Increase in awareness toward oral hygiene and protection of dental insurers against fluctuations in revenues have boosted the growth of the global dental insurance market.
PORTLAND, Ore., Sept. 16, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Dental Insurance Market by Coverage (Dental Preferred Provider Organizations (DPPO), Dental Health Maintenance Organizations (DHMO), Dental Indemnity Plans, and Others), Procedure Type (Major, Basic, and Preventive), Demographics (Senior Citizens, Adults, and Minors), and End User (Individuals and Corporates): Global Opportunity Analysis and Industry Forecast, 2020-2027". As per the report, the global dental insurance industry generated $152.26 billion in 2019, and is expected to reach $237.11 billion by 2027, growing at a CAGR 10.7% from 2020 to 2027.
Drivers, restraints, and opportunities
Increase in awareness toward oral hygiene, surge in support from various governments across the globe, and protection of dental insurers against fluctuations in revenues have boosted the growth of the global dental insurance market. However, tough profit margins, rise in advancements and developments of medicines for dental treatments, and increase in convergence of dental & health insurance hinder the market growth. On the contrary, implementation of technologies including artificial intelligence, data analytics, and cloud computing is expected to create lucrative opportunities for the market players in the coming years.
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Covid-19 scenario:
- As the U.S. economy is recovering from the Covid-19 pandemic, the dental practice activity in terms of patient volume and practice employment has increased.
- However, the repercussions of the Covid-19 outbreak are still not clear. In addition, there is a threat of the second wave of Covid-19, which could cause relapse in the dental economy.
- In addition, the sale of dental insurance premium is expected to decrease due to decrease in disposable income and reduced consumer dental spending.
The dental preferred provider organizations (DPPO) segment dominated the market
By coverage, the dental preferred provider organization (DPPO) segment dominated the market in 2019, accounting for nearly three-fifths of the global dental insurance market, as it operates with a large network and provides more flexibility. However, the dental indemnity plans segment is expected to manifest the highest CAGR of 16.2% during the forecast period, as it covers most preventive & diagnostic services at a competitive rate and covers specialized treatments such as endodontists and prosthodontists.
The individual segment to manifest the highest CAGR of 12.1% through 2027
By end user, the individuals segment is expected to portray the highest CAGR of 12.1% during the forecast period, due to purchases for dental insurance are highly expensive, and coverages largely depend on an age group of individuals. However, the corporates segment held the largest share in 2019, accounting for more than two-thirds of the global dental insurance market, as employers are lawfully required to offer certain employee benefits such as health insurance plans, workers' compensation, and disability.
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North America region held lion's share
By region, the global dental insurance market across North America held the largest share in 2019, contributing to nearly half of the market, owing to increased adoption of dental insurance in the U.S. However, the market across Asia-Pacific is expected to manifest the highest CAGR of 13.2% during the forecast period, due to emerging economies, increase in awareness toward dental insurance, and adoption of technology services in dental insurance product lines.
Major market players
- Aetna Inc.
- Allianz
- AFLAC INCORPORATED
- AXA
- Ameritas
- Delta Dental
- Cigna
- MetLife Services and Solutions, LLC
- HDFC ERGO Health Insurance Ltd. (Apollo Munich)
- United HealthCare Services, Inc.
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