pet insurance market
The need for financial security in the event of heightened uncertainty and increasing demand for pet insurance market planning are two factors contributing to the company’s international expansion. An increase in veterinary hospitals will also have a positive impact on market growth. However, limited consumer awareness of pet insurance products and high premiums limit the market growth. On the other hand, during the forecast period, government initiatives on pet insurance plans and the integration of technology into existing product and service lines are expected to provide lucrative market development potential. The global pet insurance industry is worth $7.9 billion and is expected to grow to $39.6 billion by 2030, at a CAGR of 11.5%.
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Moreover, unrealized potential in both established economies and developing countries is projected to boost profitable expansion of this market in the coming years. The reimbursement paradigm is being superseded by new developments in pet insurance, such as veterinary direct payments by Torpanion. This is changing the way health insurance works for cats, dogs, and humans.As in the United States, countries such as Sweden have stricter requirements for pet insurance, leading to a significant increase in pet insurance in Europe as well.
In Europe, about 85 million households are expected to have at least one pet. This trend is expected to further intensify throughout the forecast period owing to factors such as the humanization of pets and the increasing adoption of pets in emerging economies. Therefore, one of the major factors driving the expansion of the market is the increasing adoption of pets.
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Hence, the rise of the market under study over the expected period is attributed to the above components taken as a whole. However, lack of defined pet health codes for reimbursement is expected to hinder market expansion during the forecast period.
Europe led the global pet insurance market in 2020 due to increased pet adoption in the UK, Italy, France, Russia and Germany. This trend is projected to continue for the next few years. In addition, many insurance companies in Europe are offering new types of insurance to entice people to adopt dogs. doing.
table of contents:
Chapter 1; Introduction
Chapter 2 Survey Method
Chapter 3 Executive Summary
Chapter 4 Market Outlook
5 Pet Insurance Market by Policy Type
Chapter 6 Pet Insurance Market by End User
Chapter 7 Pet Insurance Market by Region
Chapter 8 Competitive Environment
Chapter 9 Company Profile
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