
Pet Insurance Market by Insurance Type (Lifetime Policies, Maximum Benefit Policies, Time-Limited Policies), Coverage (Accident & Illness, Accidents Only), Animal, Provider, End-User - Global Forecast 2024-2030
Description
Pet Insurance Market by Insurance Type (Lifetime Policies, Maximum Benefit Policies, Time-Limited Policies), Coverage (Accident & Illness, Accidents Only), Animal, Provider, End-User - Global Forecast 2024-2030
The Pet Insurance Market size was estimated at USD 8.39 billion in 2023 and expected to reach USD 9.10 billion in 2024, at a CAGR 8.61% to reach USD 14.96 billion by 2030.
Global Pet Insurance Market
Pet insurance is a form of insurance policy to help pet owners manage the financial risks associated with veterinary care. It offers coverage for various expenses that may be incurred due to accidents, diseases, and, in some cases, routine wellness care for pets such as dogs, cats, and sometimes other pet animals. This specialized insurance is similar in structure to human health insurance, with policyholders paying a monthly or annual premium in exchange for coverage, subject to deductibles, co-pays, and policy limits. The rising pet ownership population and inclination toward pet care services are encouraging pet owners to adopt pet insurance services globally. However, a lack of awareness regarding pet insurance policies may impede their adoption by the pet owners. Moreover, the inclusion of various services and the availability of pet insurance policies are expected to encourage their adoption by pet insurance companies worldwide.
Regional Insights
The pet insurance market is evolving in the Americas owing to the increasing pet ownership, and elevated pet care costs contribute to the strong demand for pet insurance in this region. In the US, pet insurance is becoming more mainstream, with employers increasingly offering pet insurance as part of their benefits. Europe holds significant potential for the pet insurance market, characterized by high levels of pet ownership and well-established pet welfare and care practices. Socioeconomic development, rising pet adoption rates, and an increasing trend of nuclear families that often treat pets as companions are factors that could drive the demand for pet insurance in the EMEA region. The Asia-Pacific region is experiencing growth in the pet insurance market, driven by rising urbanization and growing awareness regarding pet insurance policies that contribute to a growing demand for pet insurance. Besides, data-driven pet insurance offerings are anticipated to propel the adoption of pet insurance policies by pet owners across the globe.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Pet Insurance Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Pet Insurance Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Pet Insurance Market, highlighting leading vendors and their innovative profiles. These include 24Petwatch by Pethealth Inc., Allianz Insurance plc, Anicom Group, Crum & Forster Pet Insurance Group, Embrace Pet Insurance Agency, LLC, Fetch, Inc., Figo Pet Insurance, LLC, Hartville Group by PTZ Insurance Agency, Ltd., Healthy Paws Pet Insurance, LLC, Hollard Group, Ipet Insurance Co., Ltd., Länsförsäkringar AB, Medibank Private Limited, MetLife, Inc., Nationwide Mutual Insurance Company, Oneplan Insurance, Oriental Insurance Company Ltd., Pawp, Inc., Pet Insurance Australia Pty. Ltd., Pets Best Insurance Services, LLC, PetSure (Australia) Pty Ltd., Royal & Sun Alliance Insurance Ltd., Royal Bank of Scotland PLC, Spot Pet Insurance, and Trupanion, Inc..
Market Segmentation & Coverage
This research report categorizes the Pet Insurance Market to forecast the revenues and analyze trends in each of the following sub-markets:
Insurance Type
Lifetime Policies
Maximum Benefit Policies
Time-Limited Policies
Coverage
Accident & Illness
Accidents Only
Animal
Birds
Cats
Dogs
Horses
Rabbits
Provider
Bancassurance
Direct Writing
Insurance Agency
End-User
Breeders & Kennel Owners
Individual Pet Owners
Pet Care Professionals
Rescue Organizations & Shelters
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom
The report offers valuable insights on the following aspects:
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
1. What is the market size and forecast of the Pet Insurance Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Pet Insurance Market?
3. What are the technology trends and regulatory frameworks in the Pet Insurance Market?
4. What is the market share of the leading vendors in the Pet Insurance Market?
5. Which modes and strategic moves are suitable for entering the Pet Insurance Market?
Note: PDF & Excel + Online Access - 1 Year
Table of Contents
184 Pages
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Limitations
- 1.7. Assumptions
- 1.8. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 4.1. Introduction
- 4.2. Pet Insurance Market, by Region
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Rise in pet ownership and enhanced awareness about animal health
- 5.1.1.2. Increasing incidence of animal diseases
- 5.1.1.3. Surge in animal healthcare expenditure coupled with rising disposable income
- 5.1.2. Restraints
- 5.1.2.1. Limited awareness regarding pet insurance policies
- 5.1.3. Opportunities
- 5.1.3.1. Introduction of pet insurance on online platforms
- 5.1.3.2. Availability of customized pet insurance policies
- 5.1.4. Challenges
- 5.1.4.1. Concerns associated with pre-existing conditions
- 5.2. Market Segmentation Analysis
- 5.2.1. Insurance Type: Inclination towards maximum benefit policies
- 5.2.2. Coverage: Significant penetration of accident & illness pet insurance
- 5.2.3. Animal: Proliferating demand for pet insurance policies for dogs
- 5.2.4. Provider: Increasing availability of pet insurance through the insurance agencies
- 5.3. Market Trend Analysis
- 5.4. Cumulative Impact of High Inflation
- 5.5. Porter’s Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
- 5.6. Value Chain & Critical Path Analysis
- 5.7. Regulatory Framework
- 6. Pet Insurance Market, by Insurance Type
- 6.1. Introduction
- 6.2. Lifetime Policies
- 6.3. Maximum Benefit Policies
- 6.4. Time-Limited Policies
- 7. Pet Insurance Market, by Coverage
- 7.1. Introduction
- 7.2. Accident & Illness
- 7.3. Accidents Only
- 8. Pet Insurance Market, by Animal
- 8.1. Introduction
- 8.2. Birds
- 8.3. Cats
- 8.4. Dogs
- 8.5. Horses
- 8.6. Rabbits
- 9. Pet Insurance Market, by Provider
- 9.1. Introduction
- 9.2. Bancassurance
- 9.3. Direct Writing
- 9.4. Insurance Agency
- 10. Pet Insurance Market, by End-User
- 10.1. Introduction
- 10.2. Breeders & Kennel Owners
- 10.3. Individual Pet Owners
- 10.4. Pet Care Professionals
- 10.5. Rescue Organizations & Shelters
- 11. Americas Pet Insurance Market
- 11.1. Introduction
- 11.2. Argentina
- 11.3. Brazil
- 11.4. Canada
- 11.5. Mexico
- 11.6. United States
- 12. Asia-Pacific Pet Insurance Market
- 12.1. Introduction
- 12.2. Australia
- 12.3. China
- 12.4. India
- 12.5. Indonesia
- 12.6. Japan
- 12.7. Malaysia
- 12.8. Philippines
- 12.9. Singapore
- 12.10. South Korea
- 12.11. Taiwan
- 12.12. Thailand
- 12.13. Vietnam
- 13. Europe, Middle East & Africa Pet Insurance Market
- 13.1. Introduction
- 13.2. Denmark
- 13.3. Egypt
- 13.4. Finland
- 13.5. France
- 13.6. Germany
- 13.7. Israel
- 13.8. Italy
- 13.9. Netherlands
- 13.10. Nigeria
- 13.11. Norway
- 13.12. Poland
- 13.13. Qatar
- 13.14. Russia
- 13.15. Saudi Arabia
- 13.16. South Africa
- 13.17. Spain
- 13.18. Sweden
- 13.19. Switzerland
- 13.20. Turkey
- 13.21. United Arab Emirates
- 13.22. United Kingdom
- 14. Competitive Landscape
- 14.1. FPNV Positioning Matrix
- 14.2. Market Share Analysis, By Key Player
- 14.3. Competitive Scenario Analysis, By Key Player
- 14.3.1. Merger & Acquisition
- 14.3.1.1. Independence Pet Group to Acquire Cat Insurance Brand, Felix, Expanding Portfolio and Capabilities to Better Help Cat Pet Parents
- 14.3.2. New Product Launch & Enhancement
- 14.3.2.1. Digit Insurance Partners Vetina to Offer Pet Insurance Plan for Dogs
- 14.3.3. Investment & Funding
- 14.3.3.1. Pet Insurance Startup Napo Raises GBP 15 Million in Series A Funding
- 15. Competitive Portfolio
- 15.1. Key Company Profiles
- 15.1.1. 24Petwatch by Pethealth Inc.
- 15.1.2. Allianz Insurance plc
- 15.1.3. Anicom Group
- 15.1.4. Crum & Forster Pet Insurance Group
- 15.1.5. Embrace Pet Insurance Agency, LLC
- 15.1.6. Fetch, Inc.
- 15.1.7. Figo Pet Insurance, LLC
- 15.1.8. Hartville Group by PTZ Insurance Agency, Ltd.
- 15.1.9. Healthy Paws Pet Insurance, LLC
- 15.1.10. Hollard Group
- 15.1.11. Ipet Insurance Co., Ltd.
- 15.1.12. Länsförsäkringar AB
- 15.1.13. Medibank Private Limited
- 15.1.14. MetLife, Inc.
- 15.1.15. Nationwide Mutual Insurance Company
- 15.1.16. Oneplan Insurance
- 15.1.17. Oriental Insurance Company Ltd.
- 15.1.18. Pawp, Inc.
- 15.1.19. Pet Insurance Australia Pty. Ltd.
- 15.1.20. Pets Best Insurance Services, LLC
- 15.1.21. PetSure (Australia) Pty Ltd.
- 15.1.22. Royal & Sun Alliance Insurance Ltd.
- 15.1.23. Royal Bank of Scotland PLC
- 15.1.24. Spot Pet Insurance
- 15.1.25. Trupanion, Inc.
- 15.2. Key Product Portfolio
- 16. Appendix
- 16.1. Discussion Guide
- 16.2. License & Pricing
- FIGURE 1. PET INSURANCE MARKET RESEARCH PROCESS
- FIGURE 2. PET INSURANCE MARKET SIZE, 2023 VS 2030
- FIGURE 3. PET INSURANCE MARKET SIZE, 2018-2030 (USD MILLION)
- FIGURE 4. PET INSURANCE MARKET SIZE, BY REGION, 2023 VS 2030 (%)
- FIGURE 5. PET INSURANCE MARKET SIZE, BY REGION, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 6. PET INSURANCE MARKET DYNAMICS
- FIGURE 7. PET INSURANCE MARKET SIZE, BY INSURANCE TYPE, 2023 VS 2030 (%)
- FIGURE 8. PET INSURANCE MARKET SIZE, BY INSURANCE TYPE, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 9. PET INSURANCE MARKET SIZE, BY COVERAGE, 2023 VS 2030 (%)
- FIGURE 10. PET INSURANCE MARKET SIZE, BY COVERAGE, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 11. PET INSURANCE MARKET SIZE, BY ANIMAL, 2023 VS 2030 (%)
- FIGURE 12. PET INSURANCE MARKET SIZE, BY ANIMAL, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 13. PET INSURANCE MARKET SIZE, BY PROVIDER, 2023 VS 2030 (%)
- FIGURE 14. PET INSURANCE MARKET SIZE, BY PROVIDER, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 15. PET INSURANCE MARKET SIZE, BY END-USER, 2023 VS 2030 (%)
- FIGURE 16. PET INSURANCE MARKET SIZE, BY END-USER, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 17. AMERICAS PET INSURANCE MARKET SIZE, BY COUNTRY, 2023 VS 2030 (%)
- FIGURE 18. AMERICAS PET INSURANCE MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 19. UNITED STATES PET INSURANCE MARKET SIZE, BY STATE, 2023 VS 2030 (%)
- FIGURE 20. UNITED STATES PET INSURANCE MARKET SIZE, BY STATE, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 21. ASIA-PACIFIC PET INSURANCE MARKET SIZE, BY COUNTRY, 2023 VS 2030 (%)
- FIGURE 22. ASIA-PACIFIC PET INSURANCE MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 23. EUROPE, MIDDLE EAST & AFRICA PET INSURANCE MARKET SIZE, BY COUNTRY, 2023 VS 2030 (%)
- FIGURE 24. EUROPE, MIDDLE EAST & AFRICA PET INSURANCE MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
- FIGURE 25. PET INSURANCE MARKET, FPNV POSITIONING MATRIX, 2023
- FIGURE 26. PET INSURANCE MARKET SHARE, BY KEY PLAYER, 2023
Pricing
Currency Rates
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