The dental insurance market has demonstrated strong growth, increasing from $182.68 billion in 2023 to $198.08 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. This growth is due to increased awareness of oral health, employer-sponsored dental benefits, rising dental care costs, government policies, and a shift towards preventive dental care. The market is expected to grow robustly in the coming years, reaching $275.2 billion by 2028 with a CAGR of 8.6%. This growth is driven by an aging population, expansion of dental networks, customization and flexibility of insurance plans, integration of dental coverage with overall health plans, and advancements in digitalization. Major trends in the forecast period include digital claims processing, comprehensive orthodontic coverage, wellness incentives, global expansion strategies, and data analytics for risk management.
Major Driver In The Dental Insurance Market
The escalating prevalence of oral disorders is anticipated to drive the growth of the dental insurance market in the foreseeable future. Oral disorders encompass a spectrum of diseases, including tooth decay, gum disease, tooth loss, and oral cancer. In November 2022, a report by the World Health Organization revealed that approximately 3.5 billion individuals globally are impacted by oral disorders, with severe periodontal diseases affecting around 19% of the global adult population—surpassing 1 billion cases. Furthermore, projections for 2020 indicated 377,713 new cases and 177,757 fatalities related to lip and oral cavity cancers. These statistics emphasize the substantial global burden of oral disorders, fueling the need for comprehensive dental insurance coverage. The growth of the dental insurance market is intricately tied to addressing these prevalent oral health challenges, as reflected in the market sizes for 2023, 2024, and 2028.
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Dental Insurance Market Competitive Landscape
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.
Key Dental Insurance Market Trend
Product innovation is a significant trend in the dental insurance market. Companies are focusing on developing innovative solutions to maintain their market position. For example, in October 2021, Retrace Labs Inc., a US-based AI-powered dental health startup, collaborated with Intel Corporation and SoftBank Group Corp to launch an AI-based dental management network. This network aims to streamline dental administration with scalable end-to-end services, offering real-time connectivity between payers, providers, and patients. It simplifies insurance coverage, proposed treatments, and financial obligations, improving clarity and efficiency in the dental insurance process.
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Dental Insurance Market Segmentation
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
By Geography:The regions covered in the dental insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the dental insurance market in 2023.
The Dental Insurance Global Market Report 2024 furnishes information about the global dental insurance market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
