U.S. Dental Insurance Market for Individuals, By Plan Type (Dental Preferred Provider Organizations (DPPO), Dental Health Maintenance Organizations (DHMO), Dental Indemnity Plans, Discount Plan And Point Of Service (POS) Dental Plan), Coverage (Lifetime Coverage And Term Coverage), Procedure (Major Services, Basic Services and Preventative and Diagnostic Services), Demographics (Senior Citizens, Adults and Minors), Service Provider (Private Dental Insurance Providers and Public Dental Insurance Providers), Distribution Channel (Financial Institutions, Hospitals, Clinics, E-Commerce, Direct Sales and Others) Industry Trends and Forecast to 2028
Market Analysis and Insights: U.S. Dental Insurance Market
The U.S. dental insurance market for individuals is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with the CAGR of 6.6% in the forecast period of 2021 to 2028 and expected to reach USD 8,932.91 million by 2028. Increased adoption of dental insurance is one of the prominent factors that drive growth of the market.
Dental insurance is a form of health insurance designed to pay the cost of treatment and costs associated with dental care. Dental insurance helps individuals to get coverage for dental care and hospitalization expenses and cost of medicines and others. Dental insurance policies help people effectively budget for the cost of maintaining a great smile. Dental insurance covers issues related to the teeth and gums and preventative care such as annual cleanings. Procedures such as cosmetic surgery, dentures, dental prosthetics, dental implants, orthodontics, jaw alignments, upper or lower jaw bone surgery are not covered in dental insurance. For dental insurance, individuals select a plan-based on the providers (dentists) they need and what they can afford to pay. For dental insurance monthly premiums payment is needed which depends on the insurance company, location and the plan chosen. There are various types of dental insurance plans: dental preferred provider organizations (DPPO), dental health maintenance organizations (DHMO), dental indemnity plans, discount plan and point of service (POS) dental plan.
Rise in awareness towards oral hygiene and adoption of technology services in dental insurance product lines will further boost the growth of this market. The competition in the market is getting severe as market players are expanding their presence, service, and support for the U.S. market.
For instance,
- In January 2021, AFLAC INCORPORATED announced the launch of Aflac Dental and Vision Insurance. This new dental and vision insurance features a streamlined underwriting process, more than 100 easy to understand and fully customizable plans, and upfront rates. Through this launch, the company expanded its product offerings.
This dental insurance market for individuals report provides detail of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographical expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
U.S. dental insurance market for individuals Scope and Market Size
U.S. dental insurance market for individuals is segmented on the basis of plan type, coverage, procedure, demographics, service provider, and distribution channel. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of plan type, the U.S. dental insurance market for individuals is segmented into dental preferred provider organizations (DPPO), dental health maintenance organizations (DHMO), dental indemnity plans, discount plan and point of service (POS) dental plan. In 2021, dental preferred provider organizations (DPPO) segment held larger share in the market owing to factors such as ability to select a dentist, including specialist, in and out of the network, coverage for most of the preventive and diagnostic services, and reduced waiting period for dental care services.
- On the basis of coverage, the U.S. dental insurance market for individuals has been segmented into lifetime coverage and term coverage. In 2021, term coverage segment held larger share in the market owing to availability of majority of dental insurance plans based on monthly or annually basis, affordable premium paid depending upon the different dental care plans, and optional coverage for critical illness.
- On the basis of procedure, the U.S. dental insurance market for individuals has been segmented into major services, basic services and preventative and diagnostic services. In 2021, preventative and diagnostic services segment held larger share market attributed to factors such as frequent visits to dentist for routine check-ups, 100% coverage for most of preventative services, less waiting period, and availability of various preventive dental care plans.
- On the basis of demographics, the U.S. dental insurance market for individuals has been segmented into senior citizens, adults and minors. In 2021, adults segment held larger share market owing as individuals in that age group face maximum dental problems such as root canal, flings, tooth extractions, denture repair, and others.
- On the basis of service provider, the U.S. dental insurance market for individuals has been segmented into private dental insurance providers and public dental insurance providers. In 2021, private dental insurance providers segment held larger share in the market owing to factors such as availability of varied dental plans based on costs and treatment, ability to choose dentist of user choice, reduced wait duration, and increased personalized attention.
- On the basis of distribution channel, the U.S. dental insurance market for individuals has been segmented into financial institutions, hospitals, clinics, e-commerce, direct sales and others. In 2021, direct sales segment held larger share market attributed to strong presence of dental insurance provides in the country, need to offer high customer service, and ability to better understand user concerns over the dental plans in a better way.
Rising Demand of Dental Insurance for Individuals
Dental insurance market for individuals also provides you with detailed market analysis for the U.S. country growth in industry with sales, components sales, impact of technological development in dental insurance for individuals and changes in regulatory scenarios with their support for the dental insurance market for individuals. The data is available for historic period 2019.
Competitive Landscape and U.S. Dental insurance market for individuals Share Analysis
U.S. dental insurance market for individuals provides detail by competitor in competitive landscape. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, U.S. presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to U.S. dental insurance market for individuals.
The major players covered in the report are Aetna Inc. (A Subsidiary of CVS Health), Allianz, AFLAC INCORPORATED, Ameritas Mutual Holding Company, Delta Dental, Cigna., MetLife Services and Solutions, LLC, United HealthCare Services, Inc. (A Subsidiary of UnitedHealth Group), Dentegra Insurance Company., LIBERTY Dental Plan, Anthem Insurance Companies, Inc. (A Subsidiary of Anthem, Inc.), Humana Inc., The Guardian Life Insurance Company of America, Physicians Mutual, Renaissance Holding Company and United Concordia Companies, Inc. among others. Many product developments are also initiated by the companies worldwide which are also accelerating the growth of dental insurance market for individuals.
For instance,
- In June 2020, United HealthCare Services, Inc. (a subsidiary of UnitedHealth Group) announced the launch of teledentistry services. These teledentistry services were designed to reduce unnecessary emergency room (ER) visits and more efficiently get patients to the most appropriate setting for in-person care. This has helped the company to improve the access and affordability of dental care for the customers.
- In April 2020, Cigna announced launch of dental virtual care. This virtual solution helps dentists and patients access an urgent dental consult while minimizing their risk of COVID-19 exposure. This virtual solution is part of Cigna dental health connect to provide meaningful dental care services. This has helped the company to enhance its dental offerings in the market.
Production expansion, new product development and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for dental insurance.
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