Dental Insurance Market Size
Insurance is the sort of agreement that a policy represents. In the case of insurance, an insurer is reimbursed financially for a loss by the insurance company or the entity. Dental insurance is a kind of medical insurance covering only a person's dental or oral health. This insurance pays for any dental expenses the patients incur. Dental procedures are highly costly, dental problems are rising rapidly worldwide and there is an increasing awareness of dental insurance that accelerates the growth of the global market in dental insurance.
Market Highlights
Global Dental Insurance is expected to project a notable CAGR of 10.32% in 2030.
to surpass USD 454.71 billion by 2030 from USD 143.88 billion in 2020 at a CAGR of 10.36 % in the coming years, i.e., 2021-30. The size of the industry market for dental assurance has increased due to rising awareness of oral hygiene, enhanced support from various countries worldwide, and protected dental insurers from revenue changes. In the years to come, the use of technologies such as artificial intelligence, data analytics, and cloud computing is projected to provide the market players with profitable opportunities.
Global Dental Insurance: Segments
Dental Preferred Provider Organizations (DPPO) segment to grow with the highest CAGR during 2020-30
Global Dental Insurance is segmented by Product Type into Dental Indemnity Plans, Dental Health Maintenance Organizations (DHMO), Dental Preferred Provider Organizations (DPPO), and Others. By coverage, the Dental Preferred Provider Organization (DPPO), which operates with a wide network and offers more versatility, dominates the 2020 market. It accounts for almost three-quarters of the worldwide dental insurance market. However, in the projected timeframe, the greatest CAGR of XXXX % is anticipated to be in the dental compensation segment since it covers the most competitive prevention and diagnostic services and specialized therapies like endodontists and prosthodontists.
Individual segment to grow with the highest CAGR during 2020-30
Global Dental Insurance is divided by End User into Corporate and individuals. The highest level of CAGR of XX% is anticipated for individual end-users during the forecast period as dental purchases are very expensiveness and coverage ultimately depends on an age category. The company segment was the highest proportion of the world dental insurance industry in 2019, however, representing over two-thirds, because employers are legally obliged to provide certain workers perks, such as health insurance plans, compensation for workers, and disability.
Market Dynamics
Drivers
Awareness regarding oral hygiene
The expected to the domination of the global dental insurance market has been driven by the rise in knowledge of oral hygiene, increased support from governments worldwide, and protection of dental insurers from financial shocks.
Technological Advancements
In the years to come, the use of technologies such as artificial intelligence, data analytics, and cloud computing is projected to provide the market players with profitable opportunities.
Restraint
High-profit margins
Strong margins of profit, the growth in advances and development of dental medicines, and the boost in dental/health insurance convergence are hindering growth on the industry. There has also been substantial variability on the world market as economic conditions are changing.
Global Dental Insurance Market: Key Players
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CIGNA Dental
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- Envivas
- Ameritas
- United Concordia
- AXA
- Humana
- MetLife
- Aetna
- Aflac
- OneExchange
- 3M
- UnitedHealth Group Inc.
- Other Prominent Players
Global Dental Insurance: Regions
Global Dental Insurance is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. By region, the North American dental market had the largest share and accounted for almost 50% the market in 2019 because dental insurance was more and more widely accepted in the US. However, Asia Pacific's largest CAGR of 13.2 percent is anticipated in the projected timeframe because of developing countries, increased dental awareness, and the deployment of dental insurance technology services. Dental insurance is expected to support the demand of dental insurance in Asia-Pacific in recent times in emerging countries such as India and China. In addition to existing basic health insurance, the Chinese government is working to promote the implementation of commercial dental insurance and the establishment of a diverse insurance system that will satisfy the requirements of small dental care needs and the specific requests for significant dental care, thus the progress of dental insurance in this area is also driven by this.
Global Dental Insurance is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Dental Insurance report also contains analysis on:
Dental Insurance Segments:
- By Product Type
- Dental Health Maintenance Organizations (DHMO)
- Dental Indemnity Plans
- Dental Preferred Provider Organizations (DPPO)
- Others
- By End-User
- Corporate
- individuals
- Dental Insurance Dynamics
- Dental Insurance Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
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