers to the area of dentistry that corrects misaligned teeth and malocclusions. Common orthodontic treatments involve braces and retainers to realign teeth. Braces are primarily used to close spaces between teeth, align crooked teeth, or change the position of teeth. Retainers are often used subsequent to braces treatment to maintain correction achieved through braces. Some key product types in the orthodontics market include fixed braces such as brackets, archwires, and anchorage appliances, and removable braces such as clear aligners and retainers. Fixed braces are attached directly to the tooth and are more commonly adopted for severe misalignment cases. On the other hand, clear aligners are removable and more esthetically appealing, especially for adult patients. Braces are majorly used in adolescents and teens when facial bones are still developing and teeth alignment can be corrected more efficiently.

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 Dynamics:

One of the major drivers for the growth of the orthodontics market is the growing adoption of dental braces, especially among the adolescent population globally. As mentioned earlier, early orthodontic treatment is far more beneficial and effective than corrective procedures carried out in adulthood. Rising awareness regarding the importance of proper alignment of teeth for aesthetic appeal and dental health has boosted the demand for various orthodontic treatments including braces and retainers. Additionally, technological advancements in orthodontic products like lingual braces and clear aligners that offer enhanced comfort, discretion, and efficiency have further increased market attractiveness. Improving orthodontic healthcare infrastructure and availability of flexible financing and reimbursement options especially in developing countries also augur well for market growth over the forecast period.

Segment Analysis

The orthodontics market can be segmented by type, end user, and age group. The type segment includes brackets, archwires, ligatures, and anchorage appliances. Among these, the brackets segment holds the largest market share owing to high demand for aesthetic and functional orthodontic brackets used in aligning or straightening teeth. The end user segment includes hospitals, dental clinics, and others. Dental clinics dominate the end user segment as majority of orthodontic treatments are carried out in dental clinics. By age group, the orthodontics market covers adolescent age group and adult age group. The adolescent age group segment accounts for the largest share due to high prevalence of malocclusion or misaligned teeth among children and teenagers.

PEST Analysis

Political: Governments in various countries are undertaking initiatives to increase awareness about oral healthcare and cover orthodontic treatments under public insurance plans which is fueling market growth.
Economic: Rising disposable incomes and growing affordability for orthodontic procedures is driving the orthodontics market. However, high treatment costs may restrain market growth.
Social: Increasing focus on physical appearance and aesthetic consciousness is boosting demand for orthodontic treatments. Additionally, rising prevalence of malocclusion issues is propelling the market.
Technological: Advancements in orthodontic appliances like clear aligners, accelerated orthodontic techniques, and CAD/CAM technologies are helping orthodontists provide effective treatment in a shorter timeframe which is boosting the orthodontics market.

Key Takeaways

The global Orthodontics Market Share is expected to witness high growth over the forecast period owing to rising malocclusion prevalence, increasing obesity rates, and growing aesthetic awareness.

Regionally, North America dominated the orthodontics market in 2024 owing to high adoption of advanced treatments and presence of major players in countries like U.S. and Canada. South Korea is predicted to be the fastest growing regional market over the forecast period due to improving healthcare infrastructure and growing medical tourism in the country for cost-effective orthodontic treatments.

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, and U.S. Bank. These key market players are undertaking new product launches, acquisitions and regulatory approvals to improve their product portfolio and expand geographic presence which is strengthening their market position. For instance, in 2022, Align Technology Inc. received FDA approval for its Invisalign G8 with Marketing system which is a major technological upgrade.

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