Market Overview:
Clear aligners are transparent, plastic dental retainers used for tooth movement and alignment. They are an alternative to braces and are removable and custom-made based on the patient's teeth. Clear aligners are nearly invisible on the teeth and provide a more comfortable treatment experience compared to traditional braces. They can correct crowded teeth, gaps between teeth, overbites, underbites, and crooked smiles safely and effectively.
Market key trends:
The global clear aligners market is witnessing high growth owing to the rising demand for non-invasive orthodontic and dental treatment options among consumers. Clear aligners provide discreet treatment and allow patients to remove them while eating or drinking. Moreover, with growing awareness about dental health and smile design, more people are opting for invisible treatment alternatives for misaligned and crooked teeth. Technological advancements are also enabling clear aligners to effectively correct complex orthodontic problems. Manufacturers are constantly working on innovations to enhance the customization, efficacy and tracking of clear aligner therapy. This is expected to support the increased adoption of clear aligners during the forecast period.
The global Clear Aligners Market Demand is estimated to be valued at US$ 4.59 Bn in 2023 and is expected to exhibit a CAGR of 17.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Porter’s Analysis
Threat of new entrants: The Clear Aligners industry has high setup costs, patent protections, and requirements for technical knowledge that pose barriers to entry for new competitors. However, growing demand and availability of economic aligner products could attract new entrants..
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of economical aligner options from local startups and presence of large players. Switching costs are low allowing buyers to switch between brands easily.
Bargaining power of suppliers: A few key material suppliers and manufacturing partners exist, giving them some pricing power. However, established aligners manufacturers have capabilities to develop alternative supply sources to reduce dependency on key partners.
Threat of new substitutes: Traditional braces and retainers provide competition but clear aligners are gaining popularity due to aesthetics and convenience. Substitutes pose low threat with aligner's proven effectiveness.
Competitive rivalry: Intense competition exists among existing key players to enhance product features and expand geographic footprint.
SWOT Analysis
Strengths: Non-invasive nature and increased patient comfort compared to traditional braces. Virtual treatment planning capabilities enable remote monitoring.
Weaknesses: Higher costs compared to traditional options. Requires strict patient compliance for effective treatment.
Opportunities: Untapped growth potential in emerging markets. Augmentedaligners segmentadoption aided by digital technologies.
Threats: Competition from inexpensive local players eroding pricing power of majors. Economic slowdowns impacting discretionary spending on orthodontic treatments.
Key Takeaways
The global Clear Aligners market is expected to witness high growth at a CAGR of 17% over the forecast period, driven by the increasing preference for invisible orthodontic treatments among teenagers and adults alike.
Regional analysis: North America dominated the global clear aligners market in 2023, accounting for the largest revenue share of over 35%. However, Asia Pacific is anticipated to exhibit the fastest growth over 2023-2030, buoyed by favorable public and private reimbursement policies in countries such as China, India, and Japan. Expanding medical tourism sector in Southeast Asian nations has further aided regional market expansion.
Key players: Key players operating in the clear aligners market are Align Technology, Inc., DynaFlex, Dentsply Sirona, Inc., SmileDirectClub, Straumann Group, Danaher, Henry Schein, Inc., Great Lakes Dental Technologies, Rocky Mountain Orthodontics, eXceed, 3 M, Argen Corporation, Illusion Aligners, Candid Care Co., Tianjin ZhengLi Technology Company Limited, Scheu Dental, TP Orthodontics, Inc., K-Line Europe, 32 Watts, and Klear Aligner. Align Technology dominates with over 50% market share due to its Invisalign brand and continued new product launches.
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