Global Dental Insurance Market: Snapshot
Products and services offered by players in the global dental insurance market i.e. the dental insurance services is a health insurance specifically designed for the purpose of dental care. This type of insurance helps the buyer pay off a certain amount of costs associated with their dental care and medical procedures involving teeth. Players in the global dental insurance market provide a fee schedule to their customers which is strongly influenced by the fee schedules created and opted by the dental clinics and offices. Vendors in the global dental insurance market provide a portion of the fee, based on the average of the fees in the area to the patient after they undergo a dental procedure. These fee schedules act as a key transactional instrument between players in the global dental insurance market i.e. the insurance company, the patient, the dental clinic or office, and the dentist.
Rising demand for precise, preventive, and timely diagnostic methods, increasing awareness regarding dental health, and rising prevalence of various dental diseases such as dental cavities and wisdom teeth are triggering the growth of the global dental insurance market in near future. However, high costs associated with the premiums for the dental insurance can restrict the growing global dental insurance market in coming years. Players in the global dental insurance market are focusing on providing new products that can provide coverage for the entire family to expand their consumer base.
An increase in the GDP of a few countries across the globe has favored the development of the global medical insurance coverage market in recent times. Dental insurance companies have been profiting from a rise in per capita earnings, the development of the working class, and a rise in the number of individuals with a high income. Dental insurance companies have simplified their product offerings and made them straightforward. This progress has made it less demanding for purchasers of insurance to think about and compare the terms of protection and the policies being sold to them. Generally, dental insurance has concentrated on covering normal support and safeguard oral treatment needs as compared to medical insurance, which focuses on urgent health care needs. Therefore, as indicated by the IBIS World Industry report, dental care expenses and industry income are regularly much steadier than medical expenses.
The global dental insurance market is expanding because of factors such as economic development, advancements in health care, positive demographic patterns, changes and activities by governments, strategies welcoming foreign investment, rise in salary levels, and increase in awareness regarding dental care. Furthermore, the incorporation of benefits through information technology, cloud computing, data analytics, and other techniques is anticipated to boost the development of the global dental insurance market. However, the dental insurance market faces some critical challenges such as extreme competition and really tough profit margins. Changing economic conditions have also led to a considerable amount of uncertainty in the global market.
The global dental insurance market can be segmented based on product, application, and region. Based on product, the global dental insurance market can be segmented into Class I (preventive care), Class II (basic procedures), and Class III (major procedures). In terms of application, the global dental insurance market can be classified into individuals, families, and groups.
Based on region, the global dental insurance market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The U.S. is a leading country of the dental insurance market due to its well-developed health care system. The growth of the market in the country is predominantly supported by the strong presence of leading players, which constitute a prominent market share in private and public sector insurance in the U.S. The companies are exploring opportunities for digitizing access to insurance schemes and are communicating about the same with their consumers in order to reach out to a broader audience. Furthermore, leading players are expected to adopt the strategy of marketing products in an easily comprehensible manner in the coming years. The only threat for new entrants is the high level of competition in the U.S. dental insurance market.
The market in Asia Pacific is projected to expand at a rapid pace as the region has shown a significant rise in its GDP. Additionally, an increase in disposable income and rise in health security standards are anticipated to propel the market in the region in the near future. The growing middle class and an increase in the number of high net worth individuals in Asia Pacific are also expected to augment the dental insurance market in the near future.
Some of the leading players operating in the global dental insurance market are CIGNA Dental, AXA, Aetna, Inc., UnitedHealth Group Inc., MetLife, Humana, Aflac, Ameritas, OneExchange, United Concordia, Envivas, 3M, and other prominent players.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.