Pet Insurance Market Size By Policy Coverage (Accident Only, Accident & Illness), By Animal (Cat, Dog), By Provider (Public Private), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 202

Pet Insurance Market Size By Policy Coverage (Accident Only, Accident & Illness), By Animal (Cat, Dog), By Provider (Public Private), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027

Rising pet adoption and increasing need to ensure the health and wellness of their companion animals is fueling the demand graph for the pet insurance market. Pet insurance is basically a health care policy for pets that reimburses the owner for certain medical expenditures. In simple words, pet insurance is something that helps pet owners with unexpected veterinary expenses, especially when their dog or cat or any other pet is injured or sick. In the event of illness or accident, having a pet insurance-based plan can greatly protect the finances of the pet owner.

Pet insurance was first provided in the United Kingdom in the 1940s, and it first came to Canada and the U.S. back in 1980s. The concept has picked great steam since the turn of the century. In fact, since the 2000s, pet insurance premium volume has grown substantially as more number of pet owners are purchasing coverage, continuing to drive to rise.

Pet insurance market is bifurcated in terms of policy coverage, animal, service provider, and regional landscape.

With respect to policy coverage, the market for pet insurance is classified into accident & illness, accident, and others. In 2020, the accident policy segment accounted for $164.8 million and is expected to showcase a promising growth trend over the projected time period. The accident policy basically covers physical injuries due to an accident or any other mishappening such as snake bites, broken bones, or flesh wounds.

Based on animal, the market is categorized into dog, cat, and others. Among these, the cat segment is expected to show considerable growth of 8.3% over the analysis timeframe. Cat insurance covers medication, veterinary exam fees as well as hospitalization. Some also cover alternative therapies which are often used to treat covered conditions. These include stem cell treatments, acupuncture, and hydrotherapy.

Pet insurance companies also cover hereditary conditions that are normally inherited diseases which are passed down from the parents or due to defect during the time of birth. Some of the most common type of hereditary cat conditions include certain kind of heart disease, lower urinary tract disease as well as polycystic kidney disease.

With respect to service provider, the overall pet insurance market is divided into private and public. Here, the public provider segment is expected to showcase a market revenue of approximately $661.5 million by the end of 2027.

From a regional frame of reference, in 2020, pet insurance market in Latin America accounted a market share of around 5.1% and is expected to witness robust growth over the coming time period. Increasing number of pet adoption across Latin American countries will augment the regional growth.

As per National Institute of Statistics and Geography’s data, around 70% of households in Mexico have at least one pet, while Argentina tops the list in Latin America with the greatest number of households having pets.

The Middle East & Africa region will exhibit a steady growth of 5.8% during the analysis time period.