PORTLAND, OREGON, UNITED STATES, October 30, 2020 /EINPresswire.com/ — Increase in awareness toward oral hygiene, surge in support from various governments across the globe, and protection of dental insurers against fluctuations in revenues have boosted the growth of the global dental insurance market. However, tough profit margins, rise in advancements and developments of medicines for dental treatments, and increase in convergence of dental & health insurance hinder the market growth. On the contrary, implementation of technologies including artificial intelligence, data analytics, and cloud computing is expected to create lucrative opportunities for the market players in the coming years.
As per the report by Allied Market Research, the global dental insurance industry generated $152.26 billion in 2019, and is expected to reach $237.11 billion by 2027, growing at a CAGR 10.7% from 2020 to 2027.
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• As the U.S. economy is recovering from the Covid-19 pandemic, the dental practice activity in terms of patient volume and practice employment has increased.
• However, the repercussions of the Covid-19 outbreak are still not clear. In addition, there is a threat of the second wave of Covid-19, which could cause relapse in the dental economy.
• In addition, the sale of dental insurance premium is expected to decrease due to decrease in disposable income and reduced consumer dental spending.
North America region held lion's share
By region, the global dental insurance market across North America held the largest share in 2019, contributing to nearly half of the market, owing to increased adoption of dental insurance in the U.S. However, the market across Asia-Pacific is expected to manifest the highest CAGR of 13.2% during the forecast period, due to emerging economies, increase in awareness toward dental insurance, and adoption of technology services in dental insurance product lines.
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The individual segment to manifest the highest CAGR of 12.1% through 2027
By end user, the individuals segment is expected to portray the highest CAGR of 12.1% during the forecast period, due to purchases for dental insurance are highly expensive, and coverages largely depend on an age group of individuals. However, the corporates segment held the largest share in 2019, accounting for more than two-thirds of the global dental insurance market, as employers are lawfully required to offer certain employee benefits such as health 99insurance plans, workers' compensation, and disability.
The dental preferred provider organizations (DPPO) segment dominated the market
By coverage, the dental preferred provider organization (DPPO) segment dominated the market in 2019, accounting for nearly three-fifths of the global dental insurance market, as it operates with a large network and provides more flexibility. However, the dental indemnity plans segment is expected to manifest the highest CAGR of 16.2% during the forecast period, as it covers most preventive & diagnostic services at a competitive rate and covers specialized treatments such as endodontists and prosthodontists.
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The report analysis profiles of key players operating in the market analysis include Aetna Inc., AFLAC INCORPORATED, Allianz, Ameritas, AXA, Cigna, Delta Dental, HDFC ERGO Health Insurance Ltd. (Apollo Munich), MetLife Services and Solutions, LLC, and United HealthCare Services, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key benefits for stakeholders
• The study provides an in-depth analysis of the global dental insurance market share along with the current & future trends to elucidate the imminent investment pockets.
• Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
• An extensive analysis of the key segments of the industry helps to understand the global dental insurance market trends.
• The quantitative analysis of the global dental insurance market from 2020 to 2027 is provided to determine the market potential.
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Key market segments
• Dental Preferred Provider Organizations (DPPO)
• Dental Health Maintenance Organizations (DHMO)
• Dental Indemnity Plans
• Senior Citizens
• End User
• North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
o Latin America
o Middle East
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Source: EIN Presswire