Increasing prevalence of various diseases in pets, high risk of medical emergencies and injuries, and increasing demand for pet health insurance to cover out of pocket expenditure are key factors fueling global market growth
The global pet insurance market is expected to reach USD 14.52 Billion in 2028 and register a robust revenue CAGR of 16% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth are increasing pet spending, rising veterinary costs and increasing number of pet adoption drives.
Over the recent years, there has been a rapid increase in the pet population and pet ownership across the globe due to increasing need for companion animals, rising number of animals such as dogs and cats in rescue centers, and increasing awareness about animal health. People prefer to spend time with their animal companions after a hectic day at work. Research has shown that having pets at home is expected to reduce problems related to stress, anxiety, and depression, as well as enhance mood and improve cardiovascular health. However, routine veterinary visits, need immediate assistance, surgeries and emergency hospitalization increase the overall pet expenses as these pets are prone to accidents and injuries and various diseases such as kidney disorders, skin allergies, lymphoma, diabetes. Several insurance companies and agencies offer various pet health insurance schemes depending on the age, species, and breed of the pets to cover entire or parts of the total medical pet expense.
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However, costly pet insurance policies, unawareness about pet health insurance in many developing countries, and difficulties in reimbursement claims due to lack of standardized pet health codes are some key factors that could hamper market revenue growth going ahead.
Some key highlights of the report:
- Among the product type, the accident and illness segment is expected to account for significantly larger revenue share during the forecast period. Factors such as high prevalence of pet diseases and accidents, high cost of veterinary treatment and diagnostic costs, and availability of various types of pet insurance schemes to cover hospitalization costs, surgeries, and other emergencies are driving revenue growth of the segment.
- Based on animal type, the cat segment is expected to register fastest revenue CAGR over the forecast period owing to increasing adoption of cats across the globe, rising cat population, prevalence of infections such as ringworm, rabies, upper respiratory infections, and heartworm, high cost of veterinary care and increasing awareness about importance of animal health.
- Based on sales channel, the bancassurance segment is expected to register a robust revenue CAGR owing to increasing number of banks offering pet insurance services, rising pet adoptions across the globe, and rising awareness about bancassurance systems.
- Europe is expected to register for significantly high revenue growth rate between 2021 and 2028 owing to high adoption of cats and dogs, high spending capacity, rising veterinary service costs and increasing public awareness about pet health and insurance schemes, and presence of cost-effective insurance policies.
- Asia Pacific market is expected to register rapid revenue CAGR over the forecast period owing to factors such as increasing number of pets across the region, rising disposable income and rising incidence of feline and dog illnesses, and high risk of pet emergencies. Increasing awareness about pet insurance due to rising veterinary fees and hospital charges and increase in number of companies offering affordable pet health insurance coverage are expected to fuel Asia Pacific market growth going ahead.
- Petplan Pet Insurance, Trupanion, Inc., Nationwide Mutual Insurance Company, Hartville Group Inc., Figo pet Insurance LLC, Anicom Group, Pethealth Inc., Oneplan, PetFirst Healthcare LLC, Armour Insurance, Royal & Sun Alliance Insurance Company of Canada, Inc., Embrace Pet Insurance Agency, LLC, Direct Line Insurance Group plc, Petsecure, Healthy Paws Pet Insurance, LLC., and The Oriental Insurance Company Ltd., are some of the key players profiled in the global pet insurance market report.
- In April 2021, Petline Insurance Company collaborated with Armor Insurance to launch a new pet health insurance product, Pet Shield Insurance for cat and dog owners in Saskatchewan, Alberta and British Columbia.
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For the purpose of this report, Reports and Data has segmented the global pet insurance market based on product, animal type, sales channel, and region:
Product Outlook (Revenue, USD Billion, 2018-2028)
- Accident and Illness
- Accident only
Animal Type Outlook (Revenue, USD Billion, 2018-2028)
- Exotic Pets
Sales Channel Outlook (Revenue, USD Billion, 2018-2028)
- Direct Writing
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Regional Outlook (Revenue, USD Billion, 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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