The surging prevalence of oral diseases, increasing disposable income, and technological developments in orthodontic products are some of the key factors driving the growth of the orthodontic supplies market. In 2016, the market generated a revenue of $3.4 billion, and it is predicted to attain a size of $5.9 billion by 2023, advancing at a CAGR of 8.3% during 2017–2023 (forecast period). Orthodontic supplies refer to instruments that help in improving the appearance and aligning protruding, crooked, and crowded teeth.
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Based on end user, the orthodontic supplies market is bifurcated into adults and children & teenagers. Of these, during the 2013–2016 period, children & teenagers led the market in terms of revenue, and they are predicted to continue leading it during the forecast period. It has been witnessed that orthodontic treatments are more successful and effective in children and teenagers. In addition, correction at an early age also prevents the development of serious problems, thereby resulting in a significant adoption of orthodontic supplies at this stage of life.
Developments in the technologies of orthodontic supplies are contributing to the progress of the orthodontic supplies market. Invisalign, manufactured by Align Technology Inc., is one of the recently launched advanced orthodontic products, which helps in the movement of the teeth without the use of braces, mini-implants, and mini-screws. Similarly, the benefits of advanced biomaterials, such as easy fabrication and highly biocompatible inertia, are leading to a favorable change in the market.
Technologically advanced orthodontic products provide more facilities over traditional products, which result in the increasing adoption of such products by orthodontists for treating dental problems in adults and children, thereby boosting the growth of the orthodontic supplies market. Moreover, due to the rising disposable income, the attention on personal as well as dental care is on the rise. As per the American Association of Orthodontists (AAO), the number of people using braces had increased by 14.0% from 2010 to 2012, amounting to around 1,225,850 adults with braces in Canada and the U.S.
Thus, the surging prevalence of oral diseases, the rapid introduction of technologically advanced orthodontic supplies, and rising disposable income are driving the growth of the market.