NEW DELHI, January 10, 2022 / PRNewswire / – The global dental insurance market is largely 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 awareness related to dental insurance services which in turn restricts the growth of the market in 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 in people due to lack of awareness, poor oral hygiene, tobacco and alcohol use. For example, in India, 60% -65% of the population live in rural areas, in these areas people usually chew tobacco and smoke, which increases the risk of dental problems. Therefore, companies are focusing on increasing its presence in emerging economies and raising awareness of diseases.
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The global dental insurance market generated a turnover of US $ 169.8 billion 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 continued growth of cosmetic dentistry, increasing prevalence of dental caries and periodontal disease, and awareness of oral hygiene are driving growth opportunities of the dental insurance market in the world. Oral diseases are considered a public health problem due to their increased prevalence with high social impact, according to the study, tooth loss is the most common oral disease. The incidence of dental caries is increasing at all ages in many developing countries, including China and India.
Dental Insurance Market By Coverage
Astute Analytica’s Global Dental Insurance Market report divides the coverage segment into various categories which include DPPO (Dental Preferred Provider Organizations), DHMO (Dental Health Maintenance Organizations), Plans dental compensation and others. According to the study, the DPPO segment holds the highest share of 49% in 2020. According to the study, DPPO is expected to 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 huge traction from individuals and businesses.
Dental Insurance Market by Region
At the regional level, the North America The dental insurance market holds the highest share of the global dental insurance market with 40% in 2020. As of North America, particularly the United States has a well-developed health care infrastructure. The sharp increase in publicly funded benefits is primarily the result of improved CMS data on adults accessing Medicaid dental benefits. According to the National Dental Plans Association (NADP), approximately 77.0% of the population had dental insurance at the end of 2016. The United States is the largest shareholder country in North America and is expected to grow with a CAGR of 5.9% during the forecast period. The main reason behind market dominance is a well-developed healthcare infrastructure. The sharp increase in publicly funded benefits is primarily the result of improved CMS data on adults accessing Medicaid dental benefits.
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Impact of Covid-19 on the Global Dental Insurance Market
The Covid-19 outbreak has hurt the dental insurance market due to the rapid rise in unemployment as employees lose their jobs, many will lose their employer sponsored dental insurance (ESDI), the rate of Unemployment edged down to 6.7%, according to 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 become normal, and it is expected to grow at a compound annual growth rate of 8.0% during the forecast period.
Competitor landscape of the global dental insurance market
According to the researchers, the competition is strong in the market and it is essential for the company to produce special and ingenious offers, as the public or the customers are more advanced in such modern technological period. Due to the need for a high capital investment in terms of legal cost, marketing cost, distribution cost and license cost. Also, the intensity of competition within the essential market players, due to which the new entrant is reluctant to enter 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%. The top 10 players in the global market hold around 44.8% of the market share and the remaining market share is captured by other local and national players.
Conductors: Continued growth in cosmetic dentistry, increased prevalence of dental caries and periodontal disease, increased awareness of oral hygiene and changes in health insurance policy.
Constraints: Apathy towards dental care in emerging and underdeveloped economies.
Opportunities: Introduction of Blockchain in dental care insurance.
Tendencies: Growing trend of applying orthodontic appliances and other dental and maxillofacial surgeries for increasing beauty standards.
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Sector Overview of the Global Dental Insurance Market
The segmentation of the global dental insurance market is divided into four main segments along with a regional overview.
On the basis of the coverage segment, the market is segmented into:
- Dental health maintenance organizations (DHMO)
- Preferred Dental Provider Organizations (DPPO)
- Dental compensation plans
On the basis of the procedure the market is segmented into:
On the basis of demographics the market is segmented into:
- The elderly
On the basis of end users, the market is segmented into:
- Small enterprises
- Medium-sized enterprises
- Large companies
On the basis of region the market is segmented into:
- North America
- Great Britain
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa (AEM)
- United Arab Emirates
- Saudi Arabia
- South Africa
- Rest of the MEA
- South America
- Rest of South America
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SOURCE Clever Analytica