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The size of the worldwide pet insurance market, which was 6.09 billion dollars in 2022, is expected to grow to 11.29 billion dollars by 2030, at a CAGR of 9.0%.
A pet owner's purchase of pet insurance helps to reduce the overall expense of high veterinary bills. These policies are comparable to human health insurance coverage. The medical costs associated with the pet are either fully or partially covered by pet insurance policies. Due to the rising adoption rate of pets around the world, the market is predicted to develop significantly over the course of the projected period. Additionally, growing public awareness of various pet insurance programs among people in developing nations would further promote market expansion. Another important element encouraging individuals to purchase pet insurance is the rising cost of veterinary care. By limiting these costs to some extent, pet insurance helps the market flourish.
The worldwide pet insurance market is expanding as a result of rising and increasing demand for market plans for pet insurance and the rise in demand for financial security in the event of surges in uncertainties. Additionally, a rise in the number of veterinary clinics has a beneficial effect on the market's expansion. However, low consumer knowledge of pet insurance policies and high premium costs restrain market expansion. On the other hand, during the projection period, it is anticipated that the incorporation of technology into already-existing product and service lines, as well as government initiatives related pet insurance plans, would present lucrative potential for market expansion.
The need for pet insurance is driven by the rising number of pet owners and the deepening human-animal bond. Pet owners are prepared to spend money on their animals' medical treatment since they view them as part of the family. The market for pet insurance is expanding as a result of the greater understanding and emotional attachment. The standard of pet healthcare has been raised thanks to technological developments in veterinary medicine, including sophisticated procedures, imaging methods, and specialized treatments. Pet insurance encourages the adoption of insurance policies since it enables pet owners to obtain these cutting-edge therapies without worrying about prohibitive fees. The number of pet owners who are aware of pet insurance has significantly increased. The education of pet owners on the advantages of insurance coverage by insurance companies, veterinarian clinics, and pet-related groups has been vital in fostering demand and market expansion.
Pet humanization, the practice of treating animals like members of the family, presents prospects for the pet insurance industry. Pet owners are more willing to spend money on insurance coverage to guarantee access to high-quality veterinary care as they emphasize the health and wellbeing of their animals. To sell pet insurance, insurance firms are developing alliances with veterinary offices, pet stores, and other service providers. These collaborations broaden the appeal of pet insurance policies by providing chances for bundled services, integrated care, and simplified insurance procedures.
Despite rising awareness, a lot of pet owners still don't fully comprehend pet insurance and its advantages. Adoption of pet insurance may be hampered by lack of knowledge of the available coverage options, policy conditions, and exclusions. With various insurance companies offering a wide range of coverage options, the pet insurance industry is fragmented. Price wars, complicated policies, and difficulties differentiating services can result from fierce rivalry among insurance providers.
Due to an increase in pet adoption in the UK, Italy, France, Russia, and Germany, Europe held a dominant position in the global pet insurance market in 2020 and is predicted to keep it during the forecast period. Additionally, a lot of insurance providers in Europe are developing new types of policy coverage to entice pet owners to adopt dogs. These businesses offer services that include planning for illnesses, accidents, and different diseases. However, due to increasing knowledge of pet care and pet insurance during the shutdown, Asia-Pacific is predicted to experience substantial growth in the near future.
The growth potential, roadblocks, and trends of the worldwide pet insurance industry are the main topics of the paper. The study offers Porter's Five Forces analysis to comprehend the effects of many elements on the worldwide pet insurance market share, including bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers.
Report Coverage
Global Pet Insurance research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Pet Insurance report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Pet Insurance competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Pet Insurance market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Pet Insurance market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Pet Insurance market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Pets Best Insurance Services, LLC, Royal & Sun Alliance (RSA), Nationwide Building Society (U.S), Trupanion (U.S), Pethealth Inc. (U.S), Embrace Pet Insurance Agency LLC (U.S), United States Fire Insurance Company (U.S), Petplan Ltd. (U.K), Hartville Group, Inc. (U.S), Petfirst Healthcare LLC (U.S), Anicom Holdings Inc. (Japan), RSA (U.K), ipet Insurance (Japan), The Oriental Insurance Company Ltd. (India), Figo Pet Insurance, LLC (U.S), Direct Line (U.K), Animal Friends Insurance Services Limited (U.K), among others
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Pet Insurance market based on the below-mentioned segments:
Global Pet Insurance Market, By Animal Type
Dogs
Cats
Others
Global Pet Insurance market, By Sales Channel
Broker
Agency
Others
Global Pet Insurance Market, By Policy Coverage
Accident and Illness
Accident Only
Others
Global Pet Insurance market, Regional Analysis
A pet owner's purchase of pet insurance helps to reduce the overall expense of high veterinary bills. These policies are comparable to human health insurance coverage. The medical costs associated with the pet are either fully or partially covered by pet insurance policies. Due to the rising adoption rate of pets around the world, the market is predicted to develop significantly over the course of the projected period. Additionally, growing public awareness of various pet insurance programs among people in developing nations would further promote market expansion. Another important element encouraging individuals to purchase pet insurance is the rising cost of veterinary care. By limiting these costs to some extent, pet insurance helps the market flourish.
The worldwide pet insurance market is expanding as a result of rising and increasing demand for market plans for pet insurance and the rise in demand for financial security in the event of surges in uncertainties. Additionally, a rise in the number of veterinary clinics has a beneficial effect on the market's expansion. However, low consumer knowledge of pet insurance policies and high premium costs restrain market expansion. On the other hand, during the projection period, it is anticipated that the incorporation of technology into already-existing product and service lines, as well as government initiatives related pet insurance plans, would present lucrative potential for market expansion.
The need for pet insurance is driven by the rising number of pet owners and the deepening human-animal bond. Pet owners are prepared to spend money on their animals' medical treatment since they view them as part of the family. The market for pet insurance is expanding as a result of the greater understanding and emotional attachment. The standard of pet healthcare has been raised thanks to technological developments in veterinary medicine, including sophisticated procedures, imaging methods, and specialized treatments. Pet insurance encourages the adoption of insurance policies since it enables pet owners to obtain these cutting-edge therapies without worrying about prohibitive fees. The number of pet owners who are aware of pet insurance has significantly increased. The education of pet owners on the advantages of insurance coverage by insurance companies, veterinarian clinics, and pet-related groups has been vital in fostering demand and market expansion.
Pet humanization, the practice of treating animals like members of the family, presents prospects for the pet insurance industry. Pet owners are more willing to spend money on insurance coverage to guarantee access to high-quality veterinary care as they emphasize the health and wellbeing of their animals. To sell pet insurance, insurance firms are developing alliances with veterinary offices, pet stores, and other service providers. These collaborations broaden the appeal of pet insurance policies by providing chances for bundled services, integrated care, and simplified insurance procedures.
Despite rising awareness, a lot of pet owners still don't fully comprehend pet insurance and its advantages. Adoption of pet insurance may be hampered by lack of knowledge of the available coverage options, policy conditions, and exclusions. With various insurance companies offering a wide range of coverage options, the pet insurance industry is fragmented. Price wars, complicated policies, and difficulties differentiating services can result from fierce rivalry among insurance providers.
Due to an increase in pet adoption in the UK, Italy, France, Russia, and Germany, Europe held a dominant position in the global pet insurance market in 2020 and is predicted to keep it during the forecast period. Additionally, a lot of insurance providers in Europe are developing new types of policy coverage to entice pet owners to adopt dogs. These businesses offer services that include planning for illnesses, accidents, and different diseases. However, due to increasing knowledge of pet care and pet insurance during the shutdown, Asia-Pacific is predicted to experience substantial growth in the near future.
The growth potential, roadblocks, and trends of the worldwide pet insurance industry are the main topics of the paper. The study offers Porter's Five Forces analysis to comprehend the effects of many elements on the worldwide pet insurance market share, including bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers.
Report Coverage
Global Pet Insurance research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Pet Insurance report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Pet Insurance competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Pet Insurance market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Pets Best Insurance Services, LLC, Royal & Sun Alliance (RSA), Nationwide Building Society (U.S), Trupanion (U.S), Pethealth Inc. (U.S), Embrace Pet Insurance Agency LLC (U.S), United States Fire Insurance Company (U.S), Petplan Ltd. (U.K), Hartville Group, Inc. (U.S), Petfirst Healthcare LLC (U.S), Anicom Holdings Inc. (Japan), RSA (U.K), ipet Insurance (Japan), The Oriental Insurance Company Ltd. (India), Figo Pet Insurance, LLC (U.S), Direct Line (U.K), Animal Friends Insurance Services Limited (U.K), among others |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Pet Insurance Market from 2021 to 2030.
- Market Forecast for Pet Insurance Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Pet Insurance competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Pet Insurance
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Pet Insurance market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Pet Insurance market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Pets Best Insurance Services, LLC, Royal & Sun Alliance (RSA), Nationwide Building Society (U.S), Trupanion (U.S), Pethealth Inc. (U.S), Embrace Pet Insurance Agency LLC (U.S), United States Fire Insurance Company (U.S), Petplan Ltd. (U.K), Hartville Group, Inc. (U.S), Petfirst Healthcare LLC (U.S), Anicom Holdings Inc. (Japan), RSA (U.K), ipet Insurance (Japan), The Oriental Insurance Company Ltd. (India), Figo Pet Insurance, LLC (U.S), Direct Line (U.K), Animal Friends Insurance Services Limited (U.K), among others
Primary Target Market
- Market Players of Pet Insurance
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Pet Insurance market based on the below-mentioned segments:
Global Pet Insurance Market, By Animal Type
Dogs
Cats
Others
Global Pet Insurance market, By Sales Channel
Broker
Agency
Others
Global Pet Insurance Market, By Policy Coverage
Accident and Illness
Accident Only
Others
Global Pet Insurance market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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