New York, NY, May 20, 2019 (GLOBE NEWSWIRE) -- Zion 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, 2018–2027”. According to the report, the global dental insurance market was approximately USD 135.5 billion in 2018 and is expected to generate around USD 217.6 billion by 2027, at a CAGR of around 5.4% between 2019 and 2027.
Insurance is a contract type that is represented by a policy. In insurance, an individual or the entity receives financial reimbursement or protection in case of a loss from the insurance company. Dental insurance is a form of health insurance that covers only the dental health or oral health of a person. This insurance reimburses any kind of dental costs incurred by the patients. The high cost of dental procedures, growing prevalence of dental problems globally, and increasing awareness about dental insurance are fueling the global dental insurance market growth.
Browse through 102 Tables & 25 Figures spread over 110 Pages and in-depth TOC on “Global Dental Insurance Market Size & Share 2018 Report: By Type, Trends, Industry Segments, Growth, Analysis and Forecast 2027”.
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The global dental insurance market is divided into insurance type, mode of distribution, and end-user. By insurance type, the dental insurance market is segmented into preventive, basic/minor, and major. The basic segment includes emergency care for pain relief, composite fillings (white fillings), re-cementing of dental crowns, amalgam fillings, sedative fillings, periodontal surgery, root canal treatment, periodontal scaling and root planning, routine tooth extractions, crowns, stainless steel (prefabricated), and non-routine x-rays. Thus, the basic/minor segment dominated the market in 2018, as it covers mostly both the important and common dental procedures.
Based on the mode of distribution, the dental insurance market includes insurance agents, corporates, and online channel. The online channel is anticipated to show a high growth rate in the years ahead, owing to the increase in the use of the internet and electronic gadgets in every region. Corporates dominated the global dental insurance market in 2018, as dental insurances are generally directly provided in groups in offices. The high preference for providing corporate insurances that are directly purchased from companies will also fuel the growth of this segment.
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Based on end-user, the dental insurance market includes individuals and families. Families dominated the market in 2018 and are also anticipated to show a higher growth rate over the forecast time period, due to the easy availability of family plans and lower costs of family plans as compared to the individual plans.
North America dominated the global dental insurance market in 2018, owing to the early introduction of highly developed dental surgical equipment, an increase in regional healthcare spending, and the presence of the major market players. According to the Canadian Academy of Health Sciences report, Canadians approximately spend USD 12 billion annually on dental services, and out of the total Canadian population, about six million people annually skip dental treatment due to its high costs. This high cost of the dental procedures in Canada and the U.S. are fueling the growth of the dental insurance market in North America.
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Europe acquired the second largest market share in 2018, due to the growing awareness about the benefits of dental insurance, such as cost-effectiveness, and the rising prevalence of basic dental problems, such as dental caries, filling of the tooth, etc. in the region.
Asia Pacific is expected to show the highest CAGR in the dental insurance market globally in the future, due to the growing awareness about dental care procedures and the benefits of dental insurances. The recent introduction of dental insurance in developing countries like India and China is anticipated to fuel the growth of the dental insurance market in the Asia Pacific. The Chinese government is working on encouraging the introduction of commercial dental insurance as a complement to the current basic medical insurance and establishing a broad insurance system that allows the equity of minor dental care needs and meets the particular demands for major dental care. This is also fueling the growth of the dental insurance market in this region.
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Latin American and the Middle Eastern and African regions are predicted to show steady growth over the forecast years. The developments witnessed in healthcare infrastructure, the growing introduction of dental insurance plans by companies, increasing awareness about dental insurance, and rising disposable income are some major factors fueling the growth of the dental insurance market in these regions.
Some leading players operating in the global dental insurance market include United HealthCare Services, Zurich Insurance Company, Cigna, Aetna, American International Group, AXA, Ameritas Life Insurance, Delta Dental, Envivas Krankenversicherung, Nippon Life Insurance Company, Aflac Incorporated, MetLife Services and Solutions, Colonial Life & Accident Insurance Company, and Allstate Benefits.
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This report segments the global dental insurance market as follows:
Global Dental Insurance Market: Insurance Type Analysis
- Preventive
- Basic/Minor
- Major
Global Dental Insurance Market: Mode of Distribution Analysis
- Insurance Agents
- Corporates
- Online Channel
Global Dental Insurance Market: End-User Analysis
- Individuals
- Families
Global Dental Insurance Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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