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 a lack of knowledge and awareness, including awareness related to dental insurance services, which in turn hinders the growth of the market in underdeveloped and emerging economies. There are different types of dental problems such as tooth decay, gum disease, oral cancer, dental erosion and bad breath. These diseases are caused in people due to lack of awareness, poor oral hygiene, tobacco and alcohol consumption. For example, in India, 60% to 65% of the population lives in rural areas, in these areas people usually chew tobacco and smoke, which increases the risk of dental problems. Therefore, the companies are focusing on increasing its presence in emerging economies and raising disease awareness.
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The global dental insurance market generated a turnover of US$169.8 billion in 2020 and grows 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 in cosmetic dentistry, increasing prevalence of dental caries and periodontal disease, and rising awareness of oral hygiene are driving growth opportunities of the global dental insurance market. Oral diseases are considered a public health problem due to their increased prevalence with significant 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 several categories including DPPOs (Dental Preferred Provider Organizations), DHMOs (Dental Health Maintenance Organizations), Dental Indemnity Plans, etc According to the study, 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, as 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 in the global dental insurance market of 40% in 2020. In North America, especially the United States has a well-developed healthcare infrastructure. The large increase in publicly funded benefits is primarily the result of improved CMS data on adults accessing Medicaid dental benefits. According to the National Association of Dental Plans (NADP), approximately 77.0% of the population had dental coverage at the end of 2016. The United States is the largest plan-holding country in North America and is expected to grow with a CAGR of 5.9% over the forecast period. The major reason for market dominance is well-developed healthcare infrastructure. The large 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 rapidly rising unemployment as employees lose their jobs, many will lose their employer sponsored dental insurance (ESDI), the rate of unemployment fell slightly to 6.7%, according to the United States. Bureau of Labor Statistics.
The global market survey 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.
Landscape of Global Dental Insurance Market Competitors
According to the researchers, the competition is high in the market and it is essential for the company to come up with special and resourceful offers because the audience or customers are more advanced in such a modern technological period. Due to the need for high capital investments in terms of legal fees, marketing fees, distribution fees and license fees. Also, the intense competition among the major market players in the market, 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 combined 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.
Drivers: Continued growth in cosmetic dentistry, increased prevalence of dental caries and periodontal disease, oral hygiene awareness, and policy shifts toward health insurance.
Constraints: Apathy toward dental care in emerging and underdeveloped economies.
Opportunities: Introduction of Blockchain in dental insurance.
Tendencies: Growing trend of applying braces and other dental and maxillofacial surgeries for rising beauty standards.
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Segmental overview of the global dental insurance market
The global dental insurance market segmentation is bifurcated into four major segments with regional overview.
Based on coverage segment, the market is segmented into:
On the basis of procedure, the market is segmented into:
Based on demographics, the market is segmented into:
On the basis of end users, the market is segmented into:
On the basis of region, the market is segmented into:
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SOURCE Clever Analytics