CHICAGO, USA, Oct. 7, 2022 /EINPresswire.com/ — The global dental insurance market size was US$182.7 billion in 2021. The global dental insurance market is expected to witness tremendous US$313.0 billion opportunity by the end of 2027 by registering a compound annual growth rate (CAGR) of 8% during the forecast period of 2022 to 2027.
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The global dental insurance market is heavily impacted by the lack of knowledge related to the benefits of dental care. Additionally, ignorance of the importance of taking early precautions to avoid oral health issues such as gum disease, dental erosion, tooth decay, bad breath, oral cancer, etc., affects the dental insurance market. However, the increasing consumption of unhealthy products like tobacco and alcohol will provide many growth opportunities for the market. For example, India has become the second largest consumer of tobacco in India after China. According to CancerIndia.org, nearly 35% of adults, or 274.5 million, use tobacco, and nearly 163.7 million use only smokeless tobacco. The same source estimates that tobacco is the main cause of 45% of cancers in men and 17% in women. Therefore, the high cost of treatments increases the need for dental insurance. Additionally, other factors such as increasing prevalence of dental caries and growing knowledge related to oral hygiene will be opportunistic for the market over the analysis period.
Dental Insurance Market by Coverage
Based on coverage, Preferred Dental Provider Organizations (DPPO) segment grabbed the highest share of 49% and is expected to grow at the fastest rate of 9.2% during the forecast period. It is due to the fact that it allows advantageous financial incentives to maintain members in the network.
Dental Insurance by Demographics
Based on demographics, the adult segment maintained its lead with a share of 51.9% in 2021. Adult dental treatment procedures take into account people aged 40 and over. Moreover, the adult segment is expected to register the highest compound annual growth rate of 9.1% in the coming years owing to the high prevalence of oral diseases and high consumption of junk foods.
Dental Insurance Market by Procedure
The preventive segment remained in the lead in 2021 with the highest share of 44.4%. The preventive dental procedure includes cleanings, dental exams and x-rays. Cleaning is required twice a year. Therefore, adding it to the insurance is a very mandatory factor. This saves money for users. The basic segment will grow at the highest CAGR of 9.5% during the analysis period.
Dental insurance plan by end users
In terms of end users, the enterprise segment held a share of 66.6% in 2021, as various business sectors offer health insurance, which also includes dental care services. Delta Dental and CIGNA, for example, offer employee dental insurance plans. Among all enterprise segments, large enterprises remain in the lead by holding the largest share of 54.7%, while the medium enterprise segment is expected to grow at the highest CAGR of 9.1% over the period. forecast.
Moreover, the growing awareness related to oral hygiene in developed economies is expected to pave the way for a new future for the individual segment, which will grow at the highest compound annual growth rate of 9.4%.
Dental Insurance Market by Region
Based on region, North America holds the lion’s share of 40% in the dental insurance market, in which the United States contributes the most due to high healthcare infrastructure. technology of the region, combined with people’s great knowledge of the benefits of dental care. Insurance. Dedicating to World Oral Health Day 2021, Delta Dental has released a study based on American oral health behaviors. According to the study, nearly 90% of Americans believe that oral hygiene is an important aspect of protecting their overall health 93% of Americans plan to visit the dentist frequently in 2021.
Apart from this, governments are also investing in their services to meet the demands of the people. For example, the Government of Canada has announced a dental plan in 2021 that falls under the Non-Insured Health Benefits (NIHB) program category. This program integrates various dental services, including examinations and radiographs (X-rays), which will benefit the population.
COVID-19 Impact Analysis
The COVID-19 outbreak has faced hurdles for the dental insurance market as it has led to a significant increase in unemployment rates. In addition, the rate of dental care services has been halted as it increases the risk of disease prevalence. The sudden decline in the demand for dental care services has hampered the growth of the dental insurance market. After the pandemic, the market is regaining its equilibrium as it has highlighted the need to be concerned about health.
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Some of the major competitors in the dental insurance market include Aetna Inc., AFLAC Inc., United Concordia, Ameritas, AXA, Cigna, Delta Dental, HDFC ERGO Health Insurance Ltd. (Apollo Munich), United HealthCare Services, Inc, OneExchange, Allianz, MetLife Services and Solutions, LLC, Envivas. Meanwhile, Delta, AXA, MetLife and Cigna have a combined market share of 31.5% in 2021.
Industry players are constantly striving to gain a competitive edge. For example, PNB MetLife, in May 2022, became the first life insurance provider in India to unveil a dental plan incorporating OPD dental benefits. Hence, such efforts are expected to propel the dental insurance market to new heights.
Segmental overview of the global dental insurance market
The global dental insurance market segmentation is bifurcated into four major segments with regional overview.
Based on coverage segment, the market is segmented into:
Dental Health Maintenance Organizations (DHMO)
Preferred Dental Provider Organizations (DPPOs)
Dental insurance plans
On the basis of procedure, the market is segmented into:
Based on demographics, the market is segmented into:
On the basis of end users, the market is segmented into:
On the basis of region, the market is segmented into:
The rest of Europe
Australia and New Zealand
Rest of Asia-Pacific
Middle East and Africa (MEA)
United Arab Emirates
Rest of MEA
Rest of South America
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