Pet Insurance Market

Global Pet Insurance Market

Pet Insurance Market- By coverage type, animal type, and sales channel;

Market Synopsis:

Global Pet Insurance Market is valued at USD 8.12 Billion in the year 2022 and is projected to reach a value of USD 26.74 Billion by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 16.06% over the forecast period.

The Pet Insurance Market is witnessing growth owing to the increase in the number of pets across the globe, the requirement to reduce the financial risk, and high veterinary care costs. The increased demand for the Pet Insurance Market policies and the intensifying requirement for financial protection in case of a surge in uncertainties are expected to boost the growth of the Global Pet Insurance Market during the forecast period. Additionally, the upsurge in the number of veterinary centers is experiencing a positive impact on the Pet Insurance Market growth during the forecast period. Furthermore, the implementation of the technologies in the existing service line and products, and the increasing government initiatives associated with the Pet Insurance are projected to provide significant opportunities for enlarging the market growth during the forecast period. Where the Pet Insurance is an insurance policy purchased by the owner of the pet to pay in total for the veterinary treatment for the protected pet’s injury or illness.

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Moreover, some Pet Insurance policies cover the death of the pet or in case it stolen or lost. Additionally, the increasing expenses in the employing of expensive medical techniques, veterinary medicines, and drugs are projected to boost the demand for the Pet Insurance Market in the upcoming years. Whereas, the number of pet animals adopted globally for the championship has increased significantly in the few years. In addition, the adoption of pets is also done to assist with depression, low blood pressure, and loneliness and thus drives the Pet Insurance Market expansion in the years to come. Besides, lack of awareness concerning the Pet Insurance policy and the high premium cost are expected to limit the growth of the Pet Insurance Market during the forecast period.

Market Segmentation:

The Pet Insurance Market is segmented on the basis of coverage type, animal type, and sales channel. Based on coverage type, the market is segmented as Accident & Illness, Accident only, and others. Based on animal type, the market is segmented as Dogs, Cats, and others. Based on sales channels the market is segmented as Agency, Broker, Direct, Bancassurance, and others.

The accident and illness segment are estimated to dominate the market during the forecast period

Based on coverage type, the accident and illness segment are projected to dominate the Pet Insurance Market during the forecast period. The growth of this segment is attributed to high veterinary treatment and the diagnostics cost, an increase in the awareness about the pet insurance, and growth in the companion animal population. Whereas, accident and illness policies are the most frequently offered by Pet Insurance companies.

The dog segment is projected to acquire the largest revenue share during the forecast period

Based on animal type, the dog segment is expected to acquire the largest revenue share of the Pet Insurance Market during the forecast period. The animal segment includes horses, small mammals, etc. The growth of this segment is attributed to growth in the adoption of pets, enhancement of the service offerings by the insurance companies, and an increase in disposable income in developing and developed countries.

The direct sales segment is estimated to acquire the largest market share during the forecast period

Based on the sales channel, the direct sales segment is projected to acquire the largest share of the Pet Insurance Market during the forecast period. The growth of this segment is attributed to the high usage of the direct sales strategies by the prime Pet Insurance policy providers.

Europe is expected to acquire the largest share of the market during the forecast period

Europe is expected to dominate the Pet Insurance Market by acquiring the largest revenue share during the forecast period. The growth of Europe is attributed to the increasing adoption of pet insurance, growing pet ownership, and the occurrence of key companies.

The Asia Pacific is projected to be the fastest-growing region during the forecast period

The Asia Pacific region is anticipated to grow at the fastest rate during the forecast period. The growth of Asia Pacific is attributed to the developing trend of adoption of pets and the development of the economy in the Asia Pacific region. In addition, the rising awareness regarding veterinary health and educating the veterinary healthcare infrastructure are the other factors boosting the growth of the Pet Insurance Market in the Asia Pacific region in the upcoming years.

Competitive Landscape:

The key players in the market are adopting various strategic initiatives like partnerships, the introduction of new policies, collaborations, acquisitions and mergers, and regional expansions for the growth of the Pet Insurance Market. Some of the major key players in the Global Pet Insurance Market are Trupanion Inc., Deutsche Familienversicherung AG (DFV), Petplan (Allianz), Animal Friends Insurance Services Limited, Figo Pet Insurance, Direct Line, Nationwide Mutual Insurance Company, Embrace Pet Insurance Agency, AnicomInsurance, IPET Insurance Co. Ltd. and others.

Segmentation of the Global Pet Insurance Market: