Number of pages: 100 | Report Format: PDF | Published date: September 29, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
According to the deep-dive market assessment study conducted by Growth Plus Reports, the global pet insurance market was valued at US$ 8.1 billion in 2021 and is expected to register a revenue CAGR of 16.50% to reach US$ 32.01 billion by 2030.
Pet insurance is assurance related to the cost of veterinary care for a sick or injured pet. Pet owners get insurance as a kind of protection to assist with the high costs associated with veterinarian care. Emergencies, sicknesses, and accident-related injuries are covered by pet insurance. Owners frequently choose pet insurance to reduce the financial burden of veterinary services costs. Many public and commercial service providers offer these programs for various companion animals, including dogs and cats. Additionally, the service providers offer a variety of innovative pet insurance coverage products for several pets to draw more clients.
Major market drivers include the expanding adoption of pets and the rising prevalence of acute and chronic diseases in feline and canine species. Additionally, it is projected that the market revenue growth soon would be boosted by the rising demand for pet insurance to reduce out-of-pocket expenses on significant medical concerns, such as accidental injuries and cancer. Additionally, there is a rise in the number of veterinary hospitals, which is a promising factor in the demand for pet insurance, augmenting the related awareness. However, a lack of awareness about pet insurance policies and services in developing countries can restrain the global market revenue to some extent.
The global pet insurance market is analyzed from four perspectives: coverage type, animal, sales channel, and region.
Pet Insurance Market by Coverage Type
Based on coverage type, the global pet insurance market is segmented into accident and illness, accident only, and others.
The accident and illness segment dominates the global market in terms of revenue share. The factors contributing to the market revenue growth of this segment are the growing availability of advanced veterinary treatments, the rise in the adoption of animals, and increased expenditure on pet health.
Pet insurance providers most frequently provide accident and illness coverage, including medications, diagnostic procedures, and acute, and chronic illnesses treatment. The segment is expected to register the fastest revenue growth rate in the coming years since accident and illness policies offer comprehensive coverage to pet owners.
Pet Insurance Market by Animals
Based on animals, the global pet insurance market is segmented into canine, feline, and other animals.
The canine segment dominates the global market in terms of revenue share. This revenue growth is attributed to the high popularity of dogs as pets across the globe. The feline segment expects a large revenue growth during the forecast period owing to the increasing adoption of cats as pets.
Global Pet Insurance Market by Region
Based on region, the global pet insurance market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
The European region accounts for the largest revenue share of the market. The market revenue growth in this region is driven by widespread pet ownership in Western Europe, a rise in the uptake of companion animals, high disposable income, and high awareness about the availability of pet insurance.
The market revenue growth in North America is attributed to rising pet adoption rates and growing consumer awareness of various new pet insurance plans. In addition, pet adoption is a growing trend in the US. Moreover, it is expected that the rise in the revenue of the local pet insurance sector will be aided by the development of veterinary healthcare infrastructure and greater public awareness of veterinary health.
The prominent players operating in the global pet insurance market are:
Major market drivers include the expanding adoption of pets and the rising incidence and prevalence of veterinary diseases. Additionally, it is expected that the market revenue growth soon would be boosted by the rising demand for pet insurance to reduce out-of-pocket expenses on significant medical concerns, such as accidental injuries and cancer.
The prominent players operating in the global pet insurance market are Trupanion Inc., Deutsche Familienversicherung AG, Figo Pet Insurance, LLC, Animal Friends Insurance Services Limited, and Direct Line Embrace Pet Insurance Agency
Lack of awareness about pet insurance policies and services in developing countries can restrain the global market revenue growth to some extent.
The global pet insurance market was valued at US$ 8.1 billion in 2021 and is expected to register a revenue CAGR of 16.50% during the forecast period from 2022 to 2030.
*Insights on financial performance is subject to availability of information in public domain