According to Precedence Research, the global dental insurance market size is projected to worth around US$ 269.5 billion by 2030 and poised to grow at a CAGR of 17.9% from 2022 to 2030.
Ottawa, May 18, 2022 (GLOBE NEWSWIRE) — The global
Market Dynamics
Drivers
The primary drivers in the dental insurance market are the increasing awareness about the oral and dental hygiene. The huge costs of the health and dental services have forced the people especially in the developed nations like the US to purchase dental insurances. The huge population belonging to the geriatric age group has also boosted the market to a great extent and will further add on to the profits during the period of 2027-2030. This major factor will lead to the tremendous growth during the forecast period. In addition to the primary services’ other secondary services such as tooth extraction, drainage of minor to major infectious secretions in the oral cavity, minor to major surgical procedures, treatment of infected oral nerves has also helped to increase the market size of dental insurance. The vast variety of conditions covered and reimbursed by the various policies also encourages people to purchase dental insurances to avoid heavy expenditures which take place during these treatments.
Restraints
The market will be inhibited during the increase in the medical tourism. The Covid-19 pandemic has led to the sharp decline in the market as there is increased risk of cross infection during the examination procedure. Reduction in the number of people travelling and commuting during the period of lockdown has led to the decline in the market of accessory dental services such as periodic X-rays, examinations, cleanings thus disrupting the market worldwide.
Opportunities
Blockchain has been introduced in the dental insurance market providing a great boom to the industry worldwide. The increasing awareness among people regarding oral hygiene and dental infections has provided a great opportunity to the insurance companies. Oral cancers, tooth decays, gum diseases, increasing consumption of sugary items has led to widespread demand for dental insurance services. Faster and easier process of reimbursement and claims will also encourage the masses to purchase insurances and have better facilities. These factors mainly highlight the opportunities in the forecast seen.
Challenges
The challenge lies where there is a choice to be made by the geriatric age group of whether to have a general health insurance or to purchase a dental insurance. The recent statistical data has shown that about 50% of this age group does not possess a basic health insurance as they are over burdened with paying for basic life needs of food, clothing and shelter which has made dental insurance a topic left far behind. Just as maximum people with health insurances have become accustomed to paying only a small sum of their earning for healthcare, people are beginning to expect the same out of the dental faculty too. Affordability issues lead to skipped dental visits making the scenario bad to worse.
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Recent Developments
- Implementation of latest technologies leads to smooth process of claims and thus avoid manual handling of the same to further avoid malpractices and fraud cases.
- ICICI Lombard general insurance company has collaborated with clove dental which is the largest network of oral clinics in India to offer dental insuncrae.
- It will be available on a cashless basis to the customers and will encompass all the dental treatment and expenses incurred on the patients under the insurance.
Market Segmentation
By Coverage
- Dental Preferred Provider Organizations (DPPO)
- Dental Health Maintenance Organizations (DHMO)
- Dental Indemnity Plans
- Others
By Procedure
- Major
- Basic
- Preventive
By Demographics
- Senior Citizens
- Adults
- Minors
By End User
- Individuals
- Corporates
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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