Market Research Future (MRFR) has published on the “Global Dental Insurance Market”.
The dental insurance market is estimated to register a CAGR of 9.50% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global dental insurance market - Delta Dental, Allianz, MetLife Services and Solutions, LLC, Cigna, Aetna Inc., United HealthCare Services, Inc., AFLAC INCORPORATED, HDFC ERGO Health Insurance Ltd. (Apollo Munich), Ameritas, and AXA.
Dental Insurance Market Highlights
The global dental insurance market is accounted to register a CAGR of 9.50% during the forecast period and is estimated to reach USD 431.143 billion by 2032.
The dental insurance market is expected to develop due to increased government support on a global scale, protection for dental insurers against changes in yields, prices, and revenues, and increased awareness of oral hygiene. The market's growth is, however, hampered by the rising convergence of dental insurance coverage in health insurance plans and the breakthroughs and improvements of medications for dental treatments. On the other hand, dental insurance providers have a lot of chances when they use technology to give value-added services to their clients. Furthermore, by bolstering regulations to promote the growth of the dental insurance sector, growing economies present big potential for insurers to grow their business.
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Segment Analysis
The global dental insurance market has been segmented into coverage, procedure, demographics, and end user.
On the basis of coverage, the market is segmented into Dental Preferred Provider Organizations (DPPO), Dental Health Maintenance Organizations (DHMO), Dental Indemnity Plans, and Others. The Dental Preferred Provider Organizations (DPPO) segment was attributed to holding the largest market share in 2022 because individuals can choose their dental care providers with more freedom and flexibility due to dental PPOs. Patients who enroll in dental PPOs usually receive a list of preferred providers who have consented to accept a reduced service price schedule.
Based on procedure, the global dental insurance market has been segmented into Major, Basic, and Preventive. The preventive segment was expected to hold the largest market share in 2022. Preventative care insurance includes guarding against oral health issues like cavities, gum disease, and chipped enamel. The industry is being propelled forward mostly by the increasing demand for dental insurance, which falls under the umbrella of preventative insurance.
Based on demographics, the global dental insurance market has been segmented into Senior Citizens, Adults, and Minors. The senior citizens segment was expected to hold the largest market share in 2022. Due to rising life expectancy, the population of many countries, including the US, is aging. This demographic trend is making senior adults more and more visible in the dental insurance market. In addition, elder individuals are more likely to experience dental health issues such gum disease, tooth decay, and tooth loss.
Based on end user, the global dental insurance market has been segmented into Individuals and Corporates. The corporates segment was expected to hold the largest market share in 2022. Employers can afford to offer dental coverage to their staff members through their health insurance plans, frequently on a worldwide basis. Prospective employees actively search for these safeguards in potential companies, as many businesses provide them as a perk to their staff.
Regional Analysis
The global dental insurance market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe dental insurance market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The dental insurance market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World dental insurance market comprises of Middle East, Africa, and Latin America.
The largest market share for dental insurance was maintained by the North American regional sector. North American insurance firms provide comprehensive dental plans with state-of-the-art features by making it easy for their clients to receive the answers they need. In addition, Canadians primarily rely on employer-sponsored insurance plans, private insurance, government initiatives, and self-payment for dental treatment.
Moreover, the Europe market has been persistently growing over the forecast period. The region's rapid rise has been facilitated by emerging economies, a growing public awareness of the need for dental insurance, and an expanding number of dental clinics using technological services. This has led to this movement swiftly becoming as one of the most notable in the area.
Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. In the Asia-Pacific area, people's understanding of the value of dental health is expanding. People are taking a more proactive approach to preserving their oral health, which includes going to the dentist for preventative treatment and routine checkups. The need for dental insurance to cover these expenses is fueled by this awareness.
Furthermore, the rest of the world's dental insurance market is divided into the Middle East, Africa, and Latin America. Over the forecast period, the dental insurance market in the rest of world is anticipated to grow at the fastest rate. In this area, private insurers play a crucial role in providing dental insurance; yet, their range of coverage options is restricted and uniform. Patients may be less inclined to spend money on dental care and dentists in the area may not be as well-known as medical professionals in other regions of the nation.
Key Findings of the Study
- The global dental insurance market is expected to reach USD 431.143 billion by 2032, at a CAGR of 9.50% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market due to expanding people's understanding of the value of dental health.
- Based on coverage, the Dental Preferred Provider Organizations (DPPO) segment was attributed to holding the largest market in 2022, with an approximate market share of 45%.
- Delta Dental, HDFC ERGO Health Insurance Ltd. (Apollo Munich), Allianz, MetLife Services and Solutions, LLC, Cigna, Aetna Inc., United HealthCare Services, Inc., AFLAC INCORPORATED, Ameritas, and AXA.
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Companies Covered | 15 |
Pages | 128 |
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