“Global Pet Insurance Market Size, Share, Price, Trends, Growth, Reports and Forecasts 2023-2028” by Expert Market Research provides a broad outlook of the global pet insurance market and breaks it down into segments such as policy coverage. Evaluate the market based on , animal types, sales channels, and major regions.
This report examines the latest updates in the market and their impact on the overall market. It also analyzes market demand along with price and demand indicators. The report also tracks the market based on SWOT and Porter’s Five Forces model.
Pet Insurance Market Size, Share, Trends, Industry, Key Players, Reports and Forecasts
Key highlights of the report include:
Market Overview (2018-2028)
• Historical market size (2022): USD 8.1 billion
• Forecast CAGR (2023-2028): 15.30%
Growing awareness of the benefits of having trusted pet insurance, growing enthusiasm for pet ownership, increasing availability of different pet breeds, and rising standards of living are driving the market for pet insurance. are some of the important factors to Efforts aimed at strengthening animal welfare infrastructure across developing countries are growing, and awareness of pet insurance schemes is growing.
Increasing prevalence of chronic diseases in pets is a key factor driving the pet insurance market. Illnesses such as parvovirus, canine distemper, canine influenza, and leptospirosis are common illnesses in dogs. Additionally, cats are prone to traffic accidents, a major concern among owners.
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Rising veterinary medical costs and rising hospital costs are driving the adoption of pet insurance schemes. Moreover, the expansion of veterinary hospitals, clinics and diagnostic centers is further accelerating the growth of the pet insurance market. Her rising cases of stress, anxiety and depression among millennials have heightened pet emotions and put more emphasis on pet companionship. In this regard, the amount of money pet owners spend on adopted animals is expected to increase significantly over the next few years.
Pet insurance industry definition and major segments
Pet insurance refers to a specific insurance policy that pet owners can take to offset their pet’s high medical costs. Pet insurance covers all or part of medical insurance and relieves pet owners of sudden financial burdens. The nature of pet insurance varies by pet type, region, provider and type of coverage.
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Based on policy coverage, the market can be split into:
• Accidents only
• Accidents and illnesses
• others
Based on animal type, the market is segmented as follows:
• dog
• Cat
• others
By sales channel, the market is segmented as follows:
• Agency
• Broker
• Bancassurance
• others
Based on region, the market can be segmented into:
• North America
• Europe
• Asia Pacific
• latin america
• Middle East and Africa
Pet Insurance Market Trends
Key trends in the global pet insurance market include improvements and advancements in veterinary, pharmaceutical, and therapeutic technology, which increases the cost of care and increases spending on pet welfare and health doing. Increased commitment to animal rescue and adoption by the younger generation, backed by favorable regulations by various governments, is adding further impetus to the market. Along with this, the development of veterinary facilities in rural and semi-urban areas further expands market opportunities.
The dynamics of the pet insurance market are further improved with easy access to online web portal information on pet insurance, providing data on new program launches, pet welfare companies and banks. An expected increase in the dog population during the forecast period is likely to support the market.
Geographically, Latin America holds a significant share of the market. Rising numbers of pets and pet companions fueled by high abandonment rates in some regions are fueling the growth of the pet insurance market. On the other hand, Europe is expected to witness steady growth during the forecast period owing to various government incentive policies for animal welfare.
major market players
The major players in this Pet Insurance market report are:
• Embrace Pet Insurance Agency, LLC
• Figo Pet Insurance, LLC
• Crumb & Forster Pet Insurance Group
• Pet Best Insurance Services, LLC
• Torpanion
• MetLife Services and Solutions LLC
• others
The report covers market shares, production capacities, factory turnarounds, expansions, investments, mergers and acquisitions, among other latest developments for these market players.
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