Orthodontic Supplies Market size was valued over USD 3.8 billion in 2017 and is expected to witness more than 9% CAGR from 2018 to 2024. Orthodontic supplies market has gained a substantial traction over the recent years, by virtue of the incredible advancements in clinical research with regards to dental science. Though orthodontic practices have been around since many years, the commercialization matrix of the business space has ascended exponentially in recent times, in sync with the increasing precedence of malocclusion across the globe. According to estimates, presently around 60%-75% of the global population suffers from misaligned teeth or malocclusion. Statistics related to Asia Pacific is indeed daunting with more than 50% of the APAC population affected with malocclusion. These estimates vividly project the lucrative growth prospects of orthodontic supplies market, which pegged a valuation of USD 3.8 billion in 2017.
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Children & teenagers can be aptly addressed as one of the strong end-users of orthodontic supplies industry, the section having procured a lion’s share of almost USD 3.2 billion in yesteryear. Reportedly, the prime factor fueling the growth of orthodontic supplies market in this sector is the massive surge in the number of teeth misalignment cases among teenagers and children at a global scale. In fact as per a recent survey, nearly 75% children and teens face some kind of orthodontic problems when their adult teeth are grown. According to the American Association of Orthodontics, out of the 4.5 million Americans who use teeth braces, most of them are children and teenagers. Around 80% of the undergoing treatments in the country vary in the range of 6 to 18 years of age.
Not to mention, the data bears a testimony to the significantly increasing demand for orthodontic supplies market across U.S. As per a reliable market assessment report, the regional orthodontic supplies market was worth USD 1.5 billion in 2017 and is slated to maintain its dominance in the global landscape over the ensuing years as well. Not just children and teens, the popularity of orthodontic treatments is also growing among U.S. adults, subject to the burgeoning desire to improve their jaw line. As per a new study conducted by American Association of Orthodontists- over one-third of American adults are unhappy with their smile. This in effect, is set to create a massive demand for advanced orthodontic treatments in the country, leaving a perpetual impact on U.S. orthodontic supplies industry share.
Speaking of the growth prospect of the market, it is imperative to mention that like any other healthcare and medical device domain, orthodontic supplies industry is also regulatory driven. In fact, the regulatory backing has been a critical parameter to trace the dentistry industry trends in terms of revenue opportunities. The Affordable Care Act (ACA) mandates the insurers to offer proper dental care for children, provide funding for dental training and education, and set up efficient dental pilot programs etc. The initiatives are intended at widening the reach of dental practices across areas of critical need.
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Boasting of a rich corporate portfolio, the orthodontic supplies industry is highly competitive. In the light of such scenario, technological advancements in product design stand as a vital quotient defining the profit parameters for the market contenders. In a recent turn of events across the MEA orthodontic supplies market, renowned 3D digital scanner manufacturer, Align Technology announced the launch of its innovative iTero Element intraoral scanner. This breakthrough scanner is claimed to offer regional orthodontists an absolute state-of-the-art digital solution, that can scan in just 1 minute with high accuracy, precision, and visualization capabilities. Inherently stimulated by a barrage of tech benefactors bringing groundbreaking innovations in tandem with commendable governmental backing, orthodontic supplies industry is certain to enroll its name among one of the most remunerative business spheres in the healthcare fraternity.
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