U.S. Supplemental Health Market Will be USD 59.42 Billion by 2032
The U.S. supplemental health market size surpassed USD 36.8 billion in 2023 and is projected to cross USD 59.42 billion by 2032, expanding at a CAGR of 5.5% from 2023 to 2032.
Product?Landscape
Because of increased knowledge of oral hygiene, the dentistry industry is expected to rise rapidly by 2023. National dental care spending in the United States reached $162 billion in 2021, up 11% from 2020 (adjusted for inflation). Over one-fourth (26%) of adults in the United States suffer from untreated dental decay. A average monthly premium for dental insurance in the United States ranges from $20 to $50 for individuals. A family's dental insurance premiums run from $50 and $150 each month. Dental insurance would cover factors related to gums and teeth.
U.S. Supplemental Health Market, By Product, 2022-2032 (USD Million)
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Distribution Channel?Landscape
The broker industry is expected to grow at a rapid pace. Brokers act as intermediaries (or "carriers") between insurance providers and customers between 2023 and 2032. ?Health insurance brokers provide consumers with policy information, professional advice, individualized alternatives, and appropriate suggestions. There are 881,500 licensed agencies and brokers in the United States. Health insurance brokers are popular among persons without employer-sponsored insurance and self-employed workers.
U.S. Supplemental Health Market, By Distribution Channel, 2022-2032 (USD Million)
Demography?Landscape
Individuals aged 65 and older are expected to dominate the supplemental health industry in the United States. The growth is attributed to an increasing number of persons in this age range choosing for the insurance. Along with this, several government measures that benefit this age group are projected to enhance the industry. Furthermore, the Individuals Under 65 with an Eligible Disability sector is expanding at an impressive rate. The increase is due to a rise in disability cases among the adult population in the United States.
U.S. Supplemental Health Market, By Demography, 2022-2032 (USD Million)
Market Dynamics
Drivers:?Increasing Prevalence of Chronic Diseases
According to the National Center for Chronic condition Prevention and Health Promotion, six out of every ten persons in the United States have a chronic condition, which is one of the primary causes of mortality and disability. These conditions typically need medical attention. As a result, supplemental health insurance policies can help provide additional coverage for managing and treating these disorders. The growing frequency of chronic conditions such as heart disease, cancer, and diabetes necessitates extra treatments that are not covered by typical health insurance policies. As a result, there is a growing need for supplemental health insurance that includes extra benefits for certain disorders.
Restraint:?Limited Awareness
Many clients are unaware of the benefits of supplemental health insurance, and as a result, they may be unaware of the benefits offered by these plans. This reduces demand for supplemental health plans. Thus, insurers confront a variety of obstacles while selling their products. Furthermore, a lack of information about health insurance policies may lead to consumers paying for medical care on their own. This may provide a challenge in the event of large medical expenses if treatment costs rise.
Recent Developments:
U.S. Supplemental Health Market Companies
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