The global dental insurance market is expected to grow with an annual rate of 8.0% in the forecast period of 2021 to 2027.
The global dental insurance market growth is attributed to various factors such as rising awareness towards oral hygiene, Oral diseases are considered as a public health problem because of their increased prevalence with a significant social impact. Incidences of dental caries are increasing across all ages. As per the key facts published by the World Health Organization, in March 2020, it was estimated that oral diseases affected nearly 3.5 billion people. The rising prevalence of oral diseases globally along with its expensive treatment is driving the growth of the dental insurance market across the globe. As compared to the underdeveloped and emerging economies of the Asia Pacific and Middle East and Africa, the purchasing rate of dental insurance is high in developed economies of the North America and Europe, such as the US, UK, Germany, and France.
The highest share demand is projected from the end users – individuals, among that three-fourth of which is alone by enterprises. The dental insurance for individuals contributed 32% share in the dental insurance market in 2020 and is expected to project the highest CAGR of 8.5% during the forecast period. The increasing awareness related to oral hygiene in developed economies and increase in number of dental insurance plans for the family is augmenting the segmental growth in the market.
Global Dental Insurance Market- by Demographics
As per the research study, adults segment holds highest share 53% in the year 2020 and is anticipated to hold the major dominance by 2027. The individuals aged 20 and above are considered while analyzing the market share. The adults are estimated to be the major user of dental insurance and is anticipated to grow at a CAGR of 8.1% over the forecast period. All range of dental treatment procedures are applicable for adult and during the age period of 40 and above, the adults witness several dental surgeries, including implants and others.
As per the analysis, in the global dental insurance market, minors are expected to propel the market growth rate with the highest CAGR of 8.3% during the forecast period. The rising prevalence of oral diseases due to the high intake of junk food is supporting the segmental growth in the dental insurance market.
Regional Overview of the Global Dental Insurance Market
Regionally, North America dental insurance market holds the highest share in the global dental insurance market. In 2020, the North America dental insurance market contributed to the largest share of around 40%, as the preventive procedures contributes the largest in the dental insurance market with adults being the major demographics in the market. The enterprises are the major end-users of dental insurance, with market share of 68% in the dental insurance market in North America.
As per the analysis, Europe dental insurance market held the second dominant position, with a market share of around 27%, in 2020. The Asia Pacific dental insurance market is projected to grow with a higher annual rate of 12.2% during the forecast period as the rising awareness regarding the dental insurance services and the huge patient base for oral health services is further expected to augment the market growth in Asia Pacific during the forecast period.
Impact of Covid – 19 on the Global Dental Insurance Market
Covid – 19 pandemic hit economy in several ways, the employees were losing their jobs, many people lost their employer-sponsored dental insurance (ESDI). Therefore, many ESDI will be cancelled, owing to which, many are at risk of losing access to dental care services with insurance coverage.
As per the US Bureau of Labor Statistics, total nonfarm payroll employment rose by 245,000 in November, and the unemployment rate edged down to 6.7%. However, it is forecasted that global dental insurance market will grow at a CAGR of 8.8% in the predicted period.
Competitors Landscape - Global Dental Insurance Market
As per the analysis, the global dental insurance market is observed to be monopolistic competition in nature and is expected to shift towards oligopoly nature in the forecast period. Some major market players such as Delta, Metlife, Cigna, AXA, and others hold around 44.8% of the global dental market share and rest is captured by other local players.
The data triangulation of the market shows that the bottom end of the pyramid consists of local companies and small-scale players; whereas top of the pyramid includes the section of key players that include, Delta Dental, MetLife Inc., Aetna Inc., CIGNA, and others.
Segmental Overview of Global Dental Insurance Market
The global dental insurance market is analyzed on the basis of insurance coverage, namely dental health maintenance organizations (DHMO), dental preferred provider organizations (DPPO), dental indemnity plans, and others. Among these insurance coverages, the DPPO contributes the highest share of around 49% in the dental insurance industry and expected to retain its dominant position by exhibiting the highest CAGR of 8.3% during the forecast period 2021-2027. The reason behind the dominance are financial incentives involved in DPPO for members to stay in the network, which is gaining a huge traction of individuals and enterprises.
The segmentation of global dental insurance market is divided into:
By Coverage
By Procedure
By Demographics
By End-users
By Region
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