India Dental Insurance Market - Growth, Trends, Covid-19 Impact, and Forecast (2023 - 2028)

India Dental Insurance Market - Growth, Trends, Covid-19 Impact, and Forecast (2023 - 2028)

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.

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.

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'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.

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