The latest report by IMARC Group, titled “Dental Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global dental insurance market size reached US$ 173.2 Billion in 2021. Dental insurance covers the cost of dental treatments, basic dental care, accidental tooth damage, oral examinations, as well as X-rays. The insurance is designed to pay a portion of the costs associated with treating dental conditions and preventive dental care. It includes the payment of monthly premiums, along with partial or complete coverage against dental procedures, such as fillings, root canal, oral surgeries, and tooth extractions.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Dental Insurance Market Trends:
The market is primarily driven by increasing awareness and enhanced information dissemination regarding the importance of oral hygiene. Oral illnesses such as gingivitis, tooth decay, oral cancer, and broken teeth are major health problems that cause pain, discomfort, disfigurement, and sometimes death. In addition, rapid urbanization is changing dietary patterns and increasing the consumption of sugary food products, which is further increasing the instances of dental illnesses. Moreover, governments across various countries are implementing measures to support patients with dental insurance. They are also protecting dental insurers against fluctuations in revenues, prices, and yields, which, in turn, is significantly influencing the market growth. Furthermore, dental insurance providers are offering value-added services to customers to provide a smooth claim process, avoid manual claim settlement processes, and prevent insurance fraud, over-diagnosis and diagnostic errors, which is also creating numerous growth opportunities for the market. Looking forward, the market is expected to reach a value of US$ 290.5 Billion by 2027, exhibiting a CAGR of 8.60% during the forecast period (2022-2027).
- Based on the coverage, the market has been segmented into dental preferred provider organizations, dental health maintenance organizations, dental indemnity plans, and others.
- On the basis of the demographics, the market has been classified into senior citizens, adults, and minors.
- The market has been categorized based on the end user into individuals and corporates.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Aetna Inc. (CVS Health Corporation), Aflac Inc., Allianz SE, Ameritas Life Insurance Corp., Axa S.A., Cigna Health and Life Insurance Company, Delta Dental Plans Association, MetLife Inc., United Concordia (Highmark Inc.), and United HealthCare Services Inc.
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