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Growth in the dental aligners market could portend well for the fortunes of companies like Align Technology (NASDAQ:ALGN), Henry Schein (NASDAQ:HSIC), and Densply Sirona (NASDAQ:XRAY).
The market value of the dental aligners business was $6.2B in 2023. However, the sector is set for growth given a projected CAGR of 14% from 2023-33, according to to GlobalData.
In a new report, the data and analytics firm said that consumer preferences, psychosocial benefits of aligners, and technological advancements are helping to fuel the growth.
Dental aligners “address the health, aesthetic, and psychosocial aspects of malocclusion while often being more comfortable and aesthetic than traditional appliances like braces, making them appealing to adults, and increasingly popular amongst teens and adolescents,” said GlobalData Senior Medical Analyst Ashley Clarke.
GlobalData found that Align Technology dominates the industry with a better than 50% share. Dentsply Sirona, by contrast, has only a 5%-6% share. However, SmileDirectClub’s (OTC:SDCCQ) Chapter 11 bankruptcy filing in September 2023 has provided opportunities for others to obtain market share.
Despite its dominance in the market, Align (ALGN) is down ~8% year to date. In its Q1 financial results release in April, the company behind Invisalign aligners said it expects a boost in revenue in 2024 as well as an increase in the average selling price of its aligners.
Henry Schein’s (HSIC) clear aligners are marketed under the Reveal brand. In addition, it gained access to Biotech Dental’s Smilers line of clear aligners through its majority ownership stake in the French company in April 2023. Shares are down ~6% YTD.
Dentsply Sirona (XRAY) markets the SureSmile clear aligner. In its Q1 financial results call earlier this month, the company said that its overall aligners business grew 14% year over year with SureSmile up 9%. Still, shares are down ~23% since the beginning of the year.
3M (NYSE:MMM) js another company in the aligners space to keep an eye on given its line of Clarity aligners. And although it is based in Switzerland, Straumann Holdings (OTCPK:SAUHF)(OTCPK:SAUHY) is one of the largest providers of aligners with its ClearCorrect line.
