Pet Insurance Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Description
Growth Factors of Pet insurance Market
The pet insurance market size was valued at USD 6.05 billion in 2018, and the market is now projected tgrow tUSD 18.11 billion by 2032, exhibiting a CAGR of 8.1% during the forecast period of 2019-2032.
The market of pet insurance however experienced a drastic change due tCOVID-19 pandemic, mainly due tincrease in pet adoption rates during the lockdown periods. Higher service demand due tdiseases together with growing insurance popularity and pet owners’ awareness have even favoured the market. Producers adjusted in one way by providing several options for plans and incorporating the virtual meeting of veterinarians and clients. But the exchange rate fluctuation and other economic hardship made some household tdrop insurance policies while more claims pushed insurers ttheir limit. However, the market has been experiencing steady post pandemic growth due tincreased technology, broad coverage, and higher value placed on pet health. This led tthe increase in pet insurance market growth.
An important factor influencing the growth of the media market is the fact that the number of companies existing in the given market is growing. Rising competition among the players testablish a good hold in the market has resulted intvarious new policy scheme for pets. For instance, many insurers provide group pet insurance policy under a single policy, many pets can be included. Other several players are alsproviding concessions and offers tpenalized customers in pet insurance schemes. These factors drive the pet insurance market share.
One of the emerging features on the market of pet insurance is using wearable technology for pets. These include smart collars that follow a pet’s health status in real-time, activity trackers that show how active the pet is and their vitals. People are using electronic gadgets that track their health and consequently, insurers are using this data tprovide custom made policies, health reminders and incentives for timely pet health check thus providing the insurance as a more prophylactic tool aimed at the health of the pet. This innovation does not only make clients interact with the insurer, but alsassists the insurer in minimizing the risks.
Comprehensive Analysis of Pet insurance Market
The pet insurance market is responding quite an unprecedented rate of growth because of its market segmentation. This indicators growth in different regions by substituting the major forces of supply and demand which define the shape of local pharmacy benefit management market. Therefore, they are logically divided int3 Segments, By Policy Coverage Type Analysis, By Animal Type Analysis and By service Provider Analysis. On the basis of policy coverage type the market consists of accident & illness, accident only and other embedded wellness insurance schemes. Among the available segments, the accident and illness is expected tlead the pet insurance market share in the forecast period. It involves choosing different policies that allow for freedom tbe taken care within illness and injuries besides accidents and subsequent hospital bills, surgeries, drugs and many among others. According tthe type of animal, the market can be divided tcat, dog and others which comprise of equine and few of the exotic animals as pets. Due trise in demand of cats across several countries the cat segment is expected tshow positive growth during the course of the forecast period. The global healthcare insurance market has been segmented in terms of service provider inttwcategories, private insurance and public insurance. Coming tthe levels of market segmentation, private segment had the highest share in terms of revenues in the same year – 2018. More numerous insurance carriers, operating with several types of insurance at a low cost of a premium, will significantly contribute tthe growth of the market.
The market size in Europe had a considerable presence in the global market in 2018. Some market drivers that can be predicted include; rise in government campaigns and publicity towards pet adoption combined with a rising adoption of animals within the European nations.
Trupanion (U.S.), Nationwide Mutual Insurance Company (U.S.), ASPCA (U.S.), Healthy Paws Pet Insurance, LLC. (U.S.), Embrace Pet Insurance Agency, LLC. (U.S.), FigPet Insurance LLC. (U.S.), Anicom Holdings (Japan), Agria Pet Insurance Ltd (U.K.), 24PetWatch (Canada) and Pets Best Insurance Services, LLC. (U.S.) are significant players in the medical devices market. They are the key player that ensures the industry's success while still having tkeep pace with their innovation in product and services. They offer a competitive zone that incites the growth of technologies and quality assurance. They operate on a global scale and have a wide range of product lines ensuring that the market players compete on a fair playing field bringing in innovations that result in the market's evolution.
In June 2021, Trupanion revealed the intention of enhancing its overseas operations by recruiting Wheeler of Agria Pet Insurance Ltd tmanage the expansion of Trupanion’s operations in Asian market including Japan, European market including UK, Latin American market including Brazil and other part of Europe markets.
Segmentation Table
ATTRIBUTES DETAILS
Study Period 2015-2026
Base Year 2018
Forecast Period 2019-2026
Historical Period 2015-2017
Unit Value (USD billion)
Segmentation By Policy Coverage Type
Accident & Illness
Accident Only
Others
By Animal Type
Cat
Dog
Others
By Provider
Public
Private
By Geography
North America (U.S. and Canada)
Europe (U.K., Germany, France, Italy, Spain, Sweden, and Rest of Europe)
Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
Latin America (Brazil, Mexico, and Rest of Latin America)
Middle East and Africa ( South Africa, GCC, and Rest of the Middle East & Africa)
The pet insurance market size was valued at USD 6.05 billion in 2018, and the market is now projected tgrow tUSD 18.11 billion by 2032, exhibiting a CAGR of 8.1% during the forecast period of 2019-2032.
The market of pet insurance however experienced a drastic change due tCOVID-19 pandemic, mainly due tincrease in pet adoption rates during the lockdown periods. Higher service demand due tdiseases together with growing insurance popularity and pet owners’ awareness have even favoured the market. Producers adjusted in one way by providing several options for plans and incorporating the virtual meeting of veterinarians and clients. But the exchange rate fluctuation and other economic hardship made some household tdrop insurance policies while more claims pushed insurers ttheir limit. However, the market has been experiencing steady post pandemic growth due tincreased technology, broad coverage, and higher value placed on pet health. This led tthe increase in pet insurance market growth.
An important factor influencing the growth of the media market is the fact that the number of companies existing in the given market is growing. Rising competition among the players testablish a good hold in the market has resulted intvarious new policy scheme for pets. For instance, many insurers provide group pet insurance policy under a single policy, many pets can be included. Other several players are alsproviding concessions and offers tpenalized customers in pet insurance schemes. These factors drive the pet insurance market share.
One of the emerging features on the market of pet insurance is using wearable technology for pets. These include smart collars that follow a pet’s health status in real-time, activity trackers that show how active the pet is and their vitals. People are using electronic gadgets that track their health and consequently, insurers are using this data tprovide custom made policies, health reminders and incentives for timely pet health check thus providing the insurance as a more prophylactic tool aimed at the health of the pet. This innovation does not only make clients interact with the insurer, but alsassists the insurer in minimizing the risks.
Comprehensive Analysis of Pet insurance Market
The pet insurance market is responding quite an unprecedented rate of growth because of its market segmentation. This indicators growth in different regions by substituting the major forces of supply and demand which define the shape of local pharmacy benefit management market. Therefore, they are logically divided int3 Segments, By Policy Coverage Type Analysis, By Animal Type Analysis and By service Provider Analysis. On the basis of policy coverage type the market consists of accident & illness, accident only and other embedded wellness insurance schemes. Among the available segments, the accident and illness is expected tlead the pet insurance market share in the forecast period. It involves choosing different policies that allow for freedom tbe taken care within illness and injuries besides accidents and subsequent hospital bills, surgeries, drugs and many among others. According tthe type of animal, the market can be divided tcat, dog and others which comprise of equine and few of the exotic animals as pets. Due trise in demand of cats across several countries the cat segment is expected tshow positive growth during the course of the forecast period. The global healthcare insurance market has been segmented in terms of service provider inttwcategories, private insurance and public insurance. Coming tthe levels of market segmentation, private segment had the highest share in terms of revenues in the same year – 2018. More numerous insurance carriers, operating with several types of insurance at a low cost of a premium, will significantly contribute tthe growth of the market.
The market size in Europe had a considerable presence in the global market in 2018. Some market drivers that can be predicted include; rise in government campaigns and publicity towards pet adoption combined with a rising adoption of animals within the European nations.
Trupanion (U.S.), Nationwide Mutual Insurance Company (U.S.), ASPCA (U.S.), Healthy Paws Pet Insurance, LLC. (U.S.), Embrace Pet Insurance Agency, LLC. (U.S.), FigPet Insurance LLC. (U.S.), Anicom Holdings (Japan), Agria Pet Insurance Ltd (U.K.), 24PetWatch (Canada) and Pets Best Insurance Services, LLC. (U.S.) are significant players in the medical devices market. They are the key player that ensures the industry's success while still having tkeep pace with their innovation in product and services. They offer a competitive zone that incites the growth of technologies and quality assurance. They operate on a global scale and have a wide range of product lines ensuring that the market players compete on a fair playing field bringing in innovations that result in the market's evolution.
In June 2021, Trupanion revealed the intention of enhancing its overseas operations by recruiting Wheeler of Agria Pet Insurance Ltd tmanage the expansion of Trupanion’s operations in Asian market including Japan, European market including UK, Latin American market including Brazil and other part of Europe markets.
Segmentation Table
ATTRIBUTES DETAILS
Study Period 2015-2026
Base Year 2018
Forecast Period 2019-2026
Historical Period 2015-2017
Unit Value (USD billion)
Segmentation By Policy Coverage Type
Accident & Illness
Accident Only
Others
By Animal Type
Cat
Dog
Others
By Provider
Public
Private
By Geography
North America (U.S. and Canada)
Europe (U.K., Germany, France, Italy, Spain, Sweden, and Rest of Europe)
Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
Latin America (Brazil, Mexico, and Rest of Latin America)
Middle East and Africa ( South Africa, GCC, and Rest of the Middle East & Africa)
Table of Contents
136 Pages
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Pricing Analysis of Top Insurers, by Animal Type
- 4.2. Pet Adoption Statistics, Across Major Countries
- 4.3. Key Merger And Acquisition Strategies by Top Players
- 4.4. New Product Launch
- 5. Global Pet Insurance Market Analysis, Insights and Forecast, 2015-2026
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Policy Coverage Type
- 5.2.1. Accident & Illness
- 5.2.2. Accident Only
- 5.2.3. Others
- 5.3. Market Analysis, Insights and Forecast – By Animal Type
- 5.3.1. Cat
- 5.3.2. Dog
- 5.3.3. Others
- 5.4. Market Analysis, Insights and Forecast – By Provider
- 5.4.1. Public
- 5.4.2. Private
- 5.5. Market Analysis, Insights and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia Pacific
- 5.5.4. Latin America
- 5.5.5. Middle East & Africa
- 6. North America Pet Insurance Market Analysis, Insights and Forecast, 2015-2026
- 6.1. Key Findings / Summary
- 6.2. Market Analysis – By Policy Coverage Type
- 6.2.1. Accident & Illness
- 6.2.2. Accident Only
- 6.2.3. Others
- 6.3. Market Analysis – By Animal Type
- 6.3.1. Cat
- 6.3.2. Dog
- 6.3.3. Others
- 6.4. Market Analysis – By Provider
- 6.4.1. Public
- 6.4.2. Private
- 6.5. Market Analysis – By Country
- 6.5.1. U.S.
- 6.5.2. Canada
- 7. Europe Pet Insurance Market Analysis, Insights and Forecast, 2015-2026
- 7.1. Key Findings / Summary
- 7.2. Market Analysis – By Policy Coverage Type
- 7.2.1. Accident & Illness
- 7.2.2. Accident Only
- 7.2.3. Others
- 7.3. Market Analysis – By Animal Type
- 7.3.1. Cat
- 7.3.2. Dog
- 7.3.3. Others
- 7.4. Market Analysis – By Provider
- 7.4.1. Public
- 7.4.2. Private
- 7.5. Market Analysis – By Country/sub-region/sub-region
- 7.5.1. U.K.
- 7.5.2. Germany
- 7.5.3. France
- 7.5.4. Spain
- 7.5.5. Italy
- 7.5.6. Sweden
- 7.5.7. Rest of Europe
- 8. Asia Pacific Pet Insurance Market Analysis, Insights and Forecast, 2015-2026
- 8.1. Key Findings / Summary
- 8.2. Market Analysis – By Policy Coverage Type
- 8.2.1. Accident & Illness
- 8.2.2. Accident Only
- 8.2.3. Others
- 8.3. Market Analysis – By Animal Type
- 8.3.1. Cat
- 8.3.2. Dog
- 8.3.3. Others
- 8.4. Market Analysis – By Provider
- 8.4.1. Public
- 8.4.2. Private
- 8.5. Market Analysis – By Country/sub-region
- 8.5.1. Japan
- 8.5.2. China
- 8.5.3. India
- 8.5.4. Australia
- 8.5.5. Southeast Asia
- 8.5.6. Rest of Asia Pacific
- 9. Latin America Pet Insurance Market Analysis, Insights and Forecast, 2015-2026
- 9.1. Key Findings / Summary
- 9.2. Market Analysis – By Policy Coverage Type
- 9.2.1. Accident & Illness
- 9.2.2. Accident Only
- 9.2.3. Others
- 9.3. Market Analysis – By Animal Type
- 9.3.1. Cat
- 9.3.2. Dog
- 9.3.3. Others
- 9.4. Market Analysis – By Provider
- 9.4.1. Public
- 9.4.2. Private
- 9.5. Market Analysis – By Country/sub-region
- 9.5.1. Brazil
- 9.5.2. Mexico
- 9.5.3. Rest of Latin America
- 10. Middle East & Africa Pet Insurance Market Analysis, Insights and Forecast, 2015-2026
- 10.1. Key Findings / Summary
- 10.2. Market Analysis – By Policy Coverage Type
- 10.2.1. Accident & Illness
- 10.2.2. Accident Only
- 10.2.3. Others
- 10.3. Market Analysis – By Animal Type
- 10.3.1. Cat
- 10.3.2. Dog
- 10.3.3. Others
- 10.4. Market Analysis – By Provider
- 10.4.1. Public
- 10.4.2. Private
- 10.5. Market Analysis – By Country/sub-region
- 10.5.1. GCC Countries
- 10.5.2. South Africa
- 10.5.3. Rest of Middle East & Africa
- 11. Competitive Analysis
- 11.1. Key Industry Developments
- 11.2. Global Market Share Analysis (2018)
- 11.3. Competition Dashboard
- 11.4. Comparative Analysis – Major Players
- 11.5. Company Profiles
- 11.5.1. Trupanion
- 11.5.1.1. Overview
- 11.5.1.2. Products & Services
- 11.5.1.3. SWOT Analysis
- 11.5.1.4. Recent developments
- 11.5.1.5. Strategies
- 11.5.1.6. Financials
- 11.5.2. Nationwide Mutual Insurance Company
- 11.5.2.1. Overview
- 11.5.2.2. Products & Services
- 11.5.2.3. SWOT Analysis
- 11.5.2.4. Recent developments
- 11.5.2.5. Strategies
- 11.5.2.6. Financials
- 11.5.3. ASPCA
- 11.5.3.1. Overview
- 11.5.3.2. Products & Services
- 11.5.3.3. SWOT Analysis
- 11.5.3.4. Recent developments
- 11.5.3.5. Strategies
- 11.5.3.6. Financials
- 11.5.4. Healthy Paws Pet Insurance, LLC.
- 11.5.4.1. Overview
- 11.5.4.2. Products & Services
- 11.5.4.3. SWOT Analysis
- 11.5.4.4. Recent developments
- 11.5.4.5. Strategies
- 11.5.4.6. Financials
- 11.5.5. Embrace Pet Insurance Agency, LLC
- 11.5.5.1. Overview
- 11.5.5.2. Products & Services
- 11.5.5.3. SWOT Analysis
- 11.5.5.4. Recent developments
- 11.5.5.5. Strategies
- 11.5.5.6. Financials
- 11.5.6. Figo Pet Insurance LLC.
- 11.5.6.1. Overview
- 11.5.6.2. Products & Services
- 11.5.6.3. SWOT Analysis
- 11.5.6.4. Recent developments
- 11.5.6.5. Strategies
- 11.5.6.6. Financials
- 11.5.7. Anicom Holdings
- 11.5.7.1. Overview
- 11.5.7.2. Products & Services
- 11.5.7.3. SWOT Analysis
- 11.5.7.4. Recent developments
- 11.5.7.5. Strategies
- 11.5.7.6. Financials
- 11.5.8. Agria Pet Insurance Ltd
- 11.5.8.1. Overview
- 11.5.8.2. Products & Services
- 11.5.8.3. SWOT Analysis
- 11.5.8.4. Recent developments
- 11.5.8.5. Strategies
- 11.5.8.6. Financials
- 11.5.9. 24PetWatch
- 11.5.9.1. Overview
- 11.5.9.2. Products & Services
- 11.5.9.3. SWOT Analysis
- 11.5.9.4. Recent developments
- 11.5.9.5. Strategies
- 11.5.9.6. Financials
- 11.5.10. Pets Best Insurance Services, LLC.
- 11.5.10.1. Overview
- 11.5.10.2. Products & Services
- 11.5.10.3. SWOT Analysis
- 11.5.10.4. Recent developments
- 11.5.10.5. Strategies
- 11.5.10.6. Financials
- 12. Strategic Recommendations "
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