Orthodontics involves the treatment of misaligned teeth and jaws, as well as dental irregularities. It involves the use of braces, retainers, and other orthodontic appliances to align and straighten teeth to achieve an ideal occlusion and aesthetics. The orthodontic devices market involves product categories such as clear aligners, fixed braces, and lab-fabricated braces. With advancements in 3D printing technology, customized clear aligners and braces can now be produced. This provides advantages such as reduced treatment time and chair time at clinics. Also, the COVID-19 pandemic has increased the adoption of telehealth services and remote orthodontic treatments through teleconsultations.
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 Dynamics: Increasing Investments in Telehealth Services and In-Home Orthodontic Procedures: The key driver fueling the growth of this market is the increasing investments made by orthodontic product manufacturers and service providers towards developing innovative telehealth and remote monitoring solutions. This allows dentists and orthodontists to provide consultations and aligners fitting and monitoring services via video conferencing without requiring in-person visits. Companies are also offering mail-order impression kits and doorstep delivery of products. These trends have boosted the accessibility and affordability of orthodontic treatments. Advancements in 3D Printing: Additionally, ongoing research and development activities towards enhancing 3D printing and digital technologies for customized orthodontic treatment solutions are also propelling the industry growth. 3D printing helps in digitally designing precision-fit braces and aligners, leading to higher success and compliance for treatment plans. It reduces errors, production time, and costs of fabricating oral devices. The integration of 3D scanning, CAD/CAM software, and 3D printing technologies provide customized solutions tailored as per the patient's oral structure. SWOT Analysis Strength: Orthodontics procedures help patients improve their oral health, confidence, and quality of life through properly aligned teeth and an improved smile. These procedures are less invasive than other dental procedures and utilize removable or fixed orthodontic appliances to gradually adjust teeth positions. Many orthodontic treatment plans are designed to be completed in 1-2 years. Weakness: Orthodontic treatments can be expensive, with total costs often ranging between $5,000-$8,000 depending on treatment complexity. Some patients may not be able to afford the upfront costs or monthly payments required. Additionally, orthodontic appliances require diligent cleaning and adjustments over an extended period of time, which some patients find inconvenient. Opportunity: Rising income levels and dental insurance coverage are increasing accessibility and affordability of orthodontic care globally. Rapid adoption of new orthodontic technologies like clear aligners, lingual braces, and 3D imaging systems are fueling market growth. In addition, a growing focus on aesthetics is driving demand for orthodontic treatments among both children and adults. Threats: Economic slowdowns could negatively impact discretionary spending on orthodontic treatments. Alternative straightening methods available without orthodontist involvement also present competition. Additionally, the COVID-19 pandemic temporarily disrupted orthodontic practices and patient visits in 2020-21. Key Takeaways The global Orthodontics Market Growth is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising accessibility of these procedures. The market size is projected to reach US$ 5.06 billion by 2024. Regional analysis: North America presently dominates the orthodontics market due to high patient acceptance and regional presence of leading orthodontic products and service providers. However, Asia Pacific is expected to experience the fastest growth fueled by expanding healthcare infrastructure, large patient pools and rising medical tourism in countries like India, China, and South Korea. Key players: Key players operating in the orthodontics market include 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 firms provide financing solutions for orthodontic practices and patients to facilitate treatment access
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