New Delhi, June 15, 2022 (GLOBE NEWSWIRE) — The global dental insurance market was valued at US$182.7 billion in 2021 and is expected to reach US$313.0 billion by 2027. The market is expected to record a CAGR of 8.0% over the forecast period.
Dental insurance is a type of health insurance that is designed to pay for a certain cost associated with dental care. Dental insurance helps cover the costs of dental care, ranging from basic preventative coverage to major dental work, depending on the type and extent of the insurance plan. Periodontal disease and dental caries have been considered the greatest global burdens on oral health.
Factors such as the continued growth of cosmetic dentistry, increasing prevalence of dental caries and periodontal disease, increased awareness of oral hygiene, and changes in health insurance policy are driving growth of the global dental insurance market over the forecast period. Rising disposable income and aesthetic awareness are driving the global growth of cosmetic dentistry. Removing stains from teeth, reshaping teeth, professional teeth whitening, filling gaps and fissures, fitting crowns, veneers, bridges, dentures, dental implants and restorations Oral through dental fillings are different procedures of cosmetic dentistry. Additionally, with the rising prevalence of oral diseases globally and its costly treatment, the growth of the dental insurance market across the globe is boosted. Additionally, the introduction of blockchain in dental insurance creates an opportunity for lucrative growth in the market. However, apathy towards dental care in emerging and underdeveloped economies is limiting the market growth. Due to lack of awareness, poor oral hygiene, tobacco and alcohol consumption, various dental problems such as tooth decay, gum disease, oral cancer, erosion of the teeth and bad breath are caused.
- Based on coverage, DHMO (Dental Health Maintenance Organizations) segment holds the highest share in 2021 and is also expected to grow at the highest CAGR during the forecast period. It is a type of managed care services, in which a network of qualified dentists provides inclusive and affordable care to families and individuals.
- In terms of procedure type, the primary segment held the largest market share in 2021. The primary dental procedures include crowns, root canals, dentures, bridges, or implants. While the preventive segment is expected to grow at the highest CAGR over the forecast period as these procedures are 100% covered by dental insurance services.
- Based on demographics, minor segment is estimated to hold the largest share in 2021 owing to high consumption of junk foods, thereby supporting the segmental growth of the dental insurance market. While the adult segment is expected to hold at the highest CAGR, with adults estimated to be the primary user of dental insurance.
- On the basis of end-user, the corporate segment holds the highest share of the dental insurance market in 2021, as the corporate segment provides health insurance (including dental insurance) to its employees. While the individual segment is expected to grow at the highest CAGR during the forecast period. Rising awareness of oral hygiene in developed economies and increasing number of family dental insurance plans are increasing the segmental growth of the market.
- By region, North America is the dominant region in the dental insurance market due to the growing number of dental treatments in the developed countries in the region. While Asia-Pacific region in the global dental insurance market is expected to grow at the highest CAGR during the forecast period owing to increasing population, GDP growth and healthcare expenditure and technological advances in the region.
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|Market size value in 2021||US$182.7 billion|
|Market Outlook for 2027||US$313.0 billion|
|Expected CAGR Growth||8.0%|
|Main market players||Aetna Inc., AFLAC Inc., Allianz, Ameritas, AXA, Cigna, Delta Dental, HDFC ERGO Health Insurance Ltd. (Apollo Munich), MetLife Services and Solutions, LLC and among others|
|Segments Covered||By coverage, by procedure, by demographics, by end users, by region|
|Geographical areas covered||North America, Europe, Asia-Pacific, South America, Middle East and Africa|
|Personalization options||Get your personalized report according to your preferences. Ask for customization|
- Aetna Inc. (Aetna), a subsidiary of CVS Health Corp, is a healthcare company. It offers a range of traditional, voluntary and consumer-oriented health insurance products and related services. The company offers insurance products for medical, dental, pharmaceutical, behavioral health, long-term care, medical loss stoppage, group life and disability insurance. In addition, it also offers Medicare healthcare management services, Medicare Advantage and Medicare supplemental plans, and workers’ compensation administrative services.
- Ameritas Life Insurance Corp. (Ameritas), a subsidiary of Ameritas Mutual Holding Co, is an insurance services provider. The company offers a wide range of insurance solutions, which includes life insurance, whole life insurance, term insurance, disability insurance and pension plans. Additionally, it also offers dental plans, vision care plans, hearing care plans, annuities, and investment solutions.
- MetLife Inc. (MetLife) is a provider of insurance, employee benefits, annuity and asset management products and services. It offers term life, variable life, universal life, dental, vision and accident and sickness, group short and long term disability, individual disability, critical illness and accidental death and dismemberment insurance products.
The global dental insurance market is highly competitive to increase its presence in the market. Some of the major players operating in the global dental insurance market include Aetna Inc., AFLAC Inc., Allianz, Ameritas, AXA, Cigna, Delta Dental, HDFC ERGO Health Insurance Ltd. (Apollo Munich), MetLife Services and Solutions, LLC and among others.
Introduction to Segmentation
The global dental insurance market is segmented on the basis of coverage, procedure, demographics, end users, and region. The industry trends in the dental insurance market are sub-divided into different categories to get a holistic view of the global market.
Here are the different segments of the global dental insurance market:
By hedging segment of the Global Dental insurance The market is sub-segmented into:
- Dental Health Maintenance Organizations (DHMO)
- Preferred Dental Provider Organizations (DPPOs)
- Dental insurance plans
Per procedural segment of the Global Dental insurance The market is sub-segmented into:
By demographic segment of the Global Dental insurance The market is sub-segmented into:
- The elderly
By end-user segment of the Global Dental insurance The market is sub-segmented into:
- Small enterprises
- Medium Enterprises
- Large companies
By regional segment of the Global dental insurance The market is sub-segmented into:
- North America
- Great Britain
- The rest of Europe
- Asia Pacific
- Australia and New Zealand
- Rest of Asia-Pacific
- Middle East and Africa (MEA)
- United Arab Emirates
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
For more information on the market with a table of contents and detailed figures, click here: https://www.astuteanalytica.com/industry-report/dental-insurance-market
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