India Dental Insurance Market Size, Share & Trends Analysis Report By Type (Major, Basic, Preventive), By Plan (Senior Citizens, Adults, Minors), By Demographic, By Geographic, By Distribution Channel, And Segment Forecasts, 2023 - 2030

Market Size & Trends

The India dental insurance market size was estimated at USD 1.06 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 13.36% from 2023 to 2030. Growing dental health awareness, government initiatives in this area, and rising costs of dental treatment are some of the major market drivers. India has become a popular destination for dental tourism, attracting patients from around the globe who are seeking high-quality and cost-effective dental treatments. This has boosted the demand for dental insurance among foreign visitors looking to receive dental care in the country.

The growing burden of oral diseases & ailments such as dental caries, periodontal disease, malocclusion, facial deformities, tooth loss, and oral malignancies is expected to drive market expansion. As per a World Health Organization (WHO) report, dental caries affect over 95% of Indian adults, while periodontal disease is prevalent in more than 50% of the country's adult population. Moreover, there is a general lack of awareness regarding the importance of proper oral health, the significance of routine dental examinations, and its broader implications for overall individual health.

The Indian government launched the National Oral Health Program (NOHP), with the main objective being to offer integrated and comprehensive oral healthcare services within the existing healthcare infrastructure. To improve accessibility to community-based oral health awareness and service, the government studied the potential of public-private partnerships involving private dental colleges, dental societies, and community-based organizations.

India has increasingly established itself as a prominent choice for dental tourism on a global scale. The Indian Dentistry space has been gaining popularity among medical tourists rapidly, owing to its accessibility, affordability, and cost-effective nature. India has emerged as a highly promising destination for several medical and dental treatments, attracting individuals seeking high-quality professional care at considerably lower costs than in many other nations.

Type Insights

Based on type, the market is divided into major, basic, and preventive. The preventive segment dominated the market with a revenue share of over 41% in 2022. A rise in awareness regarding the benefits of preventive dental care can potentially result in a greater demand for dental insurance plans that specifically cover preventive services. Additionally, government-sponsored health programs and initiatives promoting preventive dental care could drive the adoption of preventive dental insurance plans.

The basic segment is anticipated to register lucrative growth during the forecast period. Insurance companies in India developing and promoting basic dental insurance plans to cater to the evolving needs and preferences of consumers. These plans offer coverage for essential dental services such as routine check-ups, cleanings, and basic restorative procedures.

Demographic Insights

Based on demographics, the senior citizens segment dominated the market and accounted for the largest revenue share of 41.32% in 2022. Senior citizens often have specific dental health needs due to aging, including a higher likelihood of dental issues such as tooth decay, gum disease, and tooth loss. This demographic seeks dental insurance to cover these needs. Moreover, older adults have greater access to dental care and may prioritize regular dental check-ups and treatments. Dental insurance can help make these services more affordable.

The minors segment is expected to grow at a substantial CAGR during the forecast period. Minors, particularly teenagers and children, frequently require dental care, including regular check-ups, orthodontic procedures, and preventive measures such as dental sealants and fluoride treatments. Dental treatments are expensive; as a result, parents or guardians seek dental insurance to help cover the costs of their children's dental care, such as cavity fillings or orthodontic braces.

Plan Insights

Based on plan, the individual segment dominated the market with the largest revenue share of 78% in 2022. Individual dental insurance plans provide personalized coverage as per the needs of an individual policyholder. Moreover, In India, employer-sponsored dental insurance is not as common compared to some other countries. Thus, individuals may require seeking their dental insurance coverage, resulting in the dominance of individual plans.

The corporate segment is expected to grow at a substantial CAGR during the forecast period. Companies in India increasingly recognize the importance of offering comprehensive employee benefits packages to attract and retain talent. Including dental insurance as part of these packages is expected to be a competitive advantage. Moreover, Companies focusing on employee health and wellness programs may extend their offerings to include dental insurance as a component of overall well-being.

Geographic Insights

The urban segment dominated the market and accounted for the largest share of over 90% in 2022. Urban areas generally have better access to healthcare information as well as facilities, which translates to higher awareness regarding dental health services and the advantages of dental insurance. Additionally, several employers in urban areas provide dental insurance as part of their employee benefits packages. This can encourage employees to opt for dental insurance.

The rural segment is poised to register a lucrative CAGR during the forecast period. Government-sponsored healthcare initiatives aimed at rural populations include dental care and insurance as part of their programs, thus promoting the adoption of dental insurance in rural areas. Moreover, improvements in rural healthcare infrastructure, including the establishment of dental clinics and facilities, can make dental care and insurance more accessible to rural residents.

Distribution Channels Insights

The brokers and individual agents segment dominated the market and accounted for the largest revenue share of 59.43% in 2022. Dental insurance products can be complex, and individuals often require personalized guidance to understand their options and select the most suitable plan. Brokers and individual agents provide this personalized service, helping clients navigate the various insurance plans available and tailoring them to their specific needs.

Direct sales are expected to grow at a significant CAGR in the coming years. Dental insurance is a relatively specialized and niche insurance product compared to general health insurance. Direct sales channels allow insurance providers to offer a more personalized approach to potential customers, tailoring their offerings to individual needs and preferences.

Key Companies & Market Share Insights

The dental insurance sector in India exhibits fragmentation, unlike the life insurance industry, which experiences significant consolidation. This fragmentation offers opportunities for new players to enter and offer their services. For instance, in May 2022, PNB Metlife introduced an innovative dental care insurance plan, which they assert is the pioneering option in India. This plan, known as the 'PNB Metlife Dental Care Plan,' additionally provides tax advantages to policyholders. The Dental Care Plan is accessible for a nominal cost of Rs 3,006 and provides coverage worth Rs 50,000 for dental procedures and treatments, without requiring overnight hospitalization.

India Dental Insurance Market Report Scope

India Dental Insurance Market Report Segmentation

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the India dental insurance market report based on type, demographic, plan, geographic, and distribution channel:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Major

  • Basic

  • Preventive

• Demographic Outlook (Revenue, USD Million, 2018 - 2030)

  • Senior Citizens

  • Adults

  • Minors

• Plan Outlook (Revenue, USD Million, 2018 - 2030)

  • Individual Plans

  • Corporates

• Geographic Outlook (Revenue, USD Million, 2018 - 2030)

  • Urban

  • Rural

• Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Direct Sales

  • Brokers and Individual Agents

  • Bankers

  • Others