The global pet insurance market size is projected to reach USD 11.25 billion by 2026. The increasing pet adoption in leading countries across the world will have a direct impact on the growth of the market. According to a report published by Fortune Business Insights, titled “Pet Insurance Market Size, Share & Industry Analysis, By Policy Coverage Type (Accident & Illness, Accident Only, Others), By Animal Type (Dog, Cat, Others), By Provider (Public, Private) and Regional Forecast, 2019-2026,” the market was worth USD 6.05 billion in 2018. Driven by flexibility in product offerings, the market will exhibit a CAGR of 8.0% during the forecast period, 2019-2026.
The report includes thorough compilation of the quantitative analysis of the industry for the period of 12 years in order to assist players to grow in the market. Insights on specific revenue figures generated are also given in the report, along with projected revenue at the end of the forecast period. This study includes a widespread analysis of the key segments of the industry. This analysis sheds light in the current trends and opportunities in the Pet Insurance Market.
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Key Points of the Pet Insurance Market Report:
- The report provides a basic overview of the industry including its definition, applications, and manufacturing technology.
- The report also explores the major international players in detail. In this part, the report presents the company profile, product specifications, capacity, and production value along with the market shares for each company.
- Through the statistical analysis, the study depicts the global market including capacity, production, production value, cost/profit, and supply/demand from an international perspective.
- Considering segmentation, the market is divided in terms of product, end-use, company, region, and other important aspects. Each of these categories forms an important base point for the competitive landscape analysis.
- The report then estimates the market development and trends of the Pet Insurance Market.
Increasing Number of Company Mergers and Collaborations to Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. It highlights a few of the leading market drivers and analyzes their impact on the market. Among all factors, the increasing number of company mergers and collaborations have had a positive impact on market growth. In October 2019, Petplan, a leading pet insurance provider, announced that it has been acquired by Warnbug Pincus. Warnbug is a leading private equity firm that mainly focuses on growth-oriented investing. With this acquisition, the company will look to outperform its counterparts and in doing so, establish a strong presence in the market. The report highlights a few of the other company mergers that have graced the market in recent years and gauges their impact on the market.
Top manufactures of Pet Insurance Market are:
- Trupanion
- Anicom Holdings
- Nationwide Mutual Insurance Company
- ASPCA
- Healthy Paws Pet Insurance, LLC.
- Embrace Pet Insurance Agency, LLC
- Figo Pet Insurance LLC.
- Agria Pet Insurance Ltd
- 24PetWatch
- Pets Best Insurance Services, LLC.
Europe to Emerge Dominant; Influx of Start-ups to Aid Growth
The report analyzes the ongoing pet insurance market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in Europe generated the highest market revenue in 2018. Europe is projected to dominate the market in the coming years driven by the increasing number of start-ups in several countries across this region. The increasing number of government initiatives to promote animal wellness and health, coupled with encouragement for pet adoption, will aid the growth of the market in this region. Besides Europe, the market in North America will exhibit considerable CAGR. As of 2018, the market in North America was worth USD 1.42 billion and this value is likely to increase further in the coming years.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Pricing Analysis of Top Insurers, by Animal Type
- Pet Adoption Statistics, Across Major Countries
- Key Merger And Acquisition Strategies by Top Players
- New Product Launch
- Global Pet Insurance Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Policy Coverage Type
- Accident & Illness
- Accident Only
- Others
- Market Analysis, Insights and Forecast – By Animal Type
- Cat
- Dog
- Others
- Market Analysis, Insights and Forecast – By Provider
- Public
- Private
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Reasons to Purchase this Report:
- Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
- Comprehensive analysis of the Aesthetic Implants Market growth drivers, obstacles, opportunities, and other related challenges.
- Identifies market restraints and boosters.
- Identifies all the possible segments present in the market to aid organizations in strategic business planning.
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