Pet Insurance Market - Global Industry Analysis

Pet Insurance Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2026

Category: Healthcare Report Format : PDF Report Code: ZMR-5450 Status : Upcoming

Description

Global Pet Insurance Market: Overview

Pet owners worldwide can rest assured about the health and health expenditure of their four-legged companions, thanks to the advent of pet insurance policies. These pet insurance organizations are making several attempts to boost consumer awareness regarding the various policies and the many benefits attached with them. The global pet insurance market players are utilizing social media and digital marketing as an instrument to widen the customer outreach by making available knowledge with reference to various insurance policies of numerous cat and dog breeds.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Accident and illness insurance policies issue repayment for treatments of broken bones, swallowed objects, burns, allergies, urinary tract infections, laboratory tests, and surgeries. The far-reaching and all-inclusive nature of accident and illness policies is the crucial growth rendering element that attracts the majority of pet owners.

Global Pet Insurance Market: Growth Factors

The global pet insurance market will witness an increase in new and private companies offering unconventional and economical services in the coming times, as current players are taking initiatives to awaken the customers to the surging veterinary costs and the myriad benefits of pet medical insurance plans. Additionally, numerous government organizations are working to modernize and assimilate the pet health standards to guarantee well-ordered and well-planned remuneration procedure. Several market competitors are launching pet insurances that offer a plethora of benefits. Introduction of insurance plans that promise up to 80 to 90% of veterinary cost coverage with no payout limits has also been increasing the demand for pet insurances.

Factors such as increasing pet adoption and growing incidence of dog-related disorders are the core drivers for this global pet insurance market. The stringent regulations for pet insurance policies to help limit overhead expenses on serious medical conditions such as cancer and accidental wounds is expected to hinder the growth of the market.

Nonetheless, the market will progress at a promising pace as novel insurance policies such as plans that cover pets of all ages and multi-pet insurance policies that include multiple pets in a single plan are attracting a vast portion of the customers. Increasing number of private insurance agencies will remarkably augment the market growth. Private establishments tend to make available insurance policies and plans with maximum coverage offering novel services as well as customizations in a bid to set up a strong hold in the market. These factors will cater to the growth of global pet insurance market in the forecast timeline.

Global Pet Insurance Market: Segmentation

The global market for pet insurance can be segmented on the basis of product, animal type, distribution, and region. The global pet insurance market has been segmented by product into accident & illness, accident only, lifetime cover, non-lifetime cover, and others. By animal type, the global pet insurance market can be classified into dogs, cats, horses, and others. Insurance cover for dogs has majority stake in the market as the healthcare for dogs is costlier to cover than it is for other pets. The segments on the basis of distribution channel are brokers and agencies. Agencies might emerge as the dominant segment because they offer cost-effective dog insurance policies that can provide cover for broad range of breeds such as cross bred dogs, watch dogs, and hunting dogs that are pets and exotic dogs.

Global Pet Insurance Market: Regional Analysis

Europe, at present, counts for a leading position in the global pet insurance market because of costly veterinary care, upgraded facilities, and highly aware pet owners in the region. The Europe pet insurance market size is anticipated to show remarkable development in the upcoming years.

North America is second in terms of market share. This region will observe a heightened demand for pet insurance policies by dint of soaring costs of veterinary services and treatments.

Asia Pacific market is predicted to grow rapidly over the next few years due to the recent tendencies including adoption of pets including cats, dogs and other animals, growing fondness toward pet animals, swift development of veterinary infrastructure, increasing disposable incomes of people, multiple initiatives by government, and rising awareness about pet care and health.

Global Pet Insurance Market: Competitive Players

A number of companies are foraying into the lucrative market for pet products. For instance, having already set foot in the pet pharmacy industry, Walmart launched its pet insurance service at a time when Americans are increasingly seeking animal companionship since the coronavirus pandemic has made human interaction difficult. This is a very strategic move as studies have found that non-profit rescues, animal shelters, private breeders and pet stores are exhibiting a surging demand for pets.

Some key market participants include Anicom Holdings Inc., Health for pet, Pethealth, 24PetWatch and Trupanion.

Global Pet Insurance Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

What Reports Provides

  • Full in-depth analysis of the parent market
  • Important changes in market dynamics
  • Segmentation details of the market
  • Former, on-going, and projected market analysis in terms of volume and value
  • Assessment of niche industry developments
  • Market share analysis
  • Key strategies of major players
  • Emerging segments and regional markets
  • Testimonials to companies in order to fortify their foothold in the market.

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