Dental insurance market size will be worth around US$269.5 billion
Ottawa, May 18, 2022 (GLOBE NEWSWIRE) — The world dental insurance market size was accounted for at US$159.29 billion in 2021. Dental insurance is a type of product represented by a policy and only covers the oral health of the individual. The companies have simplified their products with selective coverages and provide a comparison of several dental services in terms of coverage and premiums for particular coverages. Moreover, dental insurance reimburses several high expenses that are imposed on the individual for the various dental services. Insurance companies have benefited from the increase in the number of higher income individuals, the increase in per capita income and the increase in the number of working class individuals.
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Among the growing dental insurance market, North America is the leading country followed by Asia-Pacific. Other competing nations in this dental insurance market are Europe, Latin America, Lamea. The regional market is expanded with the presence of major market players along with the development of technologies and advancements. People have been forced to buy dental insurance by countries like the United States.
The dental insurance market has been segmented on the basis of coverage, demographics, procedure, and end users. It was further categorized into major, basic, and maintenance or preventative procedures. The preventative segment has dominated the market and is also expected to dominate in the coming times. The report mainly focuses on the growth highlights and trends offered by the dental insurance establishments. Out-of-pocket expenses are mostly avoided through the purchase of dental insurance policies.
|Market size in 2021||$159.29 billion|
|Revenue forecasts by 2030||$269.5 billion|
|CAGR||17.9% from 2022 to 2030|
|Year of reference||2021|
|Forecast data||2022 to 2030|
|Companies covered||HDFC ERGO Health Insurance Ltd. (Apollo Munich), MetLife Services and Solutions, LLC, Delta Dental, United HealthCare Services, Inc., Aetna Inc., AFLAC INCORPORATED, Allianz, Ameritas, AXA, Cigna|
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The major drivers of the dental insurance market are the growing awareness of oral hygiene. The huge costs of health and dental services have compelled people, especially in developed countries like the United States, to buy dental insurance. The huge population belonging to the geriatric age group has also significantly boosted the market and will further increase the profits during the period 2027-2030. This major factor will lead to the tremendous growth during the forecast period. In addition to other secondary services of primary services such as tooth extraction, drainage of minor to major infectious secretions in the oral cavity, minor to major surgical procedures, treatment of infected oral nerves has also contributed to increase the size of the dental insurance market. The wide variety of conditions covered and reimbursed by the different policies also encourage people to purchase dental insurance to avoid the heavy expenses that take place during these treatments.
The market will be inhibited during the increase in medical tourism. The Covid-19 pandemic has led to a sharp decline in the market as there is an increased risk of cross infection during the examination procedure. Reduction in the number of people traveling and commuting during the lockdown period has led to the decline in the market for ancillary dental services such as periodic x-rays, examinations, cleanings, thereby disrupting the market across the globe.
Blockchain has been introduced to the dental insurance market, bringing a great boom to the industry worldwide. The growing awareness of people regarding oral hygiene and dental infections has provided a great opportunity for insurance companies. Oral cancers, dental caries, gum diseases, increasing consumption of sugary products have led to a widespread demand for dental insurance services. A faster and easier reimbursement and claims process will also encourage the masses to buy insurance and have better facilities. These factors mainly highlight the opportunities in the observed forecasts.
The challenge lies where there is a choice to be made by the geriatric age group to have general health insurance or to purchase dental insurance. Recent statistical data has shown that around 50% of this age group does not have basic health insurance as they are overburdened to pay for basic living needs of food, clothing and shelter, which has made dental insurance a subject far behind. Just as most people with health insurance have become accustomed to paying only a small amount of their income for health care, people are also beginning to expect the same from dental school. Affordability issues lead to skipping dentist visits, making the scenario worse and worse.
- The implementation of the latest technologies leads to a smooth process of claims and thus avoids the manual handling of these to further avoid malfeasance and cases of fraud.
- General insurance company ICICI Lombard has collaborated with Clove Dental which is the largest network of oral clinics in India to offer dental care.
- It will be available cashless to customers and will encompass all dental care and expenses incurred by patients under the insurance.
- Preferred Dental Provider Organizations (DPPOs)
- Dental Health Maintenance Organizations (DHMO)
- Dental insurance plans
- The elderly
Per end user
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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