The India dental insurance market size was valued at $672.83 million in 2020, and is projected to reach $3,658.50 million by 2030, growing at a CAGR of 18.5% from 2021 to 2030.
Dental insurance is a type of contract that is represented by a policy and covers only the dental health or oral health of a person. Insurers have simplified their product offerings & made them straightforward with selective coverages and provide comparison of multiple dental treatments in terms of protection and premiums for selected coverages. Moreover, dental insurance reimburses several dental costs incurred by the patients and the insurers have been profiting from rise in number of individuals with high income, increased per capita earnings, and surge in working class population.
With rise in support for dental insurance from governments in the country, protection of dental insurers against fluctuations in revenues and prices, fuel the India dental insurance market growth. In addition, dental insurance covers numerous benefits, including treatment of infected nerves, tooth removal, minor surgical procedures, and drainage of minor oral infections. Thus, owing to increase in dental treatments, awareness toward oral hygiene has tremendously increased, which, in turn, propels the growth of the dental insurance market in India. However, convergence of dental and health insurance and development of dental vaccines & tough profit margins are some of the factors that limit the market growth. On the contrary, implementation of technologies can help enhance smooth claim process & prevent manual claim settlement processes, lower the risk of insurance frauds, and derive over diagnosis & diagnostic errors. Therefore, expansion of existing products & services and implementation of technologies are expected to provide lucrative opportunities for dental insurance providers in the upcoming years.
The report focuses on growth prospects, restraints, and trends of the India dental insurance market analysis. The study provides - Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the India dental insurance market industry.
The India dental insurance market share is segmented on the basis of coverage, type, demographic, and end user. By coverage, the market is segregated into Dental Preferred Provider Organizations (DPPO), Dental Health Maintenance Organizations (DHMO), dental indemnity plans, and others. Depending on type, it is divided into major, basic, and preventive. Based on demographic, the market is segmented into senior citizens, adults, and minors. On the basis of end user, it is bifurcated into individuals and corporates.
The report analyses the profiles of key players operating in the India dental insurance market such as Allianz, Aetna Inc., AXA, Cholamandalam MS General Insurance Company Ltd, Cigna HDFC ERGO Health Insurance Ltd. (Apollo Munich), ICICI Prudential, Life Insurance Corporation of India, MetLife Services and Solutions, LLC, and Tata AIG General Insurance Company Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the India dental insurance industry.
The demand for dental insurance in India has been moderate since consumers in the country do not consider dental insurance to be of great importance. In addition, dental insurance is usually covered under a regular health insurance policy, which may have either in-built OPD cover or has been bought as an add-on policy by the policyholder. Furthermore, economic recession and declined disposable income have led to insurers freezing sales of new coverages for dental insurance. These are becoming some of the major challenging factors faced by dental insurance providers and policyholders in the country.
Dental insurance is a type of contract that is represented by a policy and covers only the dental health or oral health of a person. Insurers have simplified their product offerings & made them straightforward with selective coverages and provide comparison of multiple dental treatments in terms of protection and premiums for selected coverages. Moreover, dental insurance reimburses several dental costs incurred by the patients and the insurers have been profiting from rise in number of individuals with high income, increased per capita earnings, and surge in working class population.
With rise in support for dental insurance from governments in the country, protection of dental insurers against fluctuations in revenues and prices, fuel the India dental insurance market growth. In addition, dental insurance covers numerous benefits, including treatment of infected nerves, tooth removal, minor surgical procedures, and drainage of minor oral infections. Thus, owing to increase in dental treatments, awareness toward oral hygiene has tremendously increased, which, in turn, propels the growth of the dental insurance market in India. However, convergence of dental and health insurance and development of dental vaccines & tough profit margins are some of the factors that limit the market growth. On the contrary, implementation of technologies can help enhance smooth claim process & prevent manual claim settlement processes, lower the risk of insurance frauds, and derive over diagnosis & diagnostic errors. Therefore, expansion of existing products & services and implementation of technologies are expected to provide lucrative opportunities for dental insurance providers in the upcoming years.
The report focuses on growth prospects, restraints, and trends of the India dental insurance market analysis. The study provides - Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the India dental insurance market industry.
Segment review
The India dental insurance market share is segmented on the basis of coverage, type, demographic, and end user. By coverage, the market is segregated into Dental Preferred Provider Organizations (DPPO), Dental Health Maintenance Organizations (DHMO), dental indemnity plans, and others. Depending on type, it is divided into major, basic, and preventive. Based on demographic, the market is segmented into senior citizens, adults, and minors. On the basis of end user, it is bifurcated into individuals and corporates.
The report analyses the profiles of key players operating in the India dental insurance market such as Allianz, Aetna Inc., AXA, Cholamandalam MS General Insurance Company Ltd, Cigna HDFC ERGO Health Insurance Ltd. (Apollo Munich), ICICI Prudential, Life Insurance Corporation of India, MetLife Services and Solutions, LLC, and Tata AIG General Insurance Company Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the India dental insurance industry.
COVID-19 impact analysis
The demand for dental insurance in India has been moderate since consumers in the country do not consider dental insurance to be of great importance. In addition, dental insurance is usually covered under a regular health insurance policy, which may have either in-built OPD cover or has been bought as an add-on policy by the policyholder. Furthermore, economic recession and declined disposable income have led to insurers freezing sales of new coverages for dental insurance. These are becoming some of the major challenging factors faced by dental insurance providers and policyholders in the country.
Key benefits for stakeholders
- The study provides in-depth analysis of the India dental insurance market share along with current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the India dental insurance market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the market.
- An extensive analysis of the key segments of the industry helps to understand the India dental insurance market trends.
- The quantitative analysis of the India dental insurance market forecast from 2021 to 2030 is provided to determine the market potential.
Key Market Segments
By Coverage
- Dental Preferred Provider Organizations (DPPO)
- Dental Health Maintenance Organizations (DHMO)
- Dental Indemnity Plans
- Others
By Type
- Major
- Basic
- Preventive
By Demographic
- Senior Citizens
- Adults
- Minors
By End User
- Individuals
- Corporates
Key Market Players
- Allianz
- Aetna Inc.
- AXA
- Cholamandalam MS General Insurance Company Ltd
- Cigna
- HDFC ERGO Health Insurance Ltd. (Apollo Munich)
- ICICI Prudential
- Life Insurance Corporation of India
- MetLife Services and Solutions, LLC
- Tata AIG General Insurance Company Limited
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: INDIA DENTAL INSURANCE MARKET, BY COVERAGE
CHAPTER 5: INDIA DENTAL INSURANCE MARKET, BY TYPE
CHAPTER 6: INDIA DENTAL INSURANCE MARKET, BY DEMOGRAPHICS
CHAPTER 7: INDIA DENTAL INSURANCE MARKET, BY END USER
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Allianz
- Aetna Inc.
- AXA
- Cholamandalam MS General Insurance Company Ltd
- Cigna HDFC ERGO Health Insurance Ltd. (Apollo Munich)
- ICICI Prudential
- Life Insurance Corporation of India
- MetLife Services and Solutions LLC
- Tata AIG General Insurance Company Limited
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 127 |
| Published | October 2021 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 672.83 million |
| Forecasted Market Value ( USD | $ 3658.5 million |
| Compound Annual Growth Rate | 18.5% |
| Regions Covered | India |
| No. of Companies Mentioned | 9 |
