Health and Dental Insurance in Brazil: Market Overview as of December 2024
According to the latest findings from the market research study “Health and Dental Insurance in Brazil”, the sector continued to show moderate but consistent growth across both health and dental insurance segments during 2024. By the end of December, the country registered a total of 52.2 million health insurance beneficiaries, alongside 34.4 million beneficiaries in dental plans. This represents a yearly increase of 2.7% for health plans and a notably higher 6.2% for dental coverage.
Compared to a year ago, the overall number of health insurance beneficiaries has risen from 50.8 million, while dental plans have grown from 32.4 million beneficiaries. Although the pace of growth has been steady rather than explosive, the cumulative effect underscores the resilience and ongoing expansion of private healthcare alternatives in Brazil.
Financially, the sector posted a nominal annual billing volume of BRL 316.3 billion in 2024, up from BRL 282.3 billion in 2023. Over the past year, the market has expanded by 12% in nominal terms. Medical care expenses reached BRL 259.8 billion and operational expenses were BRL 31.8 billion, while commercial costs totaled BRL 11.0 billion. These figures reflect both the complexity and the scale of operations required to sustain such a vast network of medical and dental coverage across Brazil.
In terms of beneficiary distribution by contract type, corporate plans dominate the market. They represent 72.0% of health plan beneficiaries and 71.5% in dental plans. Individual and family plans hold a significantly smaller share, at 16.7% and 19.6% respectively. Collective plans by adhesion account for 11.3% in health and 8.8% in dental, while other categories make up a negligible proportion of the market.
Market fragmentation remains relevant, though there is a marked concentration among the largest players. Among health insurance providers, companies with more than 500,000 beneficiaries represent 51.2% of the total market, whereas in dental insurance they account for a dominant 74.7%. On the opposite end, smaller providers with fewer than 100,000 affiliates comprise 22.8% of the health segment and just 9.8% of the dental segment. This points to a more competitive dynamic in medical coverage and a higher level of consolidation within the dental insurance market.
The companies with the strongest market share gains in health insurance during 2024 were led by Sul América Companhia de Seguro Saúde, which increased its share by 0.109 percentage points. It was followed by Bradesco Saúde (0.067%), Porto Seguro (0.055%), Unimed Divinópolis (0.054%), and Amil Assistência Médica Internacional (0.040%). In dental plans, Sul América again led with a gain of 0.37 percentage points, trailed by Porto Seguro (0.14%), Unimed Saúde e Odonto (0.07%), Odontoprev (0.06%), and Sempre Odonto (0.06%).
From a market concentration standpoint, the five leading players in terms of billing volume—Unimed, Bradesco Saúde, Sul América Saúde, Amil Assistência Médica Internacional, and Notre Dame Intermédica—collectively hold a 67% share. When extended to the top 10 companies, the market share climbs to 79%. Nonetheless, the sector remains home to a broad ecosystem, with a total of 592 entities reporting revenue during the period analyzed.
These findings highlight not only the continued relevance of Brazil’s private health insurance model but also the growing role of dental coverage within the broader system. As consolidation intensifies and top players solidify their positions, smaller operators may face increasing competitive pressures in both acquisition and service differentiation strategies.