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.
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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.
Further key findings from the study suggest:
- 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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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
- Asia Pacific
- South Korea
- Central & South America
- South Africa
- Saudi Arabia
Browse Related Report:
Veterinary Services Market: www.grandviewresearch.com/industry-analysis/veterinary-services-market
Veterinary Software Market: www.grandviewresearch.com/industry-analysis/veterinary-software-market
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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