Market Size of UK Dental Insurance Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2020 - 2022 |
CAGR | 5.00 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Dental Insurance UK Market Analysis
Covid-19 had a severe impact on dental insurance in the United Kingdom. Many people in the UK were having trouble booking NHS dental appointments or simply registering with a dental practice even before the COVID-19 outbreak. According to the British Dental Association (BDA), in 2020, 19 million fewer dental appointments were scheduled than would be expected. In 2019, 39.5 million dental appointments were scheduled.
From 2016 to 2019, UK dental spending increased by just over 7%, from GBP 9.35 billion to GBP 10.05 billion. However, due to the suspension of all dental services in England from late March to early June 2020, UK expenditure fell by 31% from 2019 levels. Dental insurance is frequently regarded as a discretionary purchase item. Inflationary pressures, which are partly due to increased demand for goods following the reopening of the economy in 2021-22, are predicted to dampen demand for dental insurance this year, as people are more likely to save rather than spend. Individual consumer demand for dental insurance coverage is projected to remain weak in the short term due to low consumer sentiment and persistent worry about rising living costs, which are being driven by higher energy, food, and fuel prices. Demand is expected to increase up as real household disposable incomes slowly rebound from the year's lows. Furthermore, as business morale improves and companies begin to spend more on dental coverage for their employees, demand from enterprises is likely to expand.