According to a new report by UnivDatos, the Dental Insurance Market is expected to reach USD Million in 2033 by growing at a CAGR of 8.9% during the forecast period (2025- 2033). The dental insurance business is progressing at a considerable pace due to the awareness regarding the importance of oral hygiene and a rise in dental care costs, and demand for preventive measures. It comprises: DHMO, DPPO, and indemnity; nowadays, DPPO is more popular among people because it is cheap and provides more freedom to choose the right dentist. Programs like the employer-sponsored plans, public health initiatives, and the adoption of digital health services are other ways that are motivating individuals to seek dental insurance coverage.
For example, in June 2022, Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF), through its U.S. division, successfully completed the acquisition of DentaQuest, the second-largest dental benefits provider in the United States by membership. The acquisition was made from CareQuest Institute for Oral Health, a U.S.-based nonprofit organization, along with Centerbridge Partners, L.P., a private investment management firm, and minority shareholder.
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Segments that transform the industry
Based on Coverage, the market is bifurcated into Dental Preferred Provider Organizations (DPPO), Dental Health Maintenance Organizations (DHMO), Dental Indemnity Plans, and Others. Among these, the DPPO segment is leading the market. The main force behind DPPO is the increasing need for accessible and reasonable dental services. DPPO contracting comes with lower premiums for its members when they choose dentists within the DPPO panel, while still giving the flexibility to attend non-contracted dentists, which goes well with the consumer’s interests for insurance packages that make a distinction between in and out-of-network providers. Also, the shifting of attention toward disease control and decreased individual usage of dental care plans provided by employers that commonly interconnect with DPPO also drives the growth of DPPO.
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According to the report, the impact of Dental Insurance has been identified to be high for the Asia-Pacific area. Some of how this impact has been felt include:
The APAC dental insurance market is a region in pre-development due to the rising awareness of oral care, a growing middle-class populace, and corresponding new spending motives from the government to strengthen the existing healthcare system. The horizontal increase in preventive care and dental hygiene consciousness in many countries of the region, including India, China, Japan, and South Korea, has extended the demand for dental insurance products. The rise in disposable income and modification of the pattern of consuming food have led to the rise of dental ailments; this is making people seek insurance policies to cover dental procedures. However, the growth of insurance is attributed to urbanization, lifestyle, and changes that are working towards the increase of cosmetic dentistry, hence an increase in insurance uptake. The market is also growing through advancements in technology and the adoption of technology in insurance services, where customers can enroll, process claims, and engage with the insurer electronically. In the APAC region, the dynamics of the demographic factors, increasing cost of healthcare facilities, and policy changes are pressuring the growth of the dental insurance market at a very fast pace.
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