NEW YORK, March 30, 2016 /PRNewswire/ -- The Latin American orthodontic supplies market is poised to reach USD 320.2 million by 2020 at a CAGR of 5.5% during the forecast period. Although mature markets (such as the Brazil and Mexico) hold larger shares in the orthodontic supplies market, Chile is expected to witness the highest growth during the forecast period. Factors such as the growing number of patients with malocclusions, decreasing trade barrier for medical devices in some Latin American countries, and rising disposable incomes in Brazil, Mexico, and Chile are propelling the growth of the Latin American orthodontic supplies market. On the other hand, the risks and complications during or post-orthodontic treatments and limited reimbursement coverage for orthodontic treatments are restraining the growth of this market.
In this report, the market has been segmented on the basis of product (removable braces, orthodontic adhesives & fixed braces) and countries. The fixed braces market holds the largest market share in 2015, owing to the better affordability of fixed braces over removable braces, high prevalence of patients with malocclusions and jaw disease, and increased adoption of fixed braces among adolescents. However, the removable braces market is estimated to grow at a high CAGR of 6.4% from 2015 to 2020.
Geographically, Brazil commands the largest share of 30.0% the Latin American orthodontic supplies market in 2015, followed by Mexico. A number of factors such as the rising prevalence of malocclusions, growing middle-class population, increasing number of orthodontists, rising number of training and development programs on orthodontics treatment, and rising government initiatives and support towards the improvement of oral healthcare in the country are driving the growth of the orthodontic supplies market in Brazil. However, its complicated tax and product approval systems, high cost of orthodontic treatment, and ongoing economic recession are hampering Brazil's market growth. Chile is poised to grow at the highest CAGR of 6.3% in the market due to the healthcare and trade-related initiatives taken by the Chilean government to raise awareness and better economic landscape in Chile as compared to other countries.
The Latin American Orthodontic Supplies market is highly competitive, with a large number of domestic and international players. As of 2014, Latin American Orthodontic Supplies market was dominated by Dental Morelli Ltda. (Brazil) and 3M Corporation (U.S.), which together accounted for ~63% of the market. Orthometric (Brazil) was the third leader in the market. Geographic expansion, new product launches, and product upgradation were the major strategies adopted by most market players to achieve growth in the Orthodontic Supplies market.
Reasons to Buy the Report:
From an insight perspective, this research report has focused on various levels of analysis — industry analysis (porter's five force model), market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the orthodontic supplies market, high-growth countries, government initiatives, drivers, restraints, and opportunities. The abovementioned market research data, current market size, and forecast of future trends will help existing players and new entrants to make the necessary decisions regarding product offerings, geographic focus, strategic approach, R&D investments, and levels of output in order to remain successful.
Firms purchasing the report could use any one or combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market share.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on orthodontic supplies products and services offered by the top 10 players in the Latin American orthodontic supplies market. The report analyzes the orthodontic supplies market by products and countries
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various orthodontic supplies products across key countries
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Latin American orthodontic supplies market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and recent developments of the leading players in the Latin American orthodontic supplies market
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