The dental insurance market size is expected to grow from US$ 172.51 billion in 2023 to US$ 364.45 billion by 2031; it is anticipated to expand at a CAGR of 9.8% from 2023 to 2031. The dental insurance industry is continuously expanding, owing to increased awareness of oral health and rising dental care expenditures. As people seek full coverage for preventive, diagnostic, and treatment services, the need for dental insurance policies grows. Furthermore, governmental initiatives mandating dental coverage, together with employer-sponsored insurance packages, drive market growth. Technological improvements, such as tele-dentistry, are also influencing the market by giving easy access to dental treatments. With an emphasis on preventative care and affordability, the dental insurance industry is expected to continue to grow, providing opportunities for insurers to innovate and satisfy changing customer expectations.
Dental Insurance Market Analysis
The dental insurance market forecast is estimated on the basis of various secondary and primary research findings, such as key company publications, association data, and databases. Economic growth, an expanding middle class, innovation, and regulatory assistance are propelling the insurance business forward. The revenue of the global dental insurance market is a function of the economic conditions of developed and developing economies. There has been a rise in awareness about oral hygiene in these economies. According to the World Health Organization (WHO), periodontal disease affects around 3.5 billion individuals, with cavities in permanent teeth being the most frequent. Dental caries in primary teeth (milk teeth) are also common in children, impacting around 530 million children worldwide. This is one of the major factors driving the dental insurance market growth globally.
Dental Insurance
Industry Overview
- Dental care costs are on the rise. According to a survey by the Agency for Healthcare Research and Quality, the cost of dental care for a single individual increased 23% when adjusted for inflation between 1996 and 2015. According to the U.S. Bureau of Labor Statistics consumer price index, dental costs rose 5.4% between October 2021 and October 2022. This is pushing young consumers and employers to buy dental insurance as risk management related to oral healthcare
- Governments across many countries are undertaking initiatives to improve the accessibility to healthcare, including dental care. For instance, the Federal Employees Dental and Vision Program (FEDVIP) offers supplementary dental and vision insurance coverage. The FEDVIP is a separate program from the Federal Employee Health Benefits (FEHB) Program.
- Dental plans provide an extensive range of services. The 100% Santé program allows patients in the French healthcare system with top-up insurance to get for free a limited variety of dental prostheses (implants, crowns, bridges, dentures, etc.), hearing aids, and prescription glasses. Such factors are driving the dental insurance market growth. Moreover, the integration of AI and ML technologies in Insurtech platforms is providing future dental insurance market trends.
Strategic Insights
Dental Insurance Market Driver
Convergence of health and dental insurance to Drive the Dental Insurance Market
- In the current market the health insurance providers are keen on converging the health and dental insurance services. For instance, according to a 2020 report by West Monroe, the amount of health insurers selling dental insurance policies has increased from 68% in 2018 to 80% in 2020, while the percentage offering adult dental coverage has more than doubled to 48%, indicating an accelerating shift toward convergence.
- To compete and attract new clients, dental insurers are integrating their systems with a multichannel technology environment that is user-friendly, accessible, and mobile. This is increasing competition in the market and enabling dental insurance products to be more customer-centric and affordable. This drives the adoption of dental insurance across the market.
Dental Insurance
Market Report Segmentation Analysis
- Based on coverage, the dental insurance market is segmented into dental health maintenance organizations (DHMO), dental preferred provider organizations (dppo), dental Indemnity plans (DIP), dental exclusive provider organizations (DEPO), and dental point of service (DPS)).
- The dental health maintenance organizations (DHMO) segment is expected to hold a substantial dental insurance market share in 2023.
- Dental DHMO is a sort of dental health insurance. DHMO is prepaid dental insurance that aims to reduce dental expenses. Dental DHMOs provide in-network dentists, allowing you to choose any dentist in your insurance network for a variety of dental services.
Dental Insurance
Market Share Analysis by Geography
The scope of the Dental Insurance market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific (APAC) is experiencing rapid growth and is anticipated to hold a significant dental insurance market share. The region's significant economic development, growing population, and increasing focus on risk management and insurance have contributed to this growth. APAC is home to many developing countries like India and China, driving the growth of the market.
Dental Insurance
Market Report Scope
The "Dental Insurance Market Analysis" was carried out based on coverage, procedure, end user, and geography. In terms of coverage, the market is segmented into dental health maintenance organizations (DHMO), dental preferred provider organizations (DPPO), dental Indemnity plans (DIP), dental exclusive provider organizations (DEPO), and dental point of service (DPS). Based on procedure, the market is segmented into preventive, major, and basic. Based on end users, the Dental Insurance market is segmented into individuals and corporates. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Dental Insurance
Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the dental insurance market. A few recent key market developments are listed below:
- In August 2023, Cigna Healthcare revealed that dental patients can now use their smartphones to scan for potential oral health issues, including cavities and gum disease. The free screenings, enabled by SmartScan, seek to inspire millions of individuals who are anxious about dental visits to learn more about their oral health from the comfort of their own homes.
[Source: Cigna Healthcare, Company Website]
- In August 2023, Cigna announced the launch of a new, free technology that will allow up to 16.5 million of its customers to use their cellphones to check for oral health issues, such as cavities and gum disease. The free screenings, enabled by SmartScan, are designed to assist people who are anxious about dental visits to learn more about their oral health.
[Source: Cigna Healthcare, Company Website]
- In May 2022, PNB MetLife India Insurance Co Ltd established a dental care plan, India's first insurance plan to cover fixed-benefit outpatient fees as well as financial aid with overall oral health costs.
[Source: PNB MetLife India Insurance Co Ltd, Company Website]
Dental Insurance
Market Report Coverage & Deliverables
The market report "Dental Insurance Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Coverage, Procedure, End-Users, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The key players holding majority shares in the global dental insurance market are Aetna; AFLAC Inc; Allianz; AXA; Cigna; HDFC Ergo Health Insurance Limited; United Concordia; and Metlife
The global dental insurance market is expected to reach US$ 364.45 billion by 2031.
The global dental insurance market was estimated to be US$ 172.51 billion in 2023 and is expected to grow at a CAGR of 9.8% during the forecast period 2023 - 2031.
Developments in tele-dentistry are impacting dental insurance, which is anticipated to play a significant role in the global dental insurance market in the coming years.
The convergence of health and dental insurance, rising oral health awareness, and rising dental care costs are the major factors that propel the global dental insurance market.
- Aetna
- AFLAC Inc
- Allianz
- AXA
- Cigna
- HDFC Ergo Health Insurance Limited
- United Concordia
- Metlife
- Delta Dental Plans Association
- United Health Care Services Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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