Portland, Nov. 17, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global dental insurance market garnered $152.26 billion in 2019, and is projected to garner $237.11 billion by 2027, witnessing a CAGR 10.7% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top investment pockets, value chain, key segments, and competitive landscape.
Surge in awareness about oral hygiene, supportive government policies, and favorable protection policies provided by dental insurers drive the growth of the global dental insurance market. However, less profit margins, developments of effective medicines for dental treatments, and convergence of health insurance with dental insurance hinder the market growth. On the other hand, implementation of new technologies such as artificial intelligence (AI) and cloud computing would present new opportunities for market players in the coming years.
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Covid-19 scenario:
- As dental offices and clinics have been closed down due to lockdown, dental treatments and checkups have been postponed. So, the number of people availing insurance decreased significantly.
- Dental insurers have been extending the period to make premium payments due to occurrence of economic turbulence.
- Though the governments have permitted teledentistry to ensure safety and prevent infections, not all insurers offer reimbursements for remote care.
The report offers a detailed segmentation of the global dental insurance market based on coverage, procedure type, demographics, end user, and geography.
Based on coverage, the dental preferred provider organization (DPPO) segment held the highest share of the market in 2019, contributing to nearly three-fifths of the total market, and will maintain its dominant position throughout the forecast period. Contrarily, the dental indemnity plans segment would witness the fastest CAGR of 16.2% from 2020 to 2027.
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Based on end user, the corporates segment contributed to the highest market share in 2019, holding more than two-thirds of the global dental insurance market share, and is estimated to continue its lead status during the forecast period. However, the individuals segment is estimated to manifest the highest CAGR of 12.1% from 2020 to 2027.
Based on region, North America contributed to the highest market share in 2019, accounting for nearly half of the total market share, and will maintain its leadership status by 2027. However, Asia-Pacific is projected to witness the highest CAGR of 13.2% during the forecast period.
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Key players of the global dental insurance market analyzed in the report include Aetna Inc., Allianz, AFLAC INCORPORATED, AXA, Ameritas, Delta Dental, Cigna, MetLife Services and Solutions, LLC, HDFC ERGO Health Insurance Ltd. (Apollo Munich), and United HealthCare Services, Inc.
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