Portland, OR, Nov. 17, 2021 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the Indian dental insurance market generated $672.83 million in 2020 and is projected to reach $3.65 billion by 2030, growing at a CAGR of 18.5% from 2021 to 2030. The report offers an in-depth analysis of market size, emerging and current trends, future estimates and major players.
Rising awareness about oral hygiene and increasing government support and initiatives regarding dental insurance policy has led to the development of the Indian dental insurance market. On the other hand, a convergence of dental and health insurance and advancements in dental vaccines, along with tough profit margins are hampering the growth of the market. On the contrary, the implementation of technologies in current products and the untapped potential of developing economies create more lucrative opportunities.
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- Strict lockdowns, the imposition of social distancing, and an increased number of COVID-19 positive patients have largely affected dental insurance providers. This has resulted in massive damage to the insurance industry in the country.
- The COVID-19-related economic recession and people’s reduced disposable income have led insurers to freeze sales of new dental insurance coverage.
The report segments the Indian dental insurance market on the basis of type, coverage, demographics, and end user.
Based on coverage, the Preferred Dental Provider Organizations (DPPO) segment accounted for the largest market share in 2020, contributing nearly three-fifths of the total share, and is expected to maintain its lead throughout the period. forecast. On the other hand, the dental indemnity plan segment is expected to witness the fastest CAGR of 23.3% from 2021 to 2030.
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On the basis of type, the preventive segment contributed the highest market share in 2020, attributing more than two-fifths of the total market share, and is expected to dominate the market during the forecast period. On the other hand, the major segment should manifest the Fastest CAGR by 20.3% from 2021 to 2030.
On the basis of end-user, the individual segment contributed the highest share in 2020, holding almost three quarters of the total share, and is expected to maintain its dominance throughout the forecast period. The same segment is expected to show the fastest CAGR of 19.1% during the forecast period. The report also covers the corporate segment.
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Key players of India dental insurance market analyzed in the research include Allianz, AXA, Aetna Inc., Cigna, ICICI Prudential, Cholamandalam MS General Insurance Company Ltd, HDFC ERGO Health Insurance Ltd. (Apollo Munich), Life Insurance Corporation of India, Tata AIG General Insurance Company Limited, MetLife Services and Solutions, LLC.
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dental insurance market Expected to reach $237.11 billion by 2027
health insurance market Expected to reach $4,153.32 billion by 2028
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.