NEW YORK, July 28, 2022 /PRNewswire/ — As per Zion Market Research study, The worldwide pet insurance market size was price USD 8,102.4 million in 2021 and is estimated to grow to USD 19,945.75 million by 2028, with a compound annual growth rate (CAGR) of roughly 16.20% over the forecast period.
Pet Insurance Market: Overview
Pet insurance is a pet owner’s coverage that helps lower the prices of costly medical bills. Pet insurance typically pays for treating an insured owner’s wounded or sick animal. It is usually compensated when the animal dies, goes missing, or is stolen. Pet insurance policies primarily cover dogs, cats, and horses, while coverage for more exotic animals is out there. For accident and illness policies, the typical insurance cost for dogs is greater than for cats. Some insurance includes routine care, general exams, preventative treatment, teeth cleansing & de-worming, and immunizations. Growing pet adoption and the increasing prevalence of feline and dog-related disorders are vital drivers on this industry. Modern insurance policies that cover pets of all ages, in addition to multi-pet insurance policies that comprise quite a few pets in a single plan, attract numerous consumers. By taking such measures, private firms might increase their market share within the pet medical insurance industry. Demand for pet insurance to help minimize out-of-pocket expenses on vital medical problems, including cancer & accidental injuries, is anticipated to drive development. Nevertheless, concerns corresponding to a scarcity of standardized pet health categories for reimbursement, risks for pet insurance businesses, a barrier to entrance, significant competition, and a lack of expertise regarding pet insurance are all aspects that constrict the market growth.
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Key Industry Insights & Findings of the Pet Insurance Market Reports:
- As per the evaluation shared by our research analyst, the Pet Insurance Market is anticipated to grow annually at a CAGR of around 16.20 % (2022-2028).
- Through the first research, it was established that the Pet Insurance Market was valued at roughly USD 8102.4 million in 2021 and is projected to succeed in roughly USD 19945.75 million by 2028.
- North America is anticipated to dominate the worldwide pet insurance market throughout the forecast period. The market is anticipated to thrive as pet insurance penetration rates rise in america and Canada.
- The subscriber base of pet insurance in america is lower than 2%, but with the recent surge in pet adoption, america is anticipated to carry substantial shares throughout the forecast period.
- Asia Pacific regional market is anticipated to grow significantly within the pet insurance market Owing to increased growth results from owners’ growing take care of the well-being of their pets.
- Asia Pacific is primarily driven by rising concerns together with rising disposable income in these nations. Moreover, the increasing number of huge firms entering the undeveloped market within the Asia Pacific region will fuel the expansion of the pet insurance market.
Zion Market Research published the newest report titled “Pet Insurance Market By Policy Coverage (Hardware and Software), By Technology (Accident & Illness, Accident Only, and Others) By Animal Type (Dogs, Cats, and Others), By Sales Channel (Broker, Agency, and Others) and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Evaluation, Historical Data, and Forecasts 2022 – 2028.” into their research database.
Pet Insurance Market: Growth Drivers
- Increasing variety of pet adoption is prone to pave the best way for global market growth.
Increased pet adoption for companionship is anticipated to advertise industry expansion. The marketplace for pet insurance is expanding as people change into more concerned concerning the health of animals. Because the trend has modified from being pet owners to pet parents, pets are increasingly adopted for companionship and are steadily considered relations. Adopting a pet can be thought to assist with sadness, loneliness, and low blood pressure, amongst other things. Moreover, the industry landscape is anticipated to be much improved by the growing awareness around pet insurance programs because of this of a considerable effort by insurance providers.
Pet Insurance Market: Restraints
- Lack of expertise about pet insurance policies may hamper the worldwide market growth.
The expansion of the worldwide pet insurance market could also be hampered by the developing regions’ low level of awareness about pet insurance policy and services. In comparison with their industrialized counterparts, the income per capita in developing countries is relatively low. An extra element hindering the market data is a lack of awareness about quite a few infectious and zoonotic diseases. Moreover, there are fewer private veterinarians and veterinary facilities in poorer nations, thus, pet insurance isn’t seen as a top priority.
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Global Pet Insurance Market: Opportunities
- Key players offering novel pet insurance policies and concessions to bring up several growth opportunities.
One other significant element boosting the worldwide pet insurance market expansion is the rise within the number of companies operating within the sector. Recent policy schemes for pets have been introduced because of this of an increased player competition to ascertain a firm presence available in the market. For example, quite a lot of businesses provide multi-pet insurance policies, which permit for the enrollment of diverse pets under a single policy. Various other providers are also providing discounts and deals of their pet insurance policy to maintain customers and boost market growth.
Global Pet Insurance Market: Segmentation
- The worldwide pet insurance market is segregated on the premise of policy coverage, animal type, sales channel, and region.
By policy coverage, the market is segmented into accident & illness, accident only and others. Amongst these, the accident & illness segment dominates the market and accounted for the revenue share of 84.0% in 2021. High veterinarian treatment & diagnostic expenses, a rise within the variety of companion animals, and more knowledge of pet insurance are the most important drivers of this expansion. Pet insurance providers most steadily provide accident and illness coverage. This offers coverage for a variety of issues, including drugs, diagnostic procedures, acute & chronic illnesses, and more. The segment is anticipated to develop on the quickest rate in the approaching years since accident and illness policies offer comprehensive coverage to pet owners.
Based on sales channel, the market is split into broker, agency and others. Over the forecast period, the agency segment is anticipated to develop on the fastest rate.
By animal type, the market is split into dogs, cats and others. Amongst these, the dogs segment dominates the market and accounted for the revenue share of fifty% in 2021. Growing pet adoption, the event of insurance firms’ service offerings, and rising disposable income in vital areas are the most important drivers of this share. As well as, future market expansion is anticipated to be fueled by the rising variety of pet dogs in the world in addition to the supply of various insurance policies to accommodate varied pet demands. Due to this fact, it’s anticipated that the expansion of the pet insurance market will profit the nations where dogs’ population is higher than that of other companion animals.
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List of Key Players in Pet Insurance Market:
- Pet Insurance Agency LLC
- Figo Pet Insurance LLC.
- Ipet Insurance
- Pets Best Insurance Services LLC
- Hartville Group
- Pet Assure Corp.
- Royal & Sun Alliance (RSA)
Key questions answered on this report:
- What are the expansion rate forecast and market size for Pet Insurance Market?
- What are the important thing driving aspects propelling the Pet Insurance Market forward?
- What are a very powerful firms within the Pet Insurance Market Industry?
- What segments does the Pet Insurance Market cover?
- How can I receive a free copy of the Pet Insurance Market sample report and company profiles?
Market size value in 2021
USD 8102.4 Million
Revenue forecast in 2028
USD 19945.75 Million
CAGR of just about 16.20 % 2022-2028
Base 12 months
2016 – 2021
2022 – 2028
By Product Type, By Application, And By End Use
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Remainder of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, amongst others
Pet Insurance Agency, LLC, Figo Pet Insurance LLC., PetFirst, Ipet Insurance, Pets Best Insurance Services, LLC, Hartville Group, Nationwide, Pet Assure Corp., Royal & Sun Alliance (RSA), and Trupanion.
Market growth drivers, restraints, opportunities, Porter’s five forces evaluation, PEST evaluation, value chain evaluation, regulatory landscape, market attractiveness evaluation by segments and region, company market share evaluation, and COVID-19 impact evaluation.
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- Rising pet adoption prone to help North America dominate the worldwide market
North America is anticipated to dominate the worldwide pet insurance market throughout the forecast period. The market is anticipated to thrive as pet insurance penetration rates rise in america and Canada. Nevertheless, the subscriber base of pet insurance in america is lower than 2%, but with the recent surge in pet adoption, america is anticipated to carry substantial shares throughout the forecast period. Moreover, key players within the pet insurance sector have a powerful presence within the North American market, which boosts revenue growth. One other vital factor driving the North America market is the growing trend of adopting exotic pets corresponding to bearded dragons, fennec foxes, and wallabies in america and Canada.
Over the forecast period, Asia Pacific regional market is anticipated to grow significantly within the pet insurance market Owing to increased growth results from owners’ growing take care of the well-being of their pets. Moreover, there was a change in how people respect their pets as relations worldwide. Consequently, the market within the Asia Pacific is primarily driven by rising concerns together with rising disposable income in these nations. Moreover, the increasing number of huge firms entering the undeveloped market within the Asia Pacific region will fuel the expansion of the pet insurance market.
Global Pet Insurance Market is segmented as follows:
Pet Insurance Market: By Policy Coverage Outlook (2022-2028)
- Accident and Illness
- Accident Only
Pet Insurance Market: By Animal Type Outlook (2022-2028)
Pet Insurance Market: By Sales Channel Outlook (2022-2028)
Pet Insurance Market: By Region Outlook (2022-2028)
- The UK
- Remainder of Europe
- South Korea
- Southeast Asia
- Remainder of Asia Pacific
- Remainder of Latin America
Middle East & Africa
- South Africa
- Remainder of Middle East & Africa
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