Orthodontics Market Is Driven By Rising Prevalence Of Malocclusion...

Orthodontics Market Is Driven By Rising Prevalence Of Malocclusion

Сообщение 2024-02-21 07:04:38

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The orthodontics market involves products that are used to straighten teeth and correct malocclusion. Some key products in this market include braces such as fixed braces and removable braces, retainers, and clear aligners. Braces work by applying constant, gentle pressure on teeth over a period to slowly guide them into their proper positions. Retainers are used after braces to maintain the corrected alignment. Clear aligners are virtually invisible plastic molds that shift teeth in small increments. 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. Orthodontic treatment requires long duration of wearing braces or aligners, therefore demand remains steady. Also, rising preference for aesthetics is driving many adult patients to seek orthodontic treatment. The orthodontics market is expanding globally due to rising awareness about malocclusion and its treatment options. Several key players are focusing on emerging markets for future growth opportunities.

Market drivers

The key driver for the orthodontics market is the rising prevalence of malocclusion globally. Malocclusion refers to abnormal alignment of teeth or poor bite which occurs due to various reasons such as genetic susceptibility, accidental injury, or adverse habits like thumb-sucking. It not only affects appearance but also hinders proper functioning of teeth. If left untreated, it may cause numerous dental issues. Hence, rising awareness about malocclusion and availability of improved aligners and braces are encouraging more people to opt for orthodontic treatment.

Impact of geopolitical situation on Orthodontics Market growth

The orthodontics market is witnessing significant impact arising from changing geopolitical dynamics across various regions. The ongoing conflict between Russia and Ukraine has led to supply chain disruptions for key raw materials and components used in clear aligners and braces. There is a dependence on imports from Eastern European countries for select polymers and wires. Alternate sourcing avenues are being explored but this entails additional costs. Further, economic sanctions have made certain ties non-viable. This is hampering production scales and scheduling. Similarly, rising tensions between China and Taiwan could disrupt orthodontics device manufacturing if trade barriers are imposed between the two. Overall, a volatile geopolitical environment brings uncertainty for orthodontics market forecasting and expansion strategies over the coming years. Close monitoring of developments would be prudent for companies to tweak their supply networks accordingly.

Regions where Orthodontics Market value is concentrated

The orthodontics market size in terms of value is highly concentrated in the North American and European regions together accounting for over 60% share currently. This is owed to high per capita spends on oral healthcare and well established dental insurance structures assisting the high cost of treatments. Further orthodontic procedures are considered more as necessity in these regions with rising emphasis on physical appearance and confidence boosting. Countries like the US, Germany, UK and France offer huge patient pools spending average expenditure to receive treatments. Asia Pacific is also emerging as a lucrative market led by factors like increasing disposable incomes, medical tourism as well as growing dental issues related to changing lifestyles and food habits.

Fastest growing region for Orthodontics Market

The orthodontics market is projected to witness its fastest growth in the Asia Pacific region over the forecast period. This is attributable to rising medical tourism along with increasing dental issues caused by shifting dietary patterns and lifestyles in developing countries. In particular, India and China represent mega opportunities owing to their huge population bases seeking orthodontic solutions. Favorable policy support and health initiatives, growing middle class sections able to pay for aesthetic treatments, rising dental practitioners and distributor networks are some other factors driving high growth potential in the Asia Pacific orthodontics industry. Both retainers as well as braces segments are estimated to see strong doubles digit compound annual expansion through 2030.