India Dental Insurance Market is Expected to Reach $3.65 Billion by 2030

According to a recent report published by Allied Market Research, titled, “India Dental Insurance Market by Coverage, Type, Demographics, and End User: Opportunity Analysis and Industry Forecast, 2021-2030,” the India dental insurance market size was valued at $0.67 billion in 2020, and is projected to reach $3.65 billion by 2030, growing at a CAGR of 18.5% from 2021 to 2030.

Dental insurance provides coverages only for dental health or oral health of a person and reimburses any kind of dental costs incurred by patients. Primarily, preferred provider organizations (PPO), dental health maintenance organizations (DHMO), and indemnity plans are some of the major plan covered under dental insurance. Moreover, rise in prevalence of dental problems, increase in awareness toward dental insurance, and high dental insurance cost in India are some of the factors that drive the India dental insurance market growth. Furthermore, implementation of technologies such as data analytics, artificial intelligence, and cloud computing, is anticipated to boost development of the India dental insurance market in the upcoming years. However, the dental insurance market faces some critical challenges such as tough profit margins, increase in convergence of dental & health insurance, and rise in advancements & developments of vaccines for dental treatments in India.

By coverage, the Dental Preferred Provider Organizations (DPPO) segment dominated the India dental insurance market in 2020 and is projected to maintain its dominance during the forecast period. This is attributed to the fact that DPPO operates with a large network and provides more flexibility compared to alternative dental plans in the market.

By type, the preventive segment dominated the India dental insurance market in 2020 and is projected to maintain its dominance during the forecast period. Several forms of preventive dentistry are maintaining optimal oral health coverages, recommending practices for dental hygiene, and ensuring that teeth are clean, strong, and white. These factors are driving the growth of preventive segment in the market.

The India dental insurance industry has been severely affected, as consumer demand for availing dental services has declined tremendously and consumers are unable to pay lump sum dental premiums due to job losses & decline in disposable income. Therefore, due to these factors, dental insurers are giving individuals a 60-day grace period on paying premiums to sustain in the post-pandemic world. Dental clinics across the country have been shut for over two months. With the pandemic still on the growth curve, compounded by zero earnings by dental practitioners and staff at clinics has led to an economic distress for the dental insurance market in India.

Key findings of the study

• By coverage, the Dental Preferred Provider Organizations (DPPO) segment led the India dental insurance industry, in terms of revenue in 2020.
• Depending on type, the preventive segment garnered the highest India dental insurance market share in 2020.
• On the basis of demographics, the adults segment acquired the highest revenue in 2020.

The key players profiled in the India dental insurance market analysis include 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 industry.