PUBLISHER: The Business Research Company | PRODUCT CODE: 1436192
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436192
Dental insurance covers costs associated with dental treatments, preventive care, and oral health.
Dental insurance typically comes in three primary types such as major, basic, and preventive. Major dental insurance services primarily involve expense reimbursement for complex or extensive treatments aimed at addressing issues that could have been prevented with earlier preventive care. Coverage options within these types of plans encompass dental preferred provider organizations (DPPOs), dental health maintenance organizations (DHMOs), dental indemnity plans, and various others. These insurance services cater to individuals of different age groups, including seniors, adults, and minors, as well as corporate groups, providing diverse coverage options for dental care.
The dental insurance market research report is one of a series of new reports from The Business Research Company that provides dental insurance market statistics, including the dental insurance industry global market size, regional shares, competitors with a dental insurance market share, detailed dental insurance market segments, market trends and opportunities, and any further data you may need to thrive in the dental insurance industry. This dental insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The dental insurance market size has grown strongly in recent years. It will grow from $182.68 billion in 2023 to $198.08 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth observed in the historical period can be attributed to a growing awareness of oral health, the provision of employer-sponsored dental benefits, the escalating costs associated with dental care, government policies and regulations impacting the dental industry, and a noticeable shift in focus towards preventive dental care.
The dental insurance market size is expected to see strong growth in the next few years. It will grow to $275.2 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. Anticipated growth in the forecast period is expected due to the aging population and increased dental care needs, the expansion of dental networks, the emphasis on customization and flexibility in dental plans, integration with overall health coverage, and advancements in digitalization leading to enhanced customer experiences in dental services.
The prevalence of oral disorders is boosting the dental insurance market. With billions impacted by oral diseases, insurance coverage for dental care and increased check-ups is essential. WHO estimated 3.5 billion people affected by oral disorders globally in November 2022.
The growing aging population is expected to drive expansion within the dental insurance market. With the global population of individuals aged 60 and above projected to double by 2050 according to the World Health Organization in October 2022, the need for dental insurance among the elderly increases significantly. This demographic shift spurs the growth of the dental insurance sector.
Product innovation is a major trend. Retrace Labs Inc.'s partnership with Intel Corporation and SoftBank Group Corp in October 2021 resulted in an AI-based dental management network, showcasing innovative features such as real-time connectivity among payers, providers, and patients. For instance, in October 2021, Retrace Labs Inc., a US-based artificial intelligence-powered dental health startup partnered with Intel Corporation, a US-based technology company, and SoftBank Group Corp, a Japan-based integrated telecommunications services launched an AI-based dental management network to streamline the complexity of dental administration with scalable end-to-end services.
A guided dental plan finder is an online tool that helps consumers find the most suitable dental plans. DentalPlans.com introduced a guided dental plan finder in June 2023, providing personalized recommendations based on a brief questionnaire. This online tool simplifies the process of finding suitable dental plans, reducing costs and improving accessibility to oral healthcare.
In December 2022, CNP Assurances S.A, a France-based insurance corporation acquired Odonto Empresa for a deal value of $3.5 million (18 204 657 BRL). With the acquisition, CNP Assurances S.A. aims to accelerate its expansion in Brazil by using two distribution models: an exclusive long-term agreement with its long-standing Brazilian partner, Caixa Economica Federal, and new growth drivers under an open model. Odonto Empresa is a Brazil-based dental insurance agency offering dental insurance plans and services.
Major companies operating in the dental insurance market report are 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.
North America was the largest region in the dental insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global dental insurance market report during the forecast period. The regions covered in the dental insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the dental insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The dental insurance market consists of revenues earned by entities by providing expense coverage services for outpatient department (OPD) dental treatment, in-patient dental treatment, surgeries, and consultations. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Dental Insurance Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on dental insurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for dental insurance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The dental insurance market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.