Global Dental Insurance Market to 2027 - by Coverage, Procedure, Demographics, End-users and Region - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Dental Insurance Market, By Coverage, By Procedure, By Demographics, By End-Users, By Region, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global dental insurance market held a market value of $169.8 Billion in 2020 and is forecasted to reach $306.4 Billion by the year 2027. The market is anticipated to register a CAGR of 8.8% during the projected period.
Dental insurances or dental plans are a type of health insurance, which is structured to pay a portion of the dental care costs. The market is expected to grow owing to the factors such as the continuous growth of the cosmetic industry and the rise in the prevalence of dental caries & periodontal diseases. Moreover, rising awareness regarding oral hygiene coupled with policy changes towards health insurance is also estimated to fuel the market growth.
Despite the driving factors, apathy towards dental care in emerging as well as underdeveloped economies are expected to hinder the market growth. Furthermore, a high cost associated with dental insurance premiums is also estimated to restrict the market growth.
- Aetna Inc.
- AFLAC Inc.
- Delta Dental
- HDFC ERGO Health Insurance Ltd. (Apollo Munich)
- MetLife Services and Solutions, LLC
- United HealthCare Services, Inc
- United Concordia
A rise in the prevalence of dental caries and periodontal diseases
With the growing prevalence of dental caries and various periodontal diseases, the demand for dental insurance is also increasing. According to an article by World Health Organization, as of March 2020, about 3.5 billion people are suffering from oral diseases, and approximately 530 million children suffered from dental caries of the primary teeth. According to the National Center for Biotechnology Information, as of May 2020, the prevalence of periodontal diseases ranges between 20% to 50%. Hence, the prevalence of dental caries and periodontal diseases is increasing, which is also expected to increase the adoption of dental insurance.
Rise in awareness towards oral hygiene
Awareness regarding oral hygiene is one of the most vital aspects of human health. This has massively increased the demand for dental hygiene. Hence, this has increased the adoption of oral hygiene services, which is also expected to boost the demand for dental insurance. This is because dental insurance covers tooth removal, treatment of infected nerves, drainage of minor oral infections, and dental surgical procedures. All these factors are increasing the adoption of dental insurance, hence fueling the market growth.
The global dental insurance market is segmented based on coverage, procedure, demographics, and end-users.
- Dental Health Maintenance Organizations (DHMO)
- Dental Preferred Provider Organizations(DPPO)
- Dental Indemnity Plans
The dental preferred provider organizations (DPPO) is expected to hold the largest market share of around 49% as it provides the option to consult any licensed specialist or dentist. The dental indemnity plans segment is expected to grow at a CAGR of 7.8% owing to its cost-effectiveness and ease of use.
The basic procedure segment is expected to witness the fastest CAGR owing to its high adoption, while the preventive segment is anticipated to surpass a market value of USD 92 billion by 2023.
- Senior Citizens
The minor segment is anticipated to witness the fastest growth rate owing to the rising prevalence of dental issues in minors. The adults' segment is expected to account for a market share of 53% in 2023 owing to the rapidly rising awareness regarding dental insurance amongst adults.
- Small Enterprises
- Medium Enterprises
- Large Enterprises
The enterprises' segment accounted for the largest market share owing to the growing adoption of dental insurance by companies to provide to their employees. Within the enterprises' segment, the medium enterprises' segment witnessed a growth rate of more than 9% during the forecast period.
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Laura Wood, Senior Press Manager
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