27-Jul-2022 | Zion Market Research
The global pet insurance market size was worth 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 approximately 16.20% over the forecast period. The report analyzes the pet insurance market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the pet insurance market.
Pet insurance is a type of insurance that a pet owner purchases to partially or fully cover the cost of medical care for an insured pet's illness or accident. For various companion animals, including dogs and cats, such programs are provided by several public and private service providers. Some insurance policies may cover pet loss or theft as well as death. To draw in more customers, service providers offer a variety of pet insurance coverage options for several pets. The expense of treating an insured pet for things like veterinarian care, illness, accidents, injuries, and different veterinary surgical procedures, among other things, is reported to be covered in full or in part by pet insurance coverage. Owing to the rise in demand for pet insurance, the global pet insurance market is estimated to grow at a CAGR of 16.20% during the forecast period.
The market is primarily driven by expanding pet adoption and the incidence of diseases associated with cats & dogs. Innovative insurance plans that cover pets of all ages and multi-pet insurance policies that cover numerous pets under one plan draw much interest from potential consumers. Due to rising pet healthcare costs, owners eagerly embrace pet health insurance, fueling industry expansion. Industry participants are utilizing social media and digital marketing to spread information about various insurance policies for cat and dog breeds to increase client outreach. But factors like fierce competition and a lack of knowledge about pet insurance are anticipated to limit market expansion.
The global pet insurance market is segregated based on policy coverage, animal type, sales channel, and region. Based on policy coverage, the market is segmented into accident & illness, accident only and others. Among these, the accident & illness segment dominates the market, accounted for a revenue share of 84.0% in 2021. The market is divided into dogs, cats and others based on animal type. Among these, the dog's segment dominates the market, accounted for a revenue share of 50% in 2021. Based on sales channel, the market is divided into broker, agency and others. Over the forecast period, the agency segment is expected to develop at the fastest rate.
North America is expected to dominate the global pet insurance market in 2021. The key factors driving this expansion are high veterinary treatment & diagnostic costs, an increase in the number of companion animals, and increased knowledge of pet insurance. As pet insurance penetration rates increase in the US and Canada, the industry is anticipated to grow strongly. The North American market is a stronghold for major participants in the pet insurance industry, which fosters revenue growth. Over the forecast period, the Asia Pacific regional market is expected to grow at a significant rate. The rapid development can be attributed to owners' growing awareness about their pets' health. Furthermore, individuals worldwide have begun to treat their pets as if they were family members. As a result, rising worries along with rising disposable income in these countries are boosting the Asia Pacific market.
Key players in the global pet insurance market include 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.
Browse the full “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 Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/pet-insurance-market
Global Pet Insurance market is segmented as follows:
By Policy Coverage
By Animal Type
By Sales Channel
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