Pet insurance is a policy taken out by the owner of a pet to cover all or part of the veterinary care in the event of injury or illness to the insured animal. Some policies cover the death of a pet as well as loss or theft. The pet insurance market grew at a high CAGR of 14% from 2016 to 2021
NEWARK, Del, June 13, 2022 (GLOBE NEWSWIRE) — The world pet insurance market the size is expected to reach $38.8 billion by the end of 2030. According to a study by Future Market Insights (IMF), the market will show a steady increase at a CAGR of 11% between 2022 and 2030. According to the report, Growing number of pet owners, increased awareness of pet insurance, and health benefits associated with pet ownership will fuel the growth of the market.
The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate market analysis.
It includes in-depth insights into the pet insurance market. Some of them are:
The market is estimated to be worth US$7.8 billion in 2022. During the forecast period of the report, the market is showing a steady pace of growth.
Regionally, North America dominates the global pet insurance market.
Latin America emerges as one of the key markets due to the high number of pet owners in the region.
The dog and cat segment holds the highest value share in the pet insurance market.
“Accident and sickness” coverage option emerges as the preferred type of pet insurance for pet owners
Key players are likely to focus on new service offerings to stay relevant in developed markets.
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Growth in pet ownership and business selling techniques to create opportunities for expansion
Rising number of pets, increased awareness of pet insurance, growing number of pet owners are propelling the growth of the pet insurance market. Pet health insurers offer different plan options or tiers with varying policy limits, which also attracts pet owners to pet insurance. However, high cost of pet insurance policies, lack of consumer awareness, and government regulations are limiting the market growth. Marketing strategies adopted by insurance companies include online marketing, veterinary clinics, pet stores, shelters and animal support and rescue organizations or word of mouth referrals which also fuel the insurance market. pet insurance for future growth. Additionally, a largely untapped market with extremely low penetration rates is expected to provide ample opportunities for the pet insurance market.
Key segments of the pet insurance industry survey
Pet Insurance Market by Policy Type:
Accident & Illness
Pet Insurance Market by End User:
Pet Insurance Market by Region:
Pet Insurance in North America Market
Pet insurance in Latin America Market
Pet Insurance Europe Market
Pet Insurance in East Asia Market
Pet Insurance in South Asia and the Pacific Market
Middle East and Africa (MEA) Pet Insurance Market
Coverage of accident and sickness insurance policies fuels demand for pet insurance
The pet insurance that is becoming the norm in most developed countries. Pet insurance market is gaining momentum through accident and sickness insurance policy as it provides both accident and sickness coverage. Growing consumer awareness of pet diseases, rising veterinary costs, and marketing efforts by industry operators have driven consumer acceptance in the pet insurance market.
Some of the major players operating in the pet insurance market are Figo Pet Insurance LLC., Embrace Pet Insurance Agency LLC, Hartville Group, Health for Pet, Hollard, Oneplan, Petfirst Healthcare LLC, Protectaplan, Petplan Limited, Trupanion , Inc., Nationwide Mutual Insurance Company., Anicom Holdings Inc., Pethealth Inc., Royal & Sun Alliance Insurance Company of Canada, Inc., Direct Line Insurance Group plc, Petsecure, Healthy Paws, 24PetWatch, etc. Due to increasing competition, companies are focusing on expanding their product portfolio. Additionally, mergers and acquisitions remain a popular strategy among market participants. The companies intend to expand their regional footprint through strategic collaborations.
In March 2019, CareCredit, LLC, a healthcare finance company of Synchrony Financial, had acquired an Idaho-based pet insurance company, Pets Bestto, to expand its current product offering/ services.
In December 2019, MetLife Inc. acquired Jeffersonville-based company PetFirst to enter the pet insurance market.
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1.1. Global Market Outlook
1.2. Summary of key statistics
1.3. Summary of key findings
1.4. Analysis and recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market scope
3. Key Market Trends
3.1. Key trends impacting the market
3.2. Trends in major countries
4. Global Pet Insurance Market Demand (by US Dollar Value or Size) min) Analysis 2016-2021 and forecast, 2022-2030
4.1. Historical Market Value Analysis (USD Million), 2016-2021
4.2. Current and Future Market Value Projections (USD Million), 2022-2030
5. Market context
5.1. Macroeconomic factors
5.2. Predictors – Relevance and Impact
5.3. Market dynamics
6. Global Pet Insurance Market Analysis 2016-2021 and Forecast 2022-2030, By Policy Type
6.1. Introduction / Main results
6.2. Historical Market Size Analysis (USD Million) by Policy Type, 2016-2021
6.3. Current and Future Market Size Analysis and Forecast (USD Million) by Policy Type, 2022-2030
6.4. Analysis of market attractiveness by type of policy
Click here for the 250-page TOC report on the pet insurance market
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Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 8 years.
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