How is Increasing Disposable Income Impacting Orthodontic Supplies Market?

7
science-technology

Summary

The global orthodontic supplies market generated a revenue of $3.4 billion in 2016 and it is predicted to reach a value of $5.9 billion by 2023, exhibiting a CAGR of 8.3% from 2017 to 2023, as per the estimates of the market research organization, P&S Intelligence.

Press Release

Orthodontic supplies refer to several appliances that are used for improving the appearance and alignment of crowded, protruding, and crooked tooth. Some of the major orthodontic supplies products used for correcting jaws and teeth are removable braces, orthodontic adhesives, and fixed braces.

Access Detailed Report – Orthodontic Supplies Market Revenue Estimation

The rising incidence of oral diseases, including periodontal diseases, malocclusions, oral cancer, and dental cavities, and the rapid technological advancements being made in orthodontic products are the major factors fueling the expansion of the orthodontic supplies market. As per the World Health Organization (WHO), nearly 60–90% of the school children and around 100% of adults are diagnosed with dental cavities. Furthermore, nearly 15–20% of adults in the age bracket–35 to 44 years are diagnosed with severe periodontal (gum) disease.

Depending on product, the orthodontic supplies market is categorized into removable braces, orthodontic adhesives, and fixed braces. Amongst these, the fixed braces category dominated the market in 2016. As fixed braces are more precise and effective in treating the irregularities present in the dental structure, they are being increasingly used by healthcare professionals. When end user is taken into consideration, the market is divided into adults and children & teenagers. Between these categories, the children & teenager one contributed higher revenue to the market in 2016. This was because orthodontic treatments are highly effective in teenagers and children.

Moreover, the treatment of oral diseases and deformities at an early age reduces the chances of serious issues later. Geographically, the orthodontic supplies market is predicted to exhibit huge expansion in Latin America and Asia-Pacific regions in the coming years. This is because of the expansion of the medical tourism sector, especially in developing countries, such as India and China, rapidly improving healthcare infrastructure, and surging adoption of advanced healthcare treatment procedures in the region. Singapore, Thailand, India, and Malaysia have recently emerged as the most lucrative countries for medical tourism in the region.

Hence, it is safe to say that the market will grow rapidly in the coming years, mainly because of the rising incidence of oral diseases, surging geriatric population, and the development of technologically advanced and innovative products across the world.