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Dental Insurance: The Smile Industry's Growth Frontier
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According to The Business Research Company's, The dental insurance market size has grown strongly in recent years. It will grow from $182.68 billion in 2023 to $198.08 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increasing awareness of oral health, employer-sponsored dental benefits, rising dental care costs, government policies and regulations, shift in focus to preventive care.
The dental insurance market size is expected to see strong growth in the next few years. It will grow to $275.2 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to population aging and dental care needs, expansion of dental networks, customization and flexibility in plans, integration with overall health coverage, digitalization and enhanced customer experience. Major trends in the forecast period include digital claims processing, inclusive coverage for orthodontics, wellness incentives and discounts, global expansion strategies, data analytics for risk management.
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Market Drivers and Trends:
The increasing prevalence of oral disorders is expected to propel the growth of the dental insurance market going forward. Oral illnesses are disorders that comprise a variety of diseases and situations, such as tooth decay, periodontal (gum) disease, tooth loss, oral cancer, and others. Dental insurance provides the individual with coverage related to medical care expenses and managing funds for those suffering from oral illness and increases the frequency of dental check-ups that benefits the patients. For instance, in November 2022, according to a report published by the World Health Organization (WHO), a Switzerland-based organization responsible for international public health, the estimates that oral disorders impact around 3.5 billion individuals globally, and severe periodontal diseases affect approximately 19% of the global adult population, representing more than 1 billion cases. Furthermore, the global incidence of lip and oral cavity cancers is expected to be 377 713 new cases and 177 757 fatalities in 2020. Therefore, the increasing prevalence of oral disorders will drive the growth of the dental insurance market.
Product innovation has emerged as the major trend gaining popularity in the dental insurance market. Major companies operating in the dental insurance market are focused on innovative solutions to sustain their position in the market. For instance, in October 2021, Retrace Labs Inc., a US-based artificial intelligence-powered dental health startup partnered with Intel Corporation, a US-based technology company, and SoftBank Group Corp, a Japan-based integrated telecommunications services launched an AI-based dental management network to streamline the complexity of dental administration with scalable end-to-end services. Stealth mode with a product claimed to be a unique feature in the dental market that allows real-time connectivity between payers, providers, and patients to enable instant payments based on quality measures. It guides providers and payers through a complicated system of historically dissimilar procedures and provides patients with clarity on their insurance coverage, the proposed treatments from providers, and how much of those therapies are reimbursed, as well as their financial obligations.
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Major Key Players of the Market:
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.
Dental Insurance Market 2024 Key Insights:
• The dental insurance market size is expected to see strong growth in the next few years. It will grow to $275.2 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
• Surge In Dental Insurance Market Driven By Increasing Prevalence Of Oral Disorders
• Retrace Labs And Partners Unveil AI-Based Dental Management Network
• North America was the largest region in the dental insurance market in 2023
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