Portland, OR, November 17, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the Indian dental insurance market generated $ 672.83 million in 2020 and is expected to reach $ 3.65 billion by 2030, exhibiting a CAGR of 18.5% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimates and major players.
The increase in oral hygiene awareness and increased government support and initiatives regarding dental insurance policy has led to the development of the Indian dental insurance market. On the other hand, the convergence of dental and health insurance and advancements in dental vaccines, along with tough profit margins, are hampering market growth. 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 closures, 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 economic recession induced by COVID-19 and the reduction in people’s disposable income has led insurers to freeze sales of new coverage for dental insurance.
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 forecast period. On the other hand, the dental compensation plans segment is expected to experience 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 over two-fifths of the total market share, and is expected to dominate the market during the forecast period. On the other hand, the main segment should manifest the Fastest CAGR 20.3% from 2021 to 2030.
On an end-user basis, the individual segment contributed the highest share in 2020, holding nearly three-quarters of the total share, and is expected to maintain its dominance throughout the forecast period. The same segment is expected to represent the fastest CAGR of 19.1% during the forecast period. The report also covers the business segment.
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The major Indian dental insurance market players 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 arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information 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 towards delivering high quality data and information. We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is taken from primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.