Dental insurance provides coverages only for dental health or oral health of a person and reimburses any kind of dental costs incurred by patients. Primarily, preferred provider organizations (PPO), dental health maintenance organizations (DHMO), and indemnity plans are some of the major plan covered under dental insurance. Moreover, rise in prevalence of dental problems, increase in awareness toward dental insurance, and high cost of dental procedures globally are some of the factors that drive growth of the global dental insurance market.
According to a recent report published by Allied Market Research, titled, “Dental Insurance Market by Coverage, Procedure Type, Demographics, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global dental insurance industry was valued at $152.26 billion in 2019, and is projected to reach $237.11 billion by 2027, growing at a CAGR of 10.7% from 2020 to 2027.
Furthermore, implementation of technologies such as data analytics, artificial intelligence, and cloud computing are anticipated to boost development of the global dental insurance market in the upcoming years. However, the market faces some critical challenges such as tough profit margins, increase in convergence of dental & health insurance, and rise in advancements & developments of vaccines for dental treatments in the market.
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The dental insurance market is segmented on the basis of coverage, procedure type, demographics, end user, and region. In terms of coverage, it is segmented into Dental Preferred Provider Organizations (DPPO), Dental Health Maintenance Organizations (DHMO), Dental Indemnity Plans, and others. Based on type, it is segmented into major, basic/minor, and preventive. On the basis of demographics, it is
segmented into senior citizens, adults, and minors. By end user, it is bifurcated into individuals and corporates. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By coverage, the Dental Preferred Provider Organizations (DPPO) segment dominated the dental insurance market in 2019 and is projected to maintain its dominance during the forecast period. The major factors attributed to the growth of this segment is due to DPPO operates with a large network and provides more flexibility compared to alternative plans, with discounted services in the market.
By type, the preventive segment dominated the dental insurance market in 2019 and is projected to maintain its dominance during the forecast period. As several forms of preventive dentistry are maintaining optimal oral health coverages, recommending practices for dental hygiene, and ensuring that teeth are clean, strong, and white. These factors are therefore, driving the growth of preventive segment in the market.
By region, the global dental insurance market was dominated by North America in 2019 and is expected to maintain this trend during the forecast period. In the U.S., adoption of dental insurance has widely increased and corporates in the country are covering dental insurance for 59% of working adults, which some has become a major growth factor for the dental insurance market in the country. Therefore, adoption of dental insurance has widely increased and is expected to maintain its dominance during the forecast period.
The dental insurance industry has experienced decline in revenue, owing to the global fear of virus, economic effects of the pandemic, and reduction in demand for dental services in the market. Conversely, owing to improvement in the global economy, implementation of several guidelines by governments to overcome the negative impact, and development in existing dental insurance policy are some of the factors expected to boost the dental insurance market in the upcoming years.
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Key Findings Of The Study
The key players profiled in the dental insurance market analysis are Aetna Inc., AFLAC INCORPORATED, Allianz, Ameritas, AXA, Cigna, Delta Dental, HDFC ERGO Health Insurance Ltd. (Apollo Munich), MetLife Services and Solutions, LLC, and United HealthCare Services, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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