The global pet insurance market size is expected to reach USD 14.9 billion by 2028, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 16.3%. Rapidly growing consumer awareness and product acceptance has benefited the market. According to Department of Clinical Veterinary Science (CVS) and Pet Food Institute (PFI), 30.0% of the pets in Sweden and almost 23.0% of the pets in the U.K. are covered by these insurance policies. However, less than 1.0% of the pets in the U.S. are insured.
Industry operators or players in pet insurance primarily compete with consumers who choose to self-fund pet medications and veterinary costs. However, with increasing availability of advanced technology and growing usage of veterinary services, costs are expected to increase. This increase in costs and with marketing efforts by players, the adoption of pet insurance has increased.
The market is growing as veterinary care is expensive and many owners cannot afford it; however, with insurance, they can claim around 90.0% of veterinary bills. Besides, rise in number of pet injuries and prevalence of diseases is also aiding growth. As per veterinary records, 2017, almost one in every three pets need urgent veterinary care every year. Furthermore, new strategies being undertaken by players are expected to aid further growth. For instance, MoreThan, a pet insurance company, in 2019, formed a partnership with PitPat, the dog activity monitor manufacturer, offering cash rewards of up to USD 112 to owners who exercised their pets regularly.
Pet Insurance Market Report Highlights
• Agency held the dominant share of the sales channel segment as of 2018, owing to large customer base
• Bancassurance is anticipated to exhibit lucrative growth over the forecast period. The key driver includes large and established bank network across the globe
• Dog insurance segment was the dominant application in 2018. Increase in the number of dog owners across the globe is the key driver for this segment
• The cat’s segment is anticipated to grow at an exponential rate throughout the forecast period. Cats are increasingly being adopted in Canada and preferred over dogs
• On basis of product, accident and illness insurance had the largest share as of 2018. The key drivers of the segment are high veterinary treatment & diagnostic costs, rise of companion animal population, and increase in awareness about pet insurance
• The key drivers of the segment include increasing health issues in animals and high treatment costs
• In 2018, Europe held a dominant share of the regional segment.
• North America held the second largest revenue share as of 2018. The key drivers of the pet insurance market are a rise in companion animal population and increase in awareness.
• Some key players are Petplan Limited; Trupanion, Inc.; Nationwide Mutual Insurance Company; Hartville Group, Inc.; Pethealth, Inc.; PetFirst Healthcare LLC; Royal & Sun Alliance Insurance Company of Canada, Inc.; and Embrace Pet Insurance Agency, LLC.
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Pet Insurance Market Segmentation
Grand View Research has segmented the pet insurance market on the basis of the product, animal type, sales channel and region:
Pet Insurance Product Outlook (Revenue, USD Million, 2014 – 2028)
• Accident and Illness
• Accident Only
Pet Insurance Animal Type Outlook (Revenue, USD Million, 2014 – 2028)
Pet Insurance Sales Channel Outlook (Revenue, USD Million, 2014 – 2028)
• Direct Writing
Pet insurance Regional Outlook (Revenue, USD Million, 2014 – 2028)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South Korea
• Central and South America
• Middle East & Africa
• Saudi Arabia
• South Africa
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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