Pet Insurance Market Research Report 2022 CAGR Status, Industry Share, Development Strategy, Key Players, Competitive Landscape, Dynamics, Competitive Share Analysis, Consumption by Regions, Business Development, Technologies and growth trends, demand status and future product.
The global pet insurance market The size is expected to reach USD 11.25 billion by 2026. Rising adoption of pets in major countries around the world will directly impact the growth of the market. According to a report published by Fortune Business Insights, titled, “Pet Insurance Market Size, Industry Share, and Analysis, By Policy Coverage Type (Accident & Sickness, Accident Only, Other), By Type Animal (Dog, Cat, Others), By Vendor (Public, Private) and Regional Forecast, 2022-2026,” the market was worth USD 6.05 billion in 2018. Driven by flexibility in product offerings, the market will show a CAGR of 8.0% over the forecast period 2022-2026.
The pet insurance market will benefit from the growing adoption of pets in major countries around the world. Pet insurance refers to a policy that covers medical and accidental factors associated with pets. The focus on companion animal welfare and health by both private and government organizations will create several opportunities for growth. The presence of several private organizations offering premium insurance policies will have a positive impact on the growth of the market in the coming years. Several companies are focusing on offering new services as well as concessions in an effort to establish a stronghold in the market. These factors will contribute to the growth of the market in the coming years.
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The report provides an in-depth analysis of the global pet insurance market. It highlights the latest product launches and recent innovations in the market and indicates their impact on the market growth. The competitive landscape has been discussed in detail and predictions are made regarding the leading companies and products in the coming years. Forecast values have been provided for the market for the period 2019-2026. Factual figures were obtained from reliable sources. Moreover, these predictions are made based on extensive research analysis methods, coupled with the opinions of experienced market research professionals.
Pet insurance is a policy that is normally purchased by pet owners as it covers medical and other insurances for their pets. These policies cover partial or full medical expenses. The growing adoption of pets in several countries across the globe will create several growth opportunities for the companies operating in the market. Moreover, the growing importance given to the health and welfare of companion animals will help drive the growth of the market in the coming years. Rising costs for veterinary services will encourage pet owners to purchase pet insurance policies. The presence of renowned animal organizations that promote animal health and welfare will also aid in the growth of the market in the coming years. The presence of several companies will eventually prevail in favor of market growth.
Here are some of the major companies operating in the global market:
- Anicom Holdings
- National Mutual
- Healthy Paws, LLC Pet Insurance.
- Embrace the Pet Insurance Agency, LLC
- Figo Pet Insurance LLC.
- Agria Animal Insurance Ltd
- Pets Best Insurance Services, LLC.
Rising number of business mergers and collaborations to foster market growth
The report encompasses several factors that have contributed to the growth of the market in recent years. It highlights some of the major market drivers and analyzes their impact on the market. Among all the factors, the growing number of business mergers and collaborations has had a positive impact on the growth of the market. In October 2019, Petplan, a leading pet insurance provider, announced its acquisition by Warnbug Pincus. Warnbug is a leading private equity firm with a primary focus on growth-oriented investments. With this acquisition, the company will seek to outperform its peers and, in doing so, establish a strong presence in the market. The report highlights some of the other corporate mergers that have graced the market in recent years and assesses their impact on the market.
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Europe will emerge dominant; Influx of start-ups to drive growth
The report analyzes current pet insurance market trends in North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. Among these regions, the European market generated the highest revenue in 2018. Europe is expected to dominate the market in the coming years, driven by the growing number of start-ups in several countries in this region. The growing number of government initiatives to promote animal welfare and health, coupled with the encouragement for the adoption of pets, will contribute to the growth of the market in this region. Besides Europe, the North American market will show a considerable CAGR. In 2018, the North American market was worth USD 1.42 billion and this value is expected to increase further in the coming years.
Quick buy – pet insurance market Research report:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Analysis of the prices of the main insurers, by type of animal
- Statistics on the adoption of pets, in the main countries
- Key M&A Strategies by Top Players
- Launch of new product
- Global Pet Insurance Market Analysis, Outlook and Forecast, 2015 – 2026
- Main results/summary
- Market Analysis, Outlook and Forecast by Type of Policy Coverage
- Accident and illness
- Accident only
- Market analysis, outlook and forecasts by type of animal
- Market analysis, outlook and forecast by vendor
- Market Analysis, Outlook and Forecast by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Press release distributed by The Express Wire
To see the original version on The Express Wire, visit Global pet insurance market expected to reach $11.25 billion by 2026