The global dental insurance market size was US$ 144.1 billion in 2021. The global dental insurance market is forecast to grow to US$ 451.7 billion by 2030 by registering a compound annual growth rate (CAGR) of 10.3% during the forecast period from 2022 to 2030.
Dental insurance is a type of health insurance that covers only the health of a person’s dentistry or oral cavity. It deducts the amount of treatment. This insurance pays the patient’s dental expenses.
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Factors Influencing the Market
Rising awareness about the significance of oral hygiene is primarily driving the growth of the global dental insurance market. In addition, other factors like growing disposable income and the growing prevalence of oral diseases will fuel the growth of the global dental insurance market during the study period.
Growing support from governments and protection of dental insurers from financial shocks will offer lucrative growth opportunities for the dental insurance market during the study period. In addition to that, technological advancements in this sector, such as the integration of artificial intelligence, data analytics, and cloud computing, will benefit the dental insurance market during the study period.
The availability of cost-effective insurance plans is expected to drive the consumer demand during the study period. On the flip side, high-profit margins may limit the growth of the dental insurance market during the study period.
Regional Analysis
North America is forecast to hold the highest share in the dental insurance market. It is owing to the growing awareness among the people of the region. Further, rising disposable income and favourable policies by government bodies will contribute to the growth of this regional dental insurance market. However, Asia-Pacific is expected to record significant growth in the dental insurance market. It is due to the rising awareness about oral health and the growing deployment of dental insurance technology services. Favourable government policies will also benefit the market. For instance, the Chinese government is promoting the implementation of commercial dental insurance, which will bring lucrative growth opportunities for the dental insurance market of the region during the forecast period.
COVID-19 Impact Analysis
The dental insurance market witnessed a dramatic impact of the COVID-19 pandemic. Due to the pandemic, the demand for dental insurance plans decreased drastically. Dental treatment requires social contact, which significantly raises the chances of virus transmission. As a result, various clinics and hospitals closed their doors. Thus, it hampered the growth of the dental insurance market.
Competitors in the Market
• CIGNA Dental
• Envivas
• Ameritas
• United Concordia
• AXA
• Humana
• MetLife
• Aetna
• Aflac
• OneExchange
• 3M
• UnitedHealth Group Inc.
• Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Dental Insurance industry experienced notable growth in its workforce. Starting in January, employment within the Dental Insurance sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Dental Insurance output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Dental Insurance output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Dental Insurance market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Dental Insurance market.
Market Segmentation
The global dental insurance market segmentation focuses on Coverage, Type, Demographics, and Region.
By Coverage
• Dental Preferred Provider Organizations (DPPO)
• Dental Health Maintenance Organizations (DHMO)
• Dental Indemnity Plans
• Others
By Type
• Major
• Basic
• Preventive
By Demographics
• Senior Citizens
• Adults
• Minors
By End-User
• Individuals
• Corporates
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America