New York, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Market Overview
The global Dental Insurance Market is projected to reach USD 213.4 billion by the end of 2024 and is expected to grow to USD 489.2 billion by 2033, with a compound annual growth rate (CAGR) of 9.7%.
Dental insurance is a specialized health insurance that helps cover expenses related to dental treatments. Due to the expertise required and the specialized equipment used in dental care, costs can be significant, and they vary based on the type of treatment and the number of sessions needed.
Typically, dental insurance covers treatments resulting from accidents, injuries, or illnesses as recommended by dental professionals, including routine check-ups, cleanings, fillings, and other procedures.
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The US Dental Insurance Market
In the United States, the dental insurance market is expected to reach USD 79.3 billion by the end of 2024, rising to an anticipated USD 173.8 billion by 2033, with a CAGR of 9.1%.
The US Dental Insurance Market is mainly fueled by the rising awareness of oral health and the importance of preventive care. As consumers become more health-conscious, the demand for dental insurance increases, promoting regular check-ups and treatments.
Many employers offer dental insurance as part of their employee benefits packages, enhancing access to dental care. Various plans, including Dental Preferred Provider Organizations (DPPOs) and Dental Health Maintenance Organizations (DHMOs), cater to different consumer needs, improving both affordability and accessibility.
Important Insights
- Market Growth: The global dental insurance market is anticipated to expand by USD 257.3 billion, with a CAGR of 9.7%.
- Market Definition: Dental insurance refers to health coverage that assists in paying for dental care, encompassing preventive, basic, and major services, thereby reducing costs for individuals and families.
- Coverage Analysis: Dental Preferred Provider Organizations (DPPOs) are projected to capture the largest revenue share based on coverage by 2024.
- Type Analysis: Preventive services are expected to dominate the market, holding the highest revenue share by 2024.
- Demographic Analysis: Senior citizens are forecasted to hold a significant revenue share in the market by 2024, making them the dominant demographic group.
- Regional Analysis: North America is predicted to lead the global dental insurance market with a market share of 44.2% by 2024.
Latest Trends
- Digital Transformation: Digitalization is reshaping the dental insurance sector, leading to increased customer expectations for easy access to information, claims, & support through mobile and online platforms.
- Flexible Coverage Options: Insurers are providing flexible coverage options that allow policyholders to select plans based on their unique requirements, from preventive care to major procedures.
Competitive Landscape
- Strategic Initiatives: Major players in the dental insurance market are implementing various strategies, including collaborations and partnerships, to enhance their market presence.
- Key Market Influencers: The dental insurance market is significantly impacted by leading firms such as Cigna, AFLAC Inc., AXA, Allianz SE, and Ameritas Life Insurance Corp.
- Role of Technology: These organizations are shaping market dynamics through strategic efforts, product diversification, and the integration of technology.
Some of the prominent market players:
- Cigna
- AXA
- AFLAC Inc
- Allianz SE
- Aetna
- Ameritas Life Insurance Corp
- United HealthCare Services Inc.
- Metlife Services & Solutions
- Delta Dental Plans Association
- HDFC Ergo Health Insurance Ltd
- United Concordia
- Other Key Players
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Dental Insurance Market Scope
| Report Highlights | Details |
| Market Size (2024) | USD 213.4 Bn |
| Forecast Value (2033) | USD 489.2 Bn |
| CAGR (2024-2033) | 9.7% |
| North America Revenue Share | 44.2% |
| The US Market Size (2024) | USD 79.3 Bn |
| Historical Data | 2018 - 2023 |
| Forecast Data | 2025 - 2033 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Coverage, By Type, By Demographic |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Market Analysis
It is expected that the senior citizen segment will lead the dental insurance market in revenue share in 2024, as with growing age, demands for dental care are supposed to increase. With aging, health issues related to gum diseases, tooth decay, and the need for dentures or implants are increasing, thereby boosting the growth of the segment.
Older patients tend to need more frequent dental trips and complex procedures, too. These costs grow very fast, which is why dental insurance, so crucial for them, should be present. Most elderly individuals are on fixed incomes, and at the minimum, such dental coverage allows taking care of their needs.
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Dental Insurance Market Segmentation
By Coverage
- Dental Preferred Provider Organizations (DPPO)
- Dental Health Maintenance Organizations (DHMO)
- Dental Indemnity Plans
- Others
By Type
- Preventive
- Basic
- Major
By Demographic
- Senior Citizens
- Adults
- Minors
Growth Drivers
- Increased Oral Hygiene Awareness: Growing awareness of oral hygiene and its importance is driving demand for dental hygiene services, fueling the dental insurance market.
- Comprehensive Coverage: Dental insurance covers many services, including treatments for minor oral infections, nerve procedures, tooth extractions, and other minor surgeries.
- Financial Challenges Without Insurance: The need for frequent and costly dental interventions due to these conditions highlights the financial burden on individuals, further contributing to the growth of the dental insurance market.
Restraints
- Impact of Competition: Growing competition in the dental insurance market is anticipated to hinder growth as dental coverage becomes increasingly integrated with health insurance plans.
- Integration with Health Plans: The competitive landscape of the health insurance industry, which offers specialized dental coverage, further limits the momentum for bundling dental and health insurance.
- Barrier of High Premiums: Rising dental insurance premiums pose a significant challenge for consumers, especially those with tight budgets.
Opportunities
- Technological Innovation: Advancements in technology, particularly Software as a Service (SaaS) and cloud-based solutions are set to significantly enhance growth in the dental insurance market by transforming operations.
- Growth with AI and Machine Learning: The integration of machine learning and AI-powered chatbots in the dental insurance sector offers opportunities to add value, streamline claims processes, and reduce instances of fraud and diagnostic errors.
Regional Analysis
Because of growing consumer awareness, large coverage options, and a strong regulatory framework, North America is likely to dominate the dental insurance market with a revenue share of 44.2% in 2024. It is important to note that because oral health is part of total health and well-being, there are different dental insurances and various plans that exist in this part of the region.
This region is also giving increasing prominence to preventive care insurance policies, which, again, further encourage regular dental visits and foster a culture of proactive health management.
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By Region
North America
- The U.S.
- Canada
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
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Recent Developments
- June 2024: Canadian families with children under 18 may be eligible for the new Canada Dental Care Plan (CDCP), designed to ease the financial strain of out-of-pocket dental expenses for those without private dental insurance, particularly individuals below a specific income threshold. This initiative is being gradually implemented.
- May 2024: the Canadian government announced significant advancements in making oral healthcare more affordable and accessible. By this time, two million seniors in Canada will have received coverage under the CDCP, with approximately 90,000 seniors already benefiting from services offered by around 10,000 participating providers.
- May 2024: graduates from Loma Linda University School of Dentistry are celebrating their achievements in innovation and community involvement. Chief Information Officer David Tsao emphasizes the importance of persistence and service, while students reflect on the values of compassion and diversity within the dental profession.
- May 2024: Plum founders Abhishek Poddar and Saurabh Arora are revolutionizing health insurance by introducing comprehensive features, including dental plans and chronic disease management, aiming to broaden their reach and integrate technology, currently serving over 4,000 companies.
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