Clear Aligners Market Size 2022 | To Exhibit an Excellent CAGR of 19.7% and Hit USD 10.04 billion by 2027
The global ”clear aligners Market” size is expected to showcase considerable growth by reaching USD 10.04 billion by 2028 while exhibiting a stellar CAGR of 19.7% between 2021 and 2028. Fortune Business Insights in its latest report, titled, “Clear Aligners Market, 2021-2028”, mentions that the market stood at USD 2.41 billion in 2020 and is likely to showcase exponential growth during the forecast period. This is attributable to the increasing focus on the development of advanced clear aligners and the growing demand for aesthetics among the young generation globally. In September 2020, Align Technology, Inc., announced the launch of Invisalign Stickables. The innovative stickers are designed primarily to be adopted with the SmartTrack material in the clear dental aligners.
The effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government as well as the industries is likely to bring the economy back on track and aid in resumption of industrial activities.
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Research Methodology:
We follow a robust research methodology that involves data triangulation based on top-down, bottom-up approaches, and validation of the estimated market numbers through primary research. The information used to estimate the market size and forecast for various segments at the global, regional, and country-level is derived from the most credible published sources and through interviews with the right stakeholders.
The Growth rate or CAGR exhibited by a market for a certain forecast period is calculated on the basis of various factors and their level of impact on the market. These factors include market drivers, restraints, industry challenges, market and technological developments, market trends, etc.
Market Segmentation:
We have categorized the global market for clear aligners based on patient age group, end-user, and region. On the basis of the patient age group, the market is segmented into teenagers and adults. Based on end-user, the market is categorized into hospitals and dental & orthodontic clinics. Furthermore, based on end-users, the dental & orthodontic clinics segment is expected to showcase exponential growth backed by the increasing prevalence of malocclusion disorder globally.
Lastly, based on the region, the market is divided into North America, Asia-Pacific, Europe, and Rest of the World.
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Increasing Focus on Under-Penetrated Region to Augment Growth
The Middle East and Africa and other emerging economies are still untapped and present lucrative opportunities for the market players to strengthen their position. In addition to this, supportive government initiatives to create awareness among the population regarding oral health is driving the demand for advanced clear aligners across the globe. This is expected to bode well for the global clear aligners market growth in the forthcoming years.
REGIONAL INSIGHTS
North America – The region stood at USD 1.41 billion in 2020 and is expected to hold the largest global clear aligners market share in terms of revenue during the forecast period. This is ascribable to factors such as the strong demand for invisible orthodontics due to the increasing awareness among the young population of these products in the region.
Europe – The region is expected to hold the second position in the market during the forecast period. This is attributed to the increasing awareness regarding the availability of advanced clear aligners products in the region between 2021 and 2028.
Product Innovation by Eminent Companies to Amplify Their Market Positions
The global market is experiencing significant competition from the players operating in the market. These players are focusing on developing innovative dental aligners to cater to the growing demand from the healthcare sector. Additionally, adoption of strategies such as merger and acquisition, collaboration, and facility expansion by other companies to maintain their stronghold is expected to favor the market growth in the forthcoming years.
