India Dental Insurance Market Size
| 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 Market Trends
This section covers the major market trends shaping the India Dental Insurance Market according to our research experts:
Changing eating habits affecting dental insurance market, because of early tooth diseases.
With an expansion of the food industry, consumer preference is shifting toward the consumption of market-processed foods as there is a continuous change in eating habits with a continuous attraction toward sugar-inhibited ingredients like pastries, sweets, and other products that harm different layers of teeth. The distribution of processed food and beverages in India has continuously increased over the years. During 2014-15 processed food and beverage accounted for 6.8% of the total food consumption and increased to 7.8% during 2020-21. All these changes are affecting the dental health of people as well as creating an opportunity for the dental insurance market.
Demographics Affecting dental Insurance Market
As most of the younger population have a specific sensitivity toward them, teeth play an important part in that. The majority of the demographics consulting dentists are younger, mid-aged people. In India, almost (28-30)% of the population visits a dentist once a year and 19% twice a year, with around 3% of the population visiting three or more than three times a year; with this visiting rate of dentists for a country with a population of around 1.393 billion, it creates an opportunity for dental market as well as dental insurance market.
India Dental Insurance Industry Overview
India's dental insurance market is fragmented, as opposed to the life insurance market, with a high level of consolidation. This creates a space for new entrants to enter and provide their services. At present, the Indian dental insurance market provides insurance products covering routine examinations, tooth fillings, tooth extractions, oral cysts and infections, dental injuries, gum diseases, root canal procedures, follow-up treatments, and dental x-rays through insurance plans such as Aditya Birla Activ Health Platinum Enhanced Platinum Plan, Bajaj Allianz Health Care Supreme Plan, Care Plus Health Insurance Plan, etc.
India Dental Insurance Market Leaders
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Aditya Birla Group
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Allianz
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Cholamandalam MS General Insurance Company Ltd
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AXA
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Aetna
*Disclaimer: Major Players sorted in no particular order
India Dental Insurance Market News
- On 25 November 2022, IRDAI relaxed regulations related to market-linked products, increased transparency of data with account aggregators, and increased the maximum number of tie-ups from 6 to 9 for corporate agents and IMFs. These relaxations shall increase the scope for small insurers to expand in India with niche offerings such as dental insurance.
- On 25 November 2022, IRDAI relaxed a regulation supporting more dilution of promoter shares up to 26% in insurance companies. Since IRDAI asked health insurers in 2018 to remove dental insurance as an inclusion in health products to promote dental insurance as a standalone business line, many small insurers have come up with niche offerings related to the same. This reduction in promoter share option can potentially help raise more funds by the small players and expand their reach in India.
India Dental Insurance Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
- 4.4 Insights on Technological Advancements and Industry Policies on the Market
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4.5 Porter's Five Forces Analysis
- 4.5.1 Threat of New Entrants
- 4.5.2 Bargaining Power of Buyers/Consumers
- 4.5.3 Bargaining Power of Suppliers
- 4.5.4 Threat of Substitute Products
- 4.5.5 Intensity of Competitive Rivalry
- 4.6 PESTLE Analysis
- 4.7 Impact of Covid-19 on the market
5. MARKET SEGMENTATION
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5.1 By Coverage
- 5.1.1 Dental Health Maintenance Organizations(DHMO)
- 5.1.2 Dental Preferred Provider Organization(DEPO)
- 5.1.3 Dental Indemnity Plan(DIP)
- 5.1.4 Dental Point of Service(DPS)
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5.2 By Procedure
- 5.2.1 Preventive
- 5.2.2 Major
- 5.2.3 Basic
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5.3 By End User
- 5.3.1 Individual
- 5.3.2 Corporates
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5.4 By Demographics
- 5.4.1 Senior Citizen
- 5.4.2 Minors
- 5.4.3 Other Demographics
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Aditya Birla Group
- 6.2.2 Allianz
- 6.2.3 Cholamandalam MS General Insurance Company Ltd
- 6.2.4 AXA
- 6.2.5 Aetna
- 6.2.6 Policy bazaar
- 6.2.7 Humana Dental Insurance
- 6.2.8 Delta Dental
- 6.2.9 GoDigit Health Insurance
- 6.2.10 Star Health & Allied Insurance*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityIndia 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 Research 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.
What years does this India Dental Insurance Market cover?
The report covers the India Dental Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the India Dental Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
India Dental Insurance Industry Report
Statistics for the 2024 India Dental Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Dental Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
