Market Size of India Dental Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 18.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Dental Insurance Market Analysis
The India Dental Insurance Market is expected to grow at a CAGR of 18% in the forecasted period.
Dental insurance is a form of health insurance that covers dental treatment costs. Dental fitness plays an important part in an individual way of living. As a developing nation, India does not have major dental hygiene awareness because it was a nation where the majority of people lived at a per capita income of around USD 1048.57 last year, making it difficult for people to afford expensive dental care. The dental insurance market is expected to grow positively with advancements in medical equipment technology and a positive trend in increasing income levels. In 2020, cavity and decay problems had the largest share of Oral health problems (18%), which is having dentist consultancy/treatment as the final solution.
With the advent of COVID-19, as people were stuck at home and only emergency services were available, there was an adoption of digital health among the people, with 85% of the clinicians using teleconsultation and digital platforms during the lockdown. For India, dental insurance only covers dental treatment related to accidents, injuries, illnesses, or as a dental healthcare professional recommends.
Dental care is becoming expensive with time, and for people to access these dental services, the dental insurance market plays an important role. Dental insurance plans were not offered as standalone policies as it is now, and it is expected to attract more people for dental insurance rather than going for others.
India Dental Insurance Industry Segmentation
Most of the health insurance offered in India does not offer coverage for dental procedures for both private and group insurance policies because dental procedures have fallen under the cosmetic treatment category. From a limited number of health insurance providers in India, the Indian dental insurance market is segmented, by coverage (dental health maintenance organizations (DHMO), dental preferred provider organizations (DPPO), dental indemnity plans (DIP), dental exclusive provider organizations (DEPO), and dental point of service (DPS)), by procedure (preventive, major, and basic), by end users (individuals and corporates), and by demographics (senior citizens, adults, and minors). The report offers value in USD for all the above segments.
| By Coverage | |
| Dental Health Maintenance Organizations(DHMO) | |
| Dental Preferred Provider Organization(DEPO) | |
| Dental Indemnity Plan(DIP) | |
| Dental Point of Service(DPS) |
| By Procedure | |
| Preventive | |
| Major | |
| Basic |
| By End User | |
| Individual | |
| Corporates |
| By Demographics | |
| Senior Citizen | |
| Minors | |
| Other Demographics |
India Dental Insurance Market Size Summary
The India dental insurance market is poised for significant growth, driven by increasing awareness of dental health and rising income levels. As a developing nation, India has historically faced challenges in dental hygiene awareness, but advancements in medical technology and a shift towards processed foods are creating opportunities for dental insurance. The market is becoming more accessible as dental insurance plans are now offered as standalone policies, attracting more individuals to seek coverage. The younger and mid-aged demographics, who are more prone to dental issues, are contributing to the demand for dental services, further bolstering the market's expansion.
The market landscape is fragmented, allowing new entrants to offer specialized dental insurance products. Regulatory changes by the Insurance Regulatory and Development Authority of India (IRDAI) have facilitated this growth by increasing transparency and allowing more tie-ups for corporate agents, which benefits smaller insurers. These changes, along with the removal of dental insurance from health products, have encouraged niche offerings in the dental insurance sector. As a result, companies like Aditya Birla Group, Allianz, and others are providing comprehensive dental coverage, including routine examinations and treatments, which is expected to drive the market forward.
India Dental Insurance Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Insights on Technological Advancements and Industry Policies on the Market
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1.5 Porter's Five Forces Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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1.6 PESTLE Analysis
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1.7 Impact of Covid-19 on the market
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2. MARKET SEGMENTATION
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2.1 By Coverage
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2.1.1 Dental Health Maintenance Organizations(DHMO)
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2.1.2 Dental Preferred Provider Organization(DEPO)
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2.1.3 Dental Indemnity Plan(DIP)
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2.1.4 Dental Point of Service(DPS)
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2.2 By Procedure
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2.2.1 Preventive
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2.2.2 Major
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2.2.3 Basic
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2.3 By End User
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2.3.1 Individual
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2.3.2 Corporates
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2.4 By Demographics
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2.4.1 Senior Citizen
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2.4.2 Minors
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2.4.3 Other Demographics
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India Dental Insurance Market Size FAQs
What is the current India Dental Insurance Market size?
The India Dental Insurance Market is projected to register a CAGR of 18% during the forecast period (2024-2029)
Who are the key players in India Dental Insurance Market?
Aditya Birla Group, Allianz, Cholamandalam MS General Insurance Company Ltd, AXA and Aetna are the major companies operating in the India Dental Insurance Market.
