Market Analysis and Size
According to the survey in 2019 North American Pet Health Insurance Association (NAPHIA), the average cost for pet insurance in the U.S. in 2019 was USD 585.40 per year for dogs and USD 349.93 for cats. The market for pet insurance in the United States was valued at USD 1.56 billion. Furthermore, this will directly create a chance for players to capture untapped customers and offer various items to enhance sales and customer satisfaction. It also helps to mitigate the financial risk of unforeseen veterinary bills by covering accidents and illnesses such as cancer, hip dysplasia, glaucoma, parvovirus, and others and medicine and surgery.
Data Bridge Market Research analyses that the pet insurance market which was USD 6.2 billion in 2021, would rocket up to USD 26.66 billion by 2029, and is expected to undergo a CAGR of 9.80% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Pet Insurance Market Dynamics
Drivers
· Increasing health of pet
In the forecast period of 2022-2029, the rising number of companion animals, increasing health advantages of pet ownership, rising demand for innovative pet insurance, and rising veterinary care costs are expected to propel the pet insurance market forward. On the other side, the low penetration rate will create even more potential for the pet insurance market to grow during the projection period.
· Rise in adoption of pet
The market is primarily driven by expanding pet adoption and the global prevalence of cat and dog-related disorders. In addition, the market is growing due to an increase in the number of companion animals and increased knowledge of pet insurance. In addition, as healthcare costs rise, pet owners are more readily embracing pet health insurance, expanding the market.
· Increasing consumer preference for pet adoption
One of the primary factors driving the market's growth is the growing customer inclination for pet adoption and humanization around the world. Furthermore, increased awareness among pet owners about insurance policies that cover the costs of treatment for accidental injuries and medical diseases such urinary tract infection (UTI), burns, broken bones, and X-rays is boosting market growth. Furthermore, the rising incidence of cancer in dogs has an impact on the need for pet insurance.
Opportunities
The worldwide pet insurance industry is growing due to increased demand for pet insurance policies and a growing need for financial security in the event of a surge in uncertainty. Furthermore, the increase in the number of veterinary clinics has a beneficial impact on market growth. However, the market's growth is hampered by a lack of understanding about pet insurance policies and high premium costs. During the projection period, however, incorporation of technology in existing goods and service lines and government efforts related pet insurance plans are likely to provide lucrative potential for market expansion.
Global Pet Insurance Market Scope
The pet insurance market is segmented on the basis of policy type, animal type and end-user. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Policy Type
· Lifetime Cover
· Illness Cover
· Accident Cover
· Non-Lifetime Cover
· Illness Cover
· Accident Cover
Animal type
· Dog
· Cat
· Horse
· Others
End User
· Agency
· Broker
· Bancassurance
· Direct Writing
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Pet Insurance Market Regional Analysis/Insights
The pet insurance market is analysed and market size insights and trends are provided by country, policy type, animal type and end-user as referenced above.
The countries covered in the pet insurance market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominating the market due to growing adoption of pet and growing consumer awareness regarding various innovative pet insurance policies.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the growing adoption of pet and growth of economy.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Pet Insurance Market Share Analysis
The pet insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to pet insurance market.
Some of the major players operating in the pet insurance market are:
· 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)
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