25-Jan-2022 | Facts and Factors
Facts and Factors Market Research has published a new report titled "Dental Insurance Market By Insurance Type (Preventive, Basic/Minor, and Major), By Mode of Distribution (Insurance Agents, Corporates, and Online Channel), and By End-User (Individuals and Families): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2027”. According to the report, the global dental insurance market was valued at approximately USD 168.27 Billion in 2020 and is expected to reach a value of around USD 289.85 Billion by 2027, at a CAGR of around 10.65% between 2021 and 2027.
Dental insurance is the kind of health insurance that takes into consideration the oral health of an individual. It is insurance coverage for individuals to support them in paying up for dental expenditure. Moreover, it ensures a person against dental treatment expenditure and care of the oral ailment as well as an accident to the teeth. The most common kinds of dental insurance plans are preferred provider organizations and dental health maintenance organizations.
Browse the full “Dental Insurance Market By Insurance Type (Basic/Minor, Major & Preventive), By Mode of Distribution (Corporates, Insurance Agents and Online Channel), and By End-User (Families and Individuals): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021-2027” Report at https://www.fnfresearch.com/dental-insurance-market
High occurrence of oral ailments to steer the market expansion
Oral disorders are common non-communicable ailments and can impact people throughout their lifespan causing pain as well as discomfort. Many of the oral ailments include tooth decay, oral cancers, periodontal disorders, oro-dental trauma, oral manifestations of HIV, noma, and cleft lip & palate. They account for a large part of the oral ailment burden. All these factors are expected to steer the growth of the dental insurance market over the forecast timeline.
Moreover, escalating cases of oral disorders witnessed among the geriatric population are predicted to generate awareness pertaining to dental insurance among individuals as a result of recurrent dental treatment for oral disorders. This, in turn, will boost market growth trends. Apart from this, high costs of dental treatments are likely to boost the expansion of the dental insurance industry over the forecast timeline. Nevertheless, growing medical tourism activities across the globe will inhibit the growth of the market over the forecast period.
Basic/Minor segment to dominate the insurance type landscape
The basic/Minor segment is predicted to register the highest growth in terms of both revenue and CAGR. It is likely to record the highest CAGR of nearly 5.6% during the period from 2021 to 2027. The segment offers coverage to major dental problems like emergency care for stainless steel (prefabricated) crowns, root canal treatment, periodontal surgery, periodontal scaling & root planning, routine tooth extractions, pain relief, recementing dental crowns, composite fillings, sedative fillings, and non-routine x-rays.
Corporates segment to contribute majorly towards the overall market growth
The corporates segment is expected to accrue proceeds worth nearly USD 100 billion by 2027. Moreover, dental insurances are directly purchased by the corporate firms and they are provided in groups in the various corporate offices. In addition to this, corporate dental insurances have become the latest trend. All these aspects will steer the segmental growth over the forecast period.
North America to lead the overall market revenue growth
The regional market expansion is credited to the high presence of the key industry players in the region along with high consciousness pertaining to the advantages of purchasing dental insurance in the region. Apart from this, huge costs of dental treatments in countries like the U.S. have forced people to purchase dental insurance.
Key players involved in dental insurance business include Nippon Life Insurance Company, United HealthCare Services, Inc., Colonial Life & Accident Insurance Company, MetLife Services and Solutions, Envivas Krankenversicherung AG, Zurich Insurance Company Group, Cigna, Aetna, Inc., American International Group, Inc., AXA, Ameritas Life Insurance Corp., Delta Dental, AFLAC INCORPORATED, LLC (MetLife, Inc.), and Allstate Benefits.
This report segments the dental insurance market as follows:
By Insurance Type
By Mode of Distribution
- Insurance Agents
- Online Channel
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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