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The global dental insurance market was valued at US$ 169.8 Bn in 2020 and is expected to see an opportunity to grow by US$ 313.0 Bn by the end of 2027. The market is growing at a CAGR of 8.0% during the forecast period.
The report examines the global dental insurance market from 2017 to 2027, considering 2017 – 2020 the historic year, the base year of 2021, and the forecast period of 2022 to 2027. The market represents several factors that influence the growth opportunity of the market. The report provides analysis detailed across 17 chapters, totaling 187 pages, with 45 extensive data tables, and 102 figures.
Due to the continuous growth of cosmetic dentistry, the demand for cosmetic services is trending in major economies such as the US and EU regions, various cosmetic dentistry procedures include removing teeth stains, reshaping teeth, professional teeth whitening, filling gaps and cracks, placing crowns, veneers, bridges, dentures, dental implants, and oral restorations through dental fillings. Moreover, 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 the Middle East and Africa, the purchasing rate of dental insurance is high in developed economies of North America and Europe, such as the US, UK, Germany, and France.
The market research report on the global dental insurance market provides an in-depth study of the global marketplace. The region tracked and analyzed in the market includes – North America, Europe, Asia Pacific, Middle East & Africa, and South America for the study of growth opportunities in the dental insurance market. As per the study, the North America dental insurance market holds the highest share of 40.7% across the globe, in a period of 10 years (2017-2027). The North America dental insurance market is estimated to register around twice the base-year growth, from around US$ 169.8 billion in 2020 to US$ 304.94 billion by the end of the year 2027. North America, especially the U.S., has a well-developed healthcare infrastructure. The major growth in publicly funded benefits is primarily the result of improved CMS data on adults with access to Medicaid dental benefits. As per the National Association of Dental Plans (NADP), there were around 249.1 million Americans or 77.0% of the population with dental benefits by the end of 2016. The Asia Pacific (except Japan) dental insurance market is expected to project the highest CAGR of 12.2% during the forecast period. China is projecting a rapid development, with the introduction of several reforms by the government for the enhancement of healthcare services.
Europe dental insurance market held the second dominant position, with a market share of around 27% in the year 2020. Dental care has become a priority for European policymakers as the European countries extend statutory dental care coverage recognizing the importance of prevention of types of oral diseases. In almost all countries, dental care is funded to a greater extent by private patient payments than other health care sectors.
Report Glimpse of the Global Dental Insurance Market
The rising prevalence of dental care & periodontal diseases, rising awareness towards oral hygiene, and continuous growth of cosmetic dentistry drive the growth and opportunity in the dental insurance market. The report provides a 360 view of the global dental insurance market including Covid – 19 impact on the market, growth factors and the challenges faced by the market, market share analysis of key players in the market.
The report also provides our readers with a price analysis from 2017 to 2027, comparing all the regions includes in the report. It also highlights the market outlook; all the segments are compared to give a complete knowledge of the market. Segments studied include coverage, procedure type, demographic, and end-users.
The dental insurance market is analyzed for end-users, into individuals and enterprises. Among these end-users, the enterprises are the major end-users of dental insurance, holding a market share of around 66.6%. Moreover, individuals are expected to project the highest CAGR of 8.5% in the dental insurance market during the forecast period.
Covid – 19 Impact on Global Dental Insurance Market
Covid – 19 outbreaks impact a rapid increase in unemployment, many will lose their employer-sponsored dental insurance (ESDI), the report shows total nonfarm payroll employment rose by 245,000 in November, and the unemployment rate edged down to 6.7%, as per the US Bureau of Labor Statistics.
The report also provides a graphical representation of covid – 19 impacts, which shows a zig-zag shape in the graph, highlighting coronavirus impact on the market and how the market is the recovery now and as per the study it’ll be stabilized by end of 2027.
Competitors in the Market: Key Players
The report covers detailed profiles of prominent players in the market at a global level. Details covered in the report for companies are business overview, strategic outlook, product list, company financials, key details, and recent developments of the companies. The key player's profiles included in the report are Aetna Inc., AFLAC Inc., Allianz, Ameritas, AXA, Cigna, Delta Dental, HDFC ERGO Health Insurance Ltd. (Apollo Munich), MetLife Services and Solutions, LLC, United HealthCare Services, Inc, OneExchange, Envivas, and United Concordia.
Segmentation Overview of Global Dental Insurance Market
The preventive dental procedure includes teeth examinations, cleanings, and X-rays during an average dental checkup. These procedures are 100% covered in dental insurance services. In 2020, the Preventive segment holds the highest share 44.4%, as it saves money over the long run; therefore, a considerable adoption of dental insurance is witnessed for preventive dental treatment procedures across the globe.
The segmentation of the global dental insurance market is divided into:
|Market Size Value in 2020||US$ 169.8 Bn|
|Expected Revenue in 2027||US$ 313.0 Bn|
|Unit||Value (USD Bn)|
|Segments covered||By Coverage, By Procedure, By Demographics, and Region|
|Key Companies||Aetna Inc., AFLAC Inc., Allianz, Ameritas, AXA, Cigna, and other prominent players|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
The market size of the global dental insurance industry was US$ 169.8 Billion in the year 2020.
Unemployment, price increase, large number of employer-sponsored dental insurance (ESDI) cancelation are some of the major impacts of covid-19 on the dental insurance market.
Aetna Inc., AFLAC Inc., Allianz, Ameritas, AXA, Cigna, Delta Dental, HDFC ERGO Health Insurance Ltd. (Apollo Munich), MetLife Services and Solutions, LLC, United HealthCare Services, Inc, OneExchange, Envivas, and United Concorida are some of the major key players present in the global dental insurance market.
The market is studied on the basis of coverage, procedure, demographics, end-users and region.
Continuous growth of the cosmetic dentistry, rising prevalence of dental caries and periodontal diseases, rise in awareness toward oral hygiene.
North America dental insurance market contributed the largest share of around 40%, in the global dental insurance market in 2020.
Apathy towards dental care in emerging and underdeveloped economies.
Asia Pacific is expected to project a highest CAGR of 12.2% during the forecast period.
CR4 ratio of the global dental insurance industry is 31.5%.
The global dental insurance market is growing at a CAGR of 8.0% during 2021-2027.
Adults are holding major share in the dental insurance market in the year 2020.