Growing at a CAGR of 10.7% Dental insurance market size expected to reach $237.11 billion by 2027 – InsuranceNewsNet

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Dental insurance only covers a person’s dental health or oral health and reimburses any type of dental costs incurred by patients. Primarily, Preferred Provider Organizations (PPOs), Dental Health Maintenance Organizations (DHMOs), and Indemnity Schemes are some of the major schemes covered by dental insurance. Additionally, rising prevalence of dental problems, increased awareness of dental insurance and high cost of dental procedures globally are some of the factors driving the growth of the global dental insurance market.

According to a recent report published by Allied Market Researchentitled “dental insurance market By Coverage, Procedure Type, Demographics, and End User: Opportunity Analysis and Industry Forecast, 2020-2027“, the global dental insurance industry was valued at $152.26 billion in 2019, and should reach $237.11 billion by 2027, growing at a CAGR of 10.7% from 2020 to 2027.

Furthermore, the implementation of technologies such as data analytics, artificial intelligence, and cloud computing is expected to boost the development of the global dental insurance market in the coming years. However, the market is facing critical challenges such as tough profit margins, increasing convergence of dental and health insurance, and increasing progress and developments of vaccines for dental treatments in the market.

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The dental insurance market is segmented on the basis of coverage, type of procedure, demographics, end user, and region. In terms of coverage, it is segmented into Preferred Dental Provider Organizations (DPPO), Dental Health Maintenance Organizations (DHMO), Dental Indemnity Schemes and Others. Based on type, it is segmented into major, basic/minor, and preventive. Based on demographics, it is
segmented into seniors, adults and minors. By end user, it is divided into individuals and businesses. Region wise, the market is analyzed through North America, Europe, Asia Pacificand LAMEA.

By coverage, Preferred Dental Provider Organizations (DPPO) segment dominated the dental insurance market in 2019 and is expected to maintain its dominance during the forecast period. The major factors attributed to the growth of this segment are due to the fact that DPPO works with a large network and offers more flexibility compared to alternative plans, with discounted services in the market.

By type, the preventative segment dominated the dental insurance market in 2019 and is expected to maintain its dominance during the forecast period. As several forms of preventative dentistry maintain optimal oral health coverages, recommend dental hygiene practices and ensure teeth are clean, strong and white. Hence, these factors are driving the growth of the preventative segment in the market.

By region, the global dental insurance market was dominated by North America in 2019 and is expected to maintain this trend over the forecast period. In the WE, the adoption of dental insurance has increased significantly and companies across the country cover dental insurance for 59% of working adults, which has become for some a major growth factor for the dental insurance market in the country. Hence, the adoption of dental insurance has largely increased and is expected to maintain its dominance over the forecast period.

The dental insurance industry has seen a drop in revenue due to the global fear of the virus, the economic effects of the pandemic, and reduced demand for dental services in the market. Conversely, due to the improvement in the global economy, the implementation of several directives by the governments to overcome the negative impact and the development of the existing dental insurance policy are some of the factors that are expected to boost the dental insurance market in the years to come.

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Main results of the study

  • By coverage, the Dental Preferred Provider Organizations (DPPO) segment dominated the dental insurance market size, in terms of revenue, in 2019.
  • By end user, the enterprise segment accounted for the highest share in 2019.
  • By region, North America generated the highest revenues in 2019.

Major players profiled in the Dental Insurance Market analysis are Aetna Inc., AFLAC INCORPORATED, Allianz, Ameritas, AXACigna, Delta Dental, HDFC ERGO Health Insurance Ltd. (Apollo Munich), MetLife Services and Solutions, LLCand United HealthCare Services, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

About Us

Allied Market Research (AMR) is a full-service market research and business advisory wing of Allied Analytics LLP situated at Portland, OR. Allied Market Research provides global enterprises as well as medium and small businesses with unparalleled 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.

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 executives from leading companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

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