Orthodontics involves the use of braces and other corrective dental appliances to align crooked, protruding or improperly positioned teeth. Orthodontic products help patients achieve an aesthetically pleasing smile and dental function. The increasing focus on physical appearance has driven growth in the cosmetic dentistry industry. Orthodontic treatments are commonly sought by both teenagers and adults to address orthodontic issues or enhance their smile. The growing middle-class population with higher disposable income levels especially in emerging nations is increasing the demand for orthodontic products.
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 Opportunity:
The growing emphasis on aesthetics and physical appearance among individuals worldwide has boosted demand for cosmetic dentistry procedures. Correctly aligned teeth are considered an important factor contributing to an aesthetically pleasing smile. Thus, the rising preference for dental treatments aimed at improving smiles and physical attractiveness is fueling the adoption of orthodontic products. Manufacturers are developing advanced orthodontic technologies like ceramic and lingual braces that enhance comfort and reduce treatment time. The introduction of new innovative and discrete product offerings is expected to further increase the penetration of orthodontic treatments globally in the coming years. Growing awareness about the benefits of orthodontic treatments through effective marketing campaigns by key players also presents significant opportunities in this market.
Porter’s Analysis
Threat of new entrants: The orthodontics market requires high capital investment and strict regulations pose barriers for new companies. There are high costs involved in R&D of new orthodontic products.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of many brands and treatment options in orthodontics. Switching costs for buyers are low.
Bargaining power of suppliers: A few major suppliers exist for orthodontic raw materials and components which gives them significant power over pricing.
Threat of new substitutes: No major substitute exists for orthodontics treatment. Alternative teeth straightening methods have limitations.
Competitive rivalry: The market is consolidated with key global players competing on the basis of innovation, product quality and customer service.
SWOT Analysis
Strength: Established brands and global presence of key players. Growing demand for aesthetics and dental health awareness.
Weakness: High costs of orthodontic treatment limits its reach. Supply chain disruptions impact product availability.
Opportunity: Untapped potential in developing regions. Adoption of new technologies like clear aligners and telehealth.
Threats: Stringent regulations around new products. Economic slowdowns affecting discretionary spends.
Key Takeaways
The global Orthodontics Market Growth is expected to witness high growth during the forecast period driven by the rising focus on aesthetics globally.
Regional Analysis: The North America region currently dominates the orthodontics market owing to high consumer affluence and availability of advanced treatment options. Key regional markets include United States, Canada and Mexico.
Europe is also a significant market for orthodontics supported by growing medical tourism and availability of private insurance coverage for orthodontic procedures in countries like Germany and United Kingdom. Asia Pacific is projected to be the fastest growing regional market led by China, India and Japan. Increasing spend capacity, growing dental tourism and rising dental aesthetics demand are boosting the market in Asia Pacific.
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. The market is consolidated in nature with major players differentiating through product launches, acquisition strategies and geographic expansions to consolidate their positions.
