Dental Insurance Market Size Is Projected To Reach US$ 313.0 Billion by 2027 | CAGR: 8.0%: Astute Analytica
NEW DELHI, Jan. 10, 2022 /PRNewswire/ -- The global dental insurance market is broadly affected by apathy towards dental care in emerging and underdeveloped economies. Globally, people are unaware of these issues due to lack of knowledge and awareness, including the awareness related to dental insurance services, which in turn, curtails the market growth in the underdeveloped and emerging economies. There are various types of dental problems such as tooth decay, gum disease, oral cancer, tooth erosion, and bad breath. These diseases are caused among people due to lack of awareness, poor oral hygiene, consumption of tobacco and alcohol. For instance, in India, 60%-65% of the population lives in the rural areas, in these areas, people generally chew tobacco and smoke that increases the chances of dental problems to occur. Hence, companies are focused on increasing its presence in emerging economies and awareness of diseases.
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The global dental insurance market generated a revenue of US$ 169.8 Bn in 2020 and is growing at a compound rate of 8.0% during the forecast period 2021-2027.
Several factors influencing the global dental insurance market such as continuous growth of the cosmetic dentistry, rising prevalence of dental caries and periodontal diseases, and rise in awareness towards oral hygiene drives the growth opportunity of the dental insurance market globally. Oral diseases are considered as a public health problem because of their increased prevalence with a significant social impact, as per the study, loss of teeth is the most common oral disease. Dental caries is increasing in incidence across all ages in many developing countries, including China and India.
Dental Insurance Market by Coverage
Global dental insurance market report by Astute Analytica divides coverage segment into various categories, which includes DPPO (Dental Preferred Provider Organizations), DHMO (Dental Health Maintenance Organizations), Dental indemnity plans, and others. As per the study, DPPO segment holds the highest share of 49% in the year 2020. As per the study, it is expected that DPPO will maintain its dominance with an annual rate of 9.2% during the forecast period, because there are financial incentives involved in DPPO for members to stay in the network, which is gaining a huge traction of individuals and enterprises.
Dental Insurance Market by Region
Regionally, the North America dental insurance market holds the highest share in the global dental insurance market of 40% in the year 2020. In North America, especially the U.S. has a well-developed healthcare infrastructure. The large increase in publicly funded benefits is primarily the result of improved CMS data on adults with access to Medicaid dental benefits. As per the National Association of Dental Plans (NADP), there were around 77.0% of the population with dental benefits by the end of 2016. The U.S. is the highest share holder country in North America and is projected to grow with the CAGR of 5.9% during the forecast period. The key reason supporting the market dominance is well-developed healthcare infrastructure. The large increase in publicly funded benefits is primarily the result of improved CMS data on adults with access to Medicaid dental benefits.
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Covid-19 Impact on Global Dental Insurance Market
Covid-19 outbreak adversely affected the dental insurance market due to rapid increase of unemployment, as employees are losing their jobs, many will lose their employer-sponsored dental insurance (ESDI), the unemployment rate edged down to 6.7%, as per the US Bureau of Labor Statistics.
The study of the global market shows that the market is now balanced, as the current scenario and government regulation things are getting normal, and it is expected to grow at compounded annual growth rate of 8.0% during the forecast period.
Competitors Landscape of the Global Dental Insurance Market
As per the researchers, the strength of competition is strong in the market, and it is essential for the company to produce special and ingenious offerings as the audience or customers are more advanced in such modern-day technology period. Due to the need for high capital investment in terms of legal cost, marketing expense, distribution cost, and licensing cost. Also, the intensity of competition within the essential market players in the market, due to which the new entrant be reluctant while entering the market.
Companies such as Delta, AXA, MetLife, and Cigna are the major key players in the market holding a cumulative market share of 31.5%. Top 10 players in the global marketplace hold around 44.8% of the market share and remaining market share is captured by other local and domestic players.
Market Dynamics
Drivers: Continuous growth of the cosmetic dentistry, rise in prevalence of dental caries and periodontal diseases, rise in awareness towards oral hygiene and policy changes towards health insurance.
Restraints: Apathy towards dental care in emerging and underdeveloped economies.
Opportunities: Introduction of Blockchain in the dental healthcare insurance.
Trends: Growing trend of applying braces and other dental and maxillofacial surgeries for the growing beauty standards.
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Segmental Overview of the Global Dental Insurance Market
The segmentation of global dental insurance market is divided into four major segments along with regional overview.
On the basis of Coverage Segment, the market is segmented into:
- Dental Health Maintenance Organizations (DHMO)
- Dental Preferred Provider Organizations (DPPO)
- Dental Indemnity Plans
- Others
On the basis of Procedure, the market is segmented into:
- Preventive
- Major
- Basic
On the basis of Demographics, the market is segmented into:
- Senior Citizens
- Minor
- Adults
On the basis of End-users, the market is segmented into:
- Individual
- Enterprises
- Small Enterprises
- Medium Enterprises
- Large Enterprises
On the basis of region, the market is segmented into:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The UK
- Germany
- France
- Scandinavia
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of South America
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