Dental Insurance Market - By Procedure Type , By Age Group , By Plan Type , By End User , By Geography - Global Opportunity Analysis & Industry Forecast, 2024 - 2030

Dental Insurance Market Overview

The Dental Insurance Market Size is forecast to reach $ 325165 Million by 2030, at a CAGR of 10.50% during forecast period 2024-2030. Dental insurance can be demarcated as a risk management tool or protection against the financials of orthodontic treatments. Dental insurances rule out the fact of expensive emergency procedures as they cover the beneficiary under their umbrella. However, cosmetic dentistry procedures like teeth whitening, root canal, tooth shaping, veneers, and teeth capping are not covered under such schemes as they only embrace diagnostic and preventive procedures. However, in some specific cases, they are partially covered because patient injuries made it mandatory for dentists to perform such procedures. Dental insurance proposes advantages of free-of-cost routine checkups such as oral examinations, and inadvertent damages. There are several types of dental insurance plans available in the market which includes referral dental plans, preferred provider organizations, indemnity plans, and others. Considering the broadening trend of dental problems, the Dental Insurance Market outlook appears exceptionally bewitching. The enlarging cost of dental treatments globally, oral complications, and awareness among people are factors set to drive the growth of the Dental Insurance Market for the period 2024-2030.

Report Coverage

The report: “Dental Insurance Market Forecast (2024-2030)”, by Industry ARC, covers an in-depth analysis of the following segments of the Dental Insurance Market. 

By Procedure Type: Major, Elementary/Basic, and Preventive. 

By Age Group: Children, Elderly people, and Adults.

By Plan Type: Referral Dental Plans, Indemnity Plans (IP), Health Maintenance Organization (HMO), Preferred Provider Organizations (PPO), and others. 

By End User: Individuals and MSMEs, and others. 

By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of World (the Middle East and Africa).

Key Takeaways

• Geographically, the North America Dental Insurance Market accounted for the highest revenue share in 2021. However, Asia-pacific is poised to dominate the market over the period 2024-2030.
• Augmenting dental problems with rising confectionery intake and poor oral habits is said to be a preeminent driver driving the growth of the Dental Insurance Market. Technological advancements in the production of effective medication and treatment procedures are said to reduce the market growth. 
• Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Dental Insurance Market report. 

Dental Insurance Market Segment Analysis-By Plan Type

The Dental Insurance Market based on the plan type can be further segmented into referral dental plans, indemnity plans (IP), health maintenance organizations (HMO), preferred provider organizations (PPO), and others. The preferred provider organizations (PPO) segment held the largest share in 2021. The growth is owing to no obligation to choose a primary care specialist. The plan provides the liberty to choose a dentist and hospital of our own choice as the PPO plan extends access to a pool of hospitals and doctors but it comes with additional cost. If someone chooses to not go for providers not mentioned in the plan they are charged less. On the other hand, another positive aspect of this insurance plan is that patients do not require to ask for prereferral from a specialist. Furthermore, HMO is estimated to be the fastest-growing segment with a CAGR of 11.4% over the forecast period 2024-2030. This growth is owing to cheaper premiums of health maintenance organizations that do not put extra weight on people’s pockets. Moreover, patients are not required to file claims in case of in-network facilities further augmenting the market growth. 

Dental Insurance Market Segment Analysis-By Procedure Type

The Dental Insurance Market based on procedure type can be further segmented into elementary/basic, major, and preventive. The preventive segment held the largest share in 2021. The growth is owing to proliferating demand for preventive treatments. Preventive treatments offer gum and teeth checkups after regular intervals of time in order to ensure proper oral health and hygiene. Preventive plans are roofed 100% in dental insurance plans which might be the biggest reason behind the large share of the respective segment. Furthermore, the preventive procedure segment is estimated to be the fastest-growing with a CAGR of 11.7% over the forecast period 2024-2030. This growth is owing to its cost-saving nature. As dental insurance plans extend free checkups including routine X-rays and cleaning, people extensively undergo preventive procedures. On the other hand, poor ingestion habits such as excess sugar and confectionery intake are another reason for mandating such procedures. 

Dental Insurance Market Segment Analysis-By Geography 

The Dental Insurance Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the rest of the World. North America held the largest share with 38% of the overall market in 2021. The growth in this segment is owing to the factors such as sophisticated healthcare infrastructure. Moreover, due to the higher standard of living compared to other hundreds of countries throughout the world people living in nations like Canada and the U.S. are highly health-conscious. Besides, enlarging Hollywood industry is another prominent reason as millions of people look up to celebrities and models. Side by side with high purchasing power, self-absorbed people who are possessively curious about their looks have their fair share in the growth of the Dental Insurance Market. However, Asia-Pacific is expected to be the fastest-growing segment over the forecast period 2024-2030. This growth is owing to rising dental problems as many people living in impoverished regions and even cities do not practice proper oral hygiene. The dental insurance premium is much cheaper in Asia as compared to the US. On the other hand, the economic growth of countries like India and China cast votes in favor of the Dental Insurance Market. 

Dental Insurance Market Drivers

Upsurging dental complications due to poor ingestion are Anticipated to Boost Product Demand

With the rising trend of ready-to-eat foods and confectionery items, tooth decay and gum problems have come to the foreground on an unprecedented scale in recent years. According to the Centers for Disease Control and Prevention (CDC), more than 40% of people in America who are aging above 30 years have gum diseases, and every 2 in 4 adults are afflicted with tooth decay. Furthermore, a World Health Organization (WHO) report claims that every year more than 3 billion people worldwide get affected by oral problems. Consequently, the demand for dental insurance is uprising day after day. 

Accruing cost of dental care and rising awareness among people is Expected to Boost Product Demand

Dental procedures are not cheap. People have to pay through the nose in order to undergo them. Let alone major treatments, a normal cleaning, and panoramic X-rays can cost up to $150-$300. On another hand, the price of dental implants is a bit on the dear side. They can cost $3,500-$5,000. Therefore, to better prepare for contingencies more people are undergoing dental insurance plans. Besides, exorbitant prices heightening awareness among people regarding oral health is another preeminent factor driving the Dental Insurance Market.

Dental Insurance Market Challenges

Expanding research efforts on drug discoveries and mounting premium costs are Anticipated to Hamper Market Growth

Research activities are always deemed valuable as they clear problems and make way for a better future. However, in this particular case players in the Dental Insurance Market may not be as excited as others. The Discovery of novel drugs with heightened effectiveness means a better cure and a better cure means lower demand for dental insurance. According to IBIS World, the latest analysis shows that the global dentistry market is expected to grow and reach a total value of around $37 billion by the start of 2021. Besides, as inflation is roaming around the globe after the COVID-19 the insurance premium prices are sky-rocketing which is turning many people callous toward them, thus impeding the market growth.

Dental Insurance Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Dental Insurance Market. Key companies of this market are- 

1. Cigna
2. Delta Dental
3. Aetna Inc.
4. Ameritas Life Insurance Corp.
5. MetLife Services and solutions
6. Allianz SE
7. Health Insurance (Apollo Munich)
8. United Concordia
9. AFLAC Inc.
10. Envivas Krankenversicherung

Recent Developments

• On September 1, 2022, Bupa UK reformed its dental insurance product offerings. The new offering enables new and existing customers to access oral cancer care from the start of the policy, covering hospital dental treatment, and receive unlimited oral cancer treatment when using a fee-assured consultant in a partnership facility.
• On November 30, 2021, Munich, Germany-based general insurance company “Allianz SE” announced that it has successfully acquired the Lithuanian and Poland operations of UK-based insurance company “Aviva.” It was the largest acquisition concluded by Allianz in the last 10 years as the company paid around $2.9 billion to Aviva in order to complete the acquisition.
• On December 3, 2019, US-based health insurance company “Aetna” announced the completion of its acquisition by Rhode Island, United States-based pharmacy company “CVS Health.” The total value of this transaction stands around a massive $70 billion. Additionally, CVS publicized that the company will not merge Aetna with its existing business rather with current management Aetna will be a separate business unit. 

Key Market Players:

The Top 5 companies in the Dental Insurance Market are:

1. Aetna
2. AFLAC Inc
3. Allianz SE
4. AXA
5. Cigna

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