Dublin, March 27, 2024 (GLOBE NEWSWIRE) -- The "Dental Insurance Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The dental insurance industry is on an upward trajectory, witnessing a robust growth from $182.68 billion in 2023 to a forecasted $198.08 billion in 2024, marking a significant compound annual growth rate (CAGR) of 8.4%. This expansion can be attributed to several factors including increased awareness of oral health, burgeoning costs of dental care, and a shift towards preventive services. With governmental policies enhancing industry standards and employers increasingly providing dental benefits, the market is experiencing a positive impact on its growth.
Demographics Driving the Demand
An aging global population with a higher prevalence of dental issues is creating strong demand within the market. By 2050, the number of individuals aged 60 and above is predicted to double, further intensifying the need for dental insurance services among the elderly. Additionally, the World Health Organization reported in November 2022 that 3.5 billion individuals worldwide are affected by oral diseases, further bolstering the necessity for dental insurance.
Innovations in the Industry
The market is also experiencing a wave of product innovation, as evidenced by the collaboration between Retrace Labs Inc., Intel Corporation, and SoftBank Group Corp to introduce an AI-based dental management network. This development points towards a future where integration and streamlined services can potentially revolutionize the industry.
Emerging Market Opportunities
Providers are increasingly offering digital aids, such as DentalPlans.com's guided dental plan finder introduced in June 2023. This tool empowers consumers to easily identify the most suitable dental plans, hinting at an industry trend towards greater transparency and accessibility. Furthermore, strategic acquisitions such as CNP Assurances S.A's purchase of Odonto Empresa underline the strategic efforts companies are making to establish a stronger presence in key growing markets.
Future Outlook
Looking towards the future, the dental insurance market is expected to grow exponentially to $275.2 billion by 2028, with a continuing CAGR of 8.6%. North America held the largest market share in 2023, while the Asia-Pacific region is projected as the fastest-growing market during the forecast period. With the market currently divided into various segments like DPPOs, DHMOs, and others, it offers comprehensive coverage catering to diverse demographics, ranging from corporate groups to individuals. Scope of the Report
The current analysis of the dental insurance market presents a comprehensive view of the industry's progress, delving into the factors driving growth, significant regional and competitive dynamics, and the spectrum of services and products offered. It reflects on the revenues earned from diverse dental services provided by industry entities and maps out the development trajectory of the market over the forthcoming years.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $198.08 Billion |
| Forecasted Market Value (USD) by 2028 | $275.2 Billion |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- United HealthCare Service LLC
- Cigna Corp.
- Allianz SE
- Axa S A
- Kaiser Permanente Inc.
- Humana Inc.
- MetLife Services and Solutions LLC
- Aetna Inc.
- Progressive Corporation
- The Travelers Companies Inc.
- Anthem Insurance Companies Inc.
- 3M Company
- GEICO Insurance Company
- Aflac Inc.
- EmblemHealth Inc.
- Delta Dental Insurance Co.
- Ameritas Holding Company
- Horizon Blue Cross Blue Shield of New Jersey
- Dominion group of companies
- Envivas Inc.
- First Commonwealth Bank
- Healthplex Inc.
- Apollo Munich Health Insurance
- Guardian Life Insurance Company of America
- Renaissance Holding Company
- DentaQuest Inc.
- United Concordia Insurance Co.
- OneExchange Corp.
- Farmers Group of Companies
- WellCare Health Plans Inc.
For more information about this report visit https://www.researchandmarkets.com/r/g0w4ag
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