Dental Insurance UK Market Analysis
The UK Dental Insurance Market is expected to register a CAGR of 5% during the forecast period.
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.
Dental Insurance UK Market Trends
Raising Consumer Price Index for Dental Services in UK
The Consumer price index (CPI) for dental services in the UK is raising over the years. The base year for dental services was taken as 2015 when the CPI value was 100. The CPI rose to 119.1 for the year 2020. Dental Services Consumer price indices are designed to measure changes in the price of everything consumers buy. The inflation in dental services is raising the prices for dental services and procedures in the UK. According to British Dental Association, one out of five patients in the UK have delayed their dental treatment due to cost. With the raising inflation in dental services, more UK residents are now subscribing to more dental insurance plans.
National Health Service Dentistry is Favored by Most of People in UK
Dentistry supplied by the National Health Service in the United Kingdom is intended to ensure that all members of the population have access to dental care. The majority of dentistry in the UK is also provided by private practitioners, which provide services that the NHS does not provide such as cosmetics, on a commercial basis. Most adult patients are required to pay certain NHS fees, which are frequently substantially less than the cost of private dentistry. NHS dentistry service is favored by most UK residents.
Dental Insurance UK Industry Overview
The Market share concentration for the UK Dental Insurance Market is moderate. Simplyhealth Group Limited, Cigna European Services (UK) Ltd, and The British United Provident Association Ltd are the firms with the biggest market share in the Dental Insurance industry in the United Kingdom. Although there are few large players there are also large numbers of small players offering dental insurance in the UK market.
Dental Insurance UK Market Leaders
Simplyhealth
Cigna
Bupa
Unum
Dencover
- *Disclaimer: Major Players sorted in no particular order
Dental Insurance UK Market News
- In May 2022, Simplyhealth, the UK's largest health, and dental plan provider announced an investment in Ampersand, a supplier of digital therapeutics for inflammatory diseases. This partnership will aid in the implementation of digital treatments in the United Kingdom, minimizing outpatient appointments, increasing health outcomes, and lowering unexpected hospital stays for patients suffering from a variety of inflammatory diseases.
- In January 2021, Unum Dental gave its policy members an Amazon e-voucher in recognition that they could not access surgeries or use some of their policy benefits while dental practices were closed during the first national lockdown.
