Dental Insurance Market Size is Projected to Reach USD 333.92 billion in 2032, Growing at a CAGR of 10.42%: Straits Research
The global dental insurance market size was valued at USD 150.65 billion in 2023. It is expected to reach USD 333.92 billion in 2032, growing at a CAGR of 10.42% over the forecast period (2024-2032).
New York, United States, Nov. 07, 2024 (GLOBE NEWSWIRE) — Dental insurance is a coverage that solely covers dental care. With the introduction of selective coverages and the opportunity to evaluate prices and advantages of numerous dental operations, insurers have simplified and made more understandable their product lines. In addition, dental insurance reimburses numerous dental costs incurred by patients, and insurers have benefitted from the rise in the number of high-income persons, the rise in per capita earnings, and the expansion in the size of the working class.
Report Scope
Study Period | 2020-2032 | CAGR | 10.42% |
Historical Period | 2020-2022 | Forecast Period | 2024-2032 |
Base Year | 2023 | Base Year Market Size | USD 150.65 billion |
Forecast Year | 2032 | Forecast Year Market Size | USD 333.92 billion |
Largest Market | North America | Fastest Growing Market | Europe |
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Market Dynamics
Increase in Awareness of the Oral Hygiene Drives the Global Market
In recent years, there has been a dramatic increase in the demand for dental hygiene services as more and more people have realized the importance of taking care of their teeth. Since more people require dental coverage, demand has increased for this product. Further, dental insurance covers a wide range of procedures, including the evacuation of teeth, the drainage of minor oral infections, the treatment of sick nerves, and more. That’s why dental insurance has been increasing: more people than ever before realize how crucial it is to their overall health that they take care of their teeth and gums.
Implementation of Technologies within Existing Products Creates Tremendous Opportunities
There is a huge opportunity for development in the existing dental insurance market. Insurers can provide more value to their customers and increase the breadth of their offerings with cutting-edge technologies like machine learning and AI-powered chatbots for dental insurance coverage. Technology can reduce the prevalence of insurance fraud, overdiagnosis, and diagnostic errors by automating the claim process and reducing the need for human intervention. Thus, dental insurance firms can look forward to promising futures thanks to the maturation of existing offerings and the introduction of cutting-edge technologies.
Regional Analysis
orth America is the most significant shareholder in the global dental insurance market. Insurance providers in North America provide extensive dental plans with modern benefits, making it easy for customers to get the information they need. Canadians also rely heavily on self-payment, government programs, private insurance, and employer-based insurance plans to cover the cost of dental care. The millions of Americans who have dental coverage now have more options than ever, thanks to the explosive growth and development of the dental insurance industry. Furthermore, while only 15% of Americans lack health insurance, 35% lack dental coverage. It bodes well for the insurance industry in the country.
Europe is expected to grow during the forecast period. Markets in Germany, the UK, France, Spain, the Netherlands, and elsewhere in Europe are among those analyzed. Statutory and private health insurance funds cover nearly 70% of the cost of dental care in Europe, where the usage rate is near 82%. Because of this, it is rapidly growing into one of the most significant social movements in the area. Dental treatment is available to anyone in Spain who does not want to or cannot use the public health system through the private supplementary insurance market.
Growth in the region has been fueled partly by a confluence of factors, including the emergence of new middle classes, growing public awareness of the importance of dental insurance, and the proliferation of dental offices that make extensive use of technological services. It has resulted in more efficient underwriting procedures and a shorter time to process claims and supporting paperwork.
Each region in Latin America, the Middle East, and Africa are included in the LAMEA market study. The market for dental insurance is expected to grow fastest in the Middle Eastern area throughout the anticipated time frame. Even while private insurers play a crucial role in meeting the need for dental insurance in Latin America, their plans are extremely limiting and uniform. Patients may be less willing to pay for dental care in the area because local dentists may have different name recognition than other doctors.
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Key Highlights
- The global dental insurance market size was valued at USD 150.65 billion in 2023. It is expected to reach USD 333.92 billion in 2032, growing at a CAGR of 10.42% over the forecast period (2024-32).
- Based on coverage, the global dental insurance market is bifurcated into dental preferred provider organizations, dental health maintenance organizations, dental indemnity plans, and others. The dental preferred provider organizations segment is the highest contributor to the market.
- Based on type, the global dental insurance market is bifurcated into major, basic, and preventive. The preventive segment is the highest contributor to the market.
- Based on demographic, the global dental insurance market is bifurcated into senior citizens, adults, and minors. The adult segment is the highest contributor to the market.
- Based on end-user, the global dental insurance market is bifurcated into individuals and corporates. The corporate segment is the highest contributor to the market.
- North America is the most significant shareholder in the global dental insurance
Competitive Analysis
- Aetna Inc.
- Aflac Inc.
- Allianz SE
- Ameritas Life Insurance Corp.
- Axa S.A.
- MetLife Inc.
- United Concordia
- United HealthCare Services Inc.
- Centene
- Ping An Insurance
- Bajaj Allianz Health Care
- Delta Dental
- HDFC ERGO Health Insurance Ltd. (Apollo Munich)
- Humana
- Niva Bupa
Recent Developments
- June 2024 – Canadian families with children under the age of 18 can be qualified for the new Canada Dental Care Plan (CDCP). As is frequently provided by employment benefits for full-time workers, the CDCP intends to lessen the financial burden of paying for dental treatment out of pocket for people below a specific income threshold without a private dental plan. The strategy is being implemented gradually.
- May 2024 – The Canadian government is commemorating important advancements in improving oral healthcare’s affordability and accessibility. Two million seniors in Canada will have been granted coverage under the Canadian Dental Care Plan (CDCP) this week, May 2024. Approximately 90,000 seniors have already benefited from care from approximately 10,000 participating providers.
Segmentation
- By Coverage
-
- Dental Preferred Provider Organizations (DPPO)
- Dental Health Maintenance Organizations (DHMO)
- Dental Indemnity Plans
- Others
- By Type
-
- Major
- Basic
- Preventive
- By Demographic
-
- Senior Citizens
- Adults
- Minors
- By End-User
- Individuals
- Corporates
- By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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About Straits Research Pvt. Ltd.
Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI. Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.
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