NEWSLETTER
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Growth in the dental aligner market could bode well for the fortunes of companies like Align technology (NASDAQ:ALGN), Henry Schein (NASDAQ: HSIC), and Densply Sirona (NASDAQ: x-RAY).
The market value of the dental aligner business was $6.2 billion in 2023. However, the sector is poised for growth given a projected CAGR of 14% between 2023 and 2033, according to GlobalData.
In a new report, the data and analytics firm said consumer preferences, the psychosocial benefits of aligners and technological advances are helping to drive growth.
Dental aligners “address the health, aesthetic and psychosocial aspects of malocclusion and are often more comfortable and aesthetically pleasing than traditional appliances such as braces, making them attractive to adults and increasingly popular among adolescents,” said Ashley Clarke, senior medical analyst at GlobalData.
Global data found that Align technology dominates the industry with a share of over 50%. Dentsply Sirona, on the other hand, only has a 5-6% share. However, SmileDirectClub's (OTC:SDCCQ) Chapter 11 bankruptcy filing in September 2023 has provided opportunities for others to gain market share.
Despite its market dominance, Align (ALGN) is down ~8% Year to date. In its first-quarter financial results release in April, the company behind Invisalign aligners said it expects an increase in revenue in 2024, as well as an increase in the average selling price of its aligners.
Henry Schein (HSIC) clear aligners are marketed under the brand name Reveal. Additionally, he gained access to Biotech Dental Smilers line of clear aligners through its majority stake in the French company in April 2023. The shares are ~6% less THE LAST YEAR.
Dentsply Sirona (XRAY) markets the SureSmile clear aligner. In its first-quarter financial results call earlier this month, the company said its overall aligner business grew 14% year over year and SureSmile was up 9%. Still, the actions are down ~23% since the beginning of the year.
3M(New York Stock Exchange: MMM) is another company in the aligner space to keep an eye on given their Clarity line of aligners. And although based in Switzerland, Straumann Holdings (OTCPK:SAUHF)(OTCPK:SAUHY) is one of the largest providers of aligners with its ClearCorrect line.
