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Global Pet Insurance Industry Market Dynamics & Strategic Insights 2021-2030
Pet Insurance is a recently introduced concept across the globe for some decades. Pet insurance policies offer cover for the veterinary expenses that are incurred for hospital stay and treatment of companion animals who are sick or have endured an injury. Certain plans also cover death of the insured pet.
Global Pet Insurance Market іѕ ѕеgmеntеd on the bаѕіѕ оf Type( Accident and Illness, and Accident only) Animal Type (Dogs, Cats, Horses, and Others) Sales Channel (Agency, Broker, Bancassurance, and Direct Writing) and region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
The Global Pet Insurance Market wаѕ vаluеd аt UЅD 6,452.8 Мn іn 2020 іѕ рrојесtеd tо іnсrеаѕе ѕіgnіfісаntlу аt а САGR оf 9.2% frоm 2021 tо 2030.
The report on Global Pet Insurance Market which оffеrѕ іn-dерth аnаlуѕіѕ оn mаrkеt drіvеrѕ, rеѕtrаіntѕ, орроrtunіtіеѕ, trеndѕ, and other important information regarding the Global Pet Insurance Market. This rероrt іnсludеs quаlіtаtіvе іnfоrmаtіоn and quаntіtаtіvе аnаlуѕіѕ оf vаrіоuѕ ѕеgmеntѕ іn tеrmѕ оf mаrkеt ѕhаrе, grоwth, орроrtunіtу аnаlуѕіѕ, mаrkеt value, еtс. fоr thе fоrесаѕt уеаrѕ. The report offers detailed information regarding the various key players operating in the Global Pet Insurance Market, their financials, key developments, supply chain trends, technological innovations, apart from future strategies, acquisitions & mergers, market footprint, and COVID-19 Analysis. This report is based on analysis, synthesis, and interpretation of the information gathered regarding the Global Pet Insurance Market from various sources. We analyzed the data and information and gained insights using primary and secondary research efforts with the primary objective to provide a holistic view of the Global Pet Insurance Market.
Market Dynamics:
Rising prevalence of animal-related disorders and diseases and concerns among pet owners about pet health and the possibility of disease transmission to human beings coupled with rising number of pet adoptions are major factors driving market growth.
According to National Center for Emerging and Zoonotic Infectious Diseases (NCEZID) AND Centers for Disease Control and Prevention there are several diseases can get transmitted from companion animals to humans including Campylobacteriosis, Hookworm, Dog Tapeworm, Roundworm, Rabies, Brucellosis, Capnocytophaga spp., Cryptosporidiosis, Echinococcosis, Ehrlichiosis, Giardiasis, Leptospirosis, Lyme Disease, Pasteurellosis, Plague, Ringworm among many other illnesses.
Furthermore, increasing demand of pet insurance plans to help pet-owners benefit out-of-pocket expenses incurred due to critical medical indication of the pets including external parasites, cancer, canine influenza, heart strokes, and injuries due to accidents is additional major factor estimated to propel growth of the global market. Also, veterinary healthcare expenses are higher as compared to human healthcare spending as these services are highly expensive and need highly qualified veterans, skilled lab-technicians.
However, lack of awareness regarding pet insurance in developing countries and high cost of pet insurance policies is expected to hamper the growth of the global pet insurance market.
Segmental Analysis:
Among the insurance type segments, the accident and illness segment is accounted for a major revenue share and is expected to maintain its dominance in the global market. This is attributed to highly expensive veterinary diagnostics and treatments, rising concerns regarding pet health, rising pet population, increasing need for a regular health checkup, treatment of chronic diseases, and rising awareness regarding pet insurance plans. The accident only segment is expected to substantially high share in terms of value in the global market, due to the increasing incidence of companion animal road accidents, or mishaps due to various reasons.
.
Among the animal type segments, the dogs' segment is projected to register significant CAGR in the global market, owing to the growing adoption of dogs in several countries across the globe.
Among the sale channel segment, the foundry segment is expected to dominate the target market, owing to the most preferred sales channel among a large number of customers. The bancassurance segment is expected to witness a considerably high CAGR in the global market over the 10-year forecast period.
Regional Analysis:
The Europe market is expected to register a significantly high revenue share in the global pet insurance market, due to the increasing number of pets protected in countries in the region. Also, the robust presence of key insurance providers and favorable insurance policies and initiatives by the government associated with pet healthcare are factors further propelling market growth in Europe. Furthermore, constant enhancements in pet insurance plans in terms of value-added services such as ‘vet direct-pay’ by a US-based insurance provider – Trupanion, are making efforts in revolutionizing the pet medical insurance offerings for dogs and cats, by removing the reimbursement policies model. The Europe pet insurance industry is projected to grow at a rapid pace due to strict rules and regulations regarding pet insurance in countries such as Sweden in the region.
North America market is estimated to account for the second-largest in terms of revenue in the global market, due to the rising number of pet populations and increasing awareness regarding the availability of pet insurance plans are projected to support revenue growth of the North America market. The Asia Pacific market is projected witness the highest growth rate in the global pet insurance marketover the 10-year forecast period. This is attributed to the rising trend of pet adoption and constant development of economies in region.
Global Pet Insurance Market Segmentation:
Segmentation by Insurance Type:
• Accident and Illness
• Accident only
Segmentation by Animal Type:
• Dogs
• Cats
• Horses
• Others
Segmentation by Sales Channel:
• Agency
• Broker
• Bancassurance
• Direct Writing
Segmentation by region:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Key Players:
Petplan Limited
Trupanion, Inc.
Nationwide Mutual Insurance Company
Hartville Group, Inc.
Pethealth, Inc.
PetFirst Healthcare LLC
Royal & Sun Alliance Insurance Company of Canada, Inc.
Embrace Pet Insurance Agency, LLC.
Direct Line Group
Petsecure
PetSure (Australia) Pty Ltd
ipet Insurance
Japan Animal Club
Global Pet Insurance Market іѕ ѕеgmеntеd on the bаѕіѕ оf Type( Accident and Illness, and Accident only) Animal Type (Dogs, Cats, Horses, and Others) Sales Channel (Agency, Broker, Bancassurance, and Direct Writing) and region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
The Global Pet Insurance Market wаѕ vаluеd аt UЅD 6,452.8 Мn іn 2020 іѕ рrојесtеd tо іnсrеаѕе ѕіgnіfісаntlу аt а САGR оf 9.2% frоm 2021 tо 2030.
The report on Global Pet Insurance Market which оffеrѕ іn-dерth аnаlуѕіѕ оn mаrkеt drіvеrѕ, rеѕtrаіntѕ, орроrtunіtіеѕ, trеndѕ, and other important information regarding the Global Pet Insurance Market. This rероrt іnсludеs quаlіtаtіvе іnfоrmаtіоn and quаntіtаtіvе аnаlуѕіѕ оf vаrіоuѕ ѕеgmеntѕ іn tеrmѕ оf mаrkеt ѕhаrе, grоwth, орроrtunіtу аnаlуѕіѕ, mаrkеt value, еtс. fоr thе fоrесаѕt уеаrѕ. The report offers detailed information regarding the various key players operating in the Global Pet Insurance Market, their financials, key developments, supply chain trends, technological innovations, apart from future strategies, acquisitions & mergers, market footprint, and COVID-19 Analysis. This report is based on analysis, synthesis, and interpretation of the information gathered regarding the Global Pet Insurance Market from various sources. We analyzed the data and information and gained insights using primary and secondary research efforts with the primary objective to provide a holistic view of the Global Pet Insurance Market.
Market Dynamics:
Rising prevalence of animal-related disorders and diseases and concerns among pet owners about pet health and the possibility of disease transmission to human beings coupled with rising number of pet adoptions are major factors driving market growth.
According to National Center for Emerging and Zoonotic Infectious Diseases (NCEZID) AND Centers for Disease Control and Prevention there are several diseases can get transmitted from companion animals to humans including Campylobacteriosis, Hookworm, Dog Tapeworm, Roundworm, Rabies, Brucellosis, Capnocytophaga spp., Cryptosporidiosis, Echinococcosis, Ehrlichiosis, Giardiasis, Leptospirosis, Lyme Disease, Pasteurellosis, Plague, Ringworm among many other illnesses.
Furthermore, increasing demand of pet insurance plans to help pet-owners benefit out-of-pocket expenses incurred due to critical medical indication of the pets including external parasites, cancer, canine influenza, heart strokes, and injuries due to accidents is additional major factor estimated to propel growth of the global market. Also, veterinary healthcare expenses are higher as compared to human healthcare spending as these services are highly expensive and need highly qualified veterans, skilled lab-technicians.
However, lack of awareness regarding pet insurance in developing countries and high cost of pet insurance policies is expected to hamper the growth of the global pet insurance market.
Segmental Analysis:
Among the insurance type segments, the accident and illness segment is accounted for a major revenue share and is expected to maintain its dominance in the global market. This is attributed to highly expensive veterinary diagnostics and treatments, rising concerns regarding pet health, rising pet population, increasing need for a regular health checkup, treatment of chronic diseases, and rising awareness regarding pet insurance plans. The accident only segment is expected to substantially high share in terms of value in the global market, due to the increasing incidence of companion animal road accidents, or mishaps due to various reasons.
.
Among the animal type segments, the dogs' segment is projected to register significant CAGR in the global market, owing to the growing adoption of dogs in several countries across the globe.
Among the sale channel segment, the foundry segment is expected to dominate the target market, owing to the most preferred sales channel among a large number of customers. The bancassurance segment is expected to witness a considerably high CAGR in the global market over the 10-year forecast period.
Regional Analysis:
The Europe market is expected to register a significantly high revenue share in the global pet insurance market, due to the increasing number of pets protected in countries in the region. Also, the robust presence of key insurance providers and favorable insurance policies and initiatives by the government associated with pet healthcare are factors further propelling market growth in Europe. Furthermore, constant enhancements in pet insurance plans in terms of value-added services such as ‘vet direct-pay’ by a US-based insurance provider – Trupanion, are making efforts in revolutionizing the pet medical insurance offerings for dogs and cats, by removing the reimbursement policies model. The Europe pet insurance industry is projected to grow at a rapid pace due to strict rules and regulations regarding pet insurance in countries such as Sweden in the region.
North America market is estimated to account for the second-largest in terms of revenue in the global market, due to the rising number of pet populations and increasing awareness regarding the availability of pet insurance plans are projected to support revenue growth of the North America market. The Asia Pacific market is projected witness the highest growth rate in the global pet insurance marketover the 10-year forecast period. This is attributed to the rising trend of pet adoption and constant development of economies in region.
Global Pet Insurance Market Segmentation:
Segmentation by Insurance Type:
• Accident and Illness
• Accident only
Segmentation by Animal Type:
• Dogs
• Cats
• Horses
• Others
Segmentation by Sales Channel:
• Agency
• Broker
• Bancassurance
• Direct Writing
Segmentation by region:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Key Players:
Petplan Limited
Trupanion, Inc.
Nationwide Mutual Insurance Company
Hartville Group, Inc.
Pethealth, Inc.
PetFirst Healthcare LLC
Royal & Sun Alliance Insurance Company of Canada, Inc.
Embrace Pet Insurance Agency, LLC.
Direct Line Group
Petsecure
PetSure (Australia) Pty Ltd
ipet Insurance
Japan Animal Club
Scope:
| Report Data | Market |
| Forecast 2022 | XX million/billion (2022-2032) |
| CAGR 2022 - 2032 | % |
| Analysis Period | 2022 - 2032 |
| Base Year | 2021 |
| Forecast Data | 2022 - 2032 |
| Segments Covered | By Type, By Application, And by Regions |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | . |
| Key Segments | By Type By Applications |
| Report Coverage | Market Drivers, Market Trends, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
Frequently Asked Questions
What is the future market value of the ?
The current market value for is expected USD XX million/billion by 2022.
What is the CAGR of the Market?
The is to grow at a CAGR of 5.3% during the forecast by 2032.
What is the Market segment?
On the basis of type, the is segmented into Types.
Who are the key players operating in the ?
The major players operating in the are Company.
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