What Fueled Dental Insurance Market?
The dental insurance market has seen considerable growth due to a variety of factors.
• There has been a significant growth in the dental insurance market size in the past few years. It is forecasted to escalate from $197.24 billion in 2024 to $214.02 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.5%.
The previous growth can be traced back to an increase in oral health awareness, dental benefits sponsored by employers, amplified dental care expenses, government regulations and policies, along with a shift towards preventive care.
How Will the Dental Insurance Market Size Evolve over the Forecast Period?
The dental insurance market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of dental insurance is predicted to experience robust growth in the forthcoming years, expected to reach $301.37 billion by 2029 with a CAGR of 8.9%.
Factors contributing to this projected growth for the forecast period include the aging population with increasing dental care needs, the broadening of dental networks, flexible and customizable plans, the integration of dental coverage with general health coverage, as well as digital transformation leading to improved customer satisfaction. Key trends expected for the forecast period encompass digital handling of claims, extensive orthodontics coverage, incentivized wellness programs and discounts, strategic global expansion, and the utilization of data analytics for the betterment of risk management.
Which Factors Are Boosting Growth In The Dental Insurance Market?
An upsurge in oral health issues is anticipated to fuel the progression of the dental insurance market. Oral maladies, which encompass diverse conditions like tooth erosion, periodontal disease, teeth loss, mouth cancer, among others, are examples of these disorders. Dental insurance provides coverage for medical-related expenses and helps manage finances for individuals grappling with dental illness, encouraging an increased frequency of dental visits which is advantageous to the patient. For instance, a report by the professional membership body, the British Dental Association, disclosed that in March 2023, 23.7% of five-year-olds in England indicated symptoms of dentinal decay in 2022, a marginal increase from 23.4%. Furthermore, the incidence of dental decay was observably higher in underprivileged regions (35.1%) than in wealthy ones (13.5%), reflecting a 21.6 percentage point discrepancy. Hence, the escalating incidence of oral diseases is projected to stimulate the expansion of the dental insurance market.
What Key Areas Define The Segmentation Of The Global Dental Insurance Market?
The dental insurance market covered in this report is segmented –
1) By Type: Major, Basic, Preventive
2) By Coverage: Dental Preferred Provider Organizations (DPPO), Dental Health Maintenance Organizations (DHMO), Dental Indemnity Plans, Other Coverages
3) By Demographics: Senior Citizens, Adults, Minors
4) By End User: Individuals, Corporates
Subsegments:
1) By Major: Crowns, Bridges, Dentures, Oral Surgery
2) By Basic: Fillings, Root Canals, Periodontal Treatments
3) By Preventive: Routine Cleanings, X-rays, Oral Examinations, Sealants
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How Are Emerging Trends Reshaping The Dynamics Of The Dental Insurance Market?
Major dental insurance market players are focusing on novel solutions like AI-based dental insurance confirmation tools to maintain their market position. These AI-enabled tools automate the process of verifying patient insurance coverage, thereby decreasing the cumbersome administrative work and chances of errors. For example, in June 2024, an American tech company, Pearl, unveiled Precheck, an AI-integrated insurance eligibility and benefits verification tool aimed at simplifying the insurance verification process in dental clinics. By using natural language processing (NLP), Precheck gathers and processes patient insurance data, presenting extensive coverage information, which enhances precision and effectiveness in dental practices. This tool is an additional feature of Pearl's clinical performance platform, Practice Intelligence, and aspires to enhance both operational efficiency and patient care by providing more accurate benefits data.
Who Are the Key Players in the Dental Insurance Market?
Major companies operating in the dental insurance market include:
• United HealthCare Service LLC
• Cigna Corp.
• Kaiser Permanente Inc.
• Humana Inc.
• MetLife Services and Solutions LLC
• Aetna Inc.
• Anthem Insurance Companies Inc.
• EmblemHealth Inc.
• Delta Dental Insurance Co.
• Ameritas Holding Company
• Horizon Blue Cross Blue Shield of New Jersey
• Dominion group of companies
• Healthplex Inc.
• Guardian Life Insurance Company of America
• Renaissance Holding Company
• DentaQuest Inc.
• United Concordia Insurance Co.
• WellCare Health Plans Inc.
What Is The Most Dominant Region In The Dental Insurance Market?
North America was the largest region in the dental insurance market in 2024. 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.
