ResearchandMarkets expects the global orthodontics market to grow at a compound annual growth rate (CAGR) of 11.7% from 2018 to reach $6.035 billion by 2023. The firm attributes this growth to the growing number of dentists, increasing prevalence of malocclusion, and increasing awareness of advanced orthodontic treatment. Advanced imaging modalities and treatment planning software also will have a positive impact, ResearchandMarkets says.
However, unfavorable reimbursement policies, limited insurance coverage, and the high cost of advanced orthodontic treatment will hinder the market’s growth, the company reports. But with the growing number of treatments, increasing disposable income, and improving healthcare infrastructure, it adds, emerging countries offer significant growth opportunities for key players in the market.
Specifically, removable braces are succeeding in the global orthodontics market mainly due to their growing adoption in developed countries and the growing number of treatments in emerging countries, ResearchandMarkets says. Also, children and teens remain the largest demographics for orthodontics treatment, with clear aligners particularly driving growth among teenagers in developed countries.
North America accounted for the largest share of the orthodontics market, while the analysts expect the Asia-Pacific region to see the highest CAGR. ResearchandMarkets attributes this growth in the Asia-Pacific region to a large patient pool seeking orthodontic treatment, increasing numbers of dentists and dental clinics, and the expanding presence of key players in the region.