ccording to the report published by Allied Market Research, the India dental insurance market generated $672.83 million in 2020, and is anticipated to reach $3.65 billion by 2030, manifesting a CAGR of 18.5% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
Surge in awareness about oral hygiene and increase in government support & initiatives considering dental insurance policy lead to the development of the India dental insurance market. On the other hand, a convergence of dental and health insurance and progresses made in dental vaccines, along with tough profit margins hinder the market growth. On the contrary, implementation of technologies in current products and untapped potential of developing economies create more lucrative opportunities.
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COVID-19 scenario:
- Strict lockdowns, imposition of social distancing, and an extended number of COVID-19 positive patients have largely affected the dental insurance providers. This has resulted in massive damages to the insurance industry in the country.
- COVID-19 infused economic recession and reduction in the disposable income of people have led to insurers freezing sales of new coverages for dental insurance.
The report segments the India dental insurance market on the basis of type, coverage, demographic, and end-user.
Based on coverage, the dental preferred provider organizations (DPPO) segment accounted for the largest market share in 2020, contributing to nearly three-fifths of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the dental indemnity plans segment is expected to witness the fastest CAGR of 23.3 % from 2021 to 2030.
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Based on type, the preventive segment contributed to the highest market share in 2020, attributing to more than two-fifths of the total market share, and is expected to dominate the market during the forecast period. On the other hand, the major segment is expected to manifest the fastest CAGR of 20.3% from 2021-2030.
Based on end-user, the individual segment contributed to the highest share in 2020, holding nearly three-fourths of the total share, and is expected to maintain dominance throughout the forecast period. The same segment is expected to portray the fastest CAGR of 19.1% during the forecast period. The report also covers the corporates segment.
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Key players of the India dental insurance market analyzed in the research include Allianz, AXA, Aetna Inc., Cigna, ICICI Prudential, Cholamandalam MS General Insurance Company Ltd, HDFC ERGO Health Insurance Ltd. (Apollo Munich), Life Insurance Corporation of India, Tata AIG General Insurance Company Limited, MetLife Services and Solutions, LLC.
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