At 16.20% CAGR, Global Pet Insurance Market Size & Share to Surpass US$ 19945.75 Million By 2028 | Pet Insurance Industry Trends, Share, Growth, Value, Analysis & Forecast Report By Zion Market Research
NEW YORK, July 28, 2022 /PRNewswire/ -- As per Zion Market Research study, The global pet insurance market size was worth USD 8,102.4 million in 2021 and is estimated to grow to USD 19,945.75 million by 2028, with a compound annual growth rate (CAGR) of approximately 16.20% over the forecast period.
Pet Insurance Market: Overview
Pet insurance is a pet owner's coverage that helps lower the costs of costly medical bills. Pet insurance typically pays for treating an insured owner's wounded or sick animal. It is also compensated when the animal dies, goes missing, or is stolen. Pet insurance policies primarily cover dogs, cats, and horses, while coverage for more exotic animals is available. For accident and illness policies, the average insurance cost for dogs is more than for cats. Some insurance includes routine care, general exams, preventative treatment, teeth cleaning & de-worming, and immunizations. Growing pet adoption and the increasing prevalence of feline and dog-related disorders are important drivers in this industry. Innovative insurance policies that cover pets of all ages, as well as multi-pet insurance policies that comprise numerous pets in a single plan, attract a large number of consumers. By taking such measures, private firms might increase their market share in the pet health insurance industry. Demand for pet insurance to assist minimize out-of-pocket expenses on important medical problems, including cancer & accidental injuries, is expected to drive development. However, concerns such as a lack of standardized pet health categories for reimbursement, risks for pet insurance businesses, a barrier to entrance, significant competition, and a lack of understanding regarding pet insurance are all factors that constrict the market growth.
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Key Industry Insights & Findings of the Pet Insurance Market Reports:
- As per the analysis shared by our research analyst, the Pet Insurance Market is expected to grow annually at a CAGR of around 16.20 % (2022-2028).
- Through the primary research, it was established that the Pet Insurance Market was valued at approximately USD 8102.4 million in 2021 and is projected to reach roughly USD 19945.75 million by 2028.
- North America is expected to dominate the global pet insurance market during the forecast period. The market is expected to thrive as pet insurance penetration rates rise in the United States and Canada.
- The subscriber base of pet insurance in the United States is less than 2%, but with the recent surge in pet adoption, the United States is expected to hold substantial shares during the forecast period.
- Asia Pacific regional market is expected to grow significantly in the pet insurance market Owing to increased growth results from owners' growing care for the well-being of their pets.
- Asia Pacific is primarily driven by rising concerns along with rising disposable income in these nations. Furthermore, the increasing number of large companies entering the undeveloped market in the Asia Pacific region will fuel the expansion of the pet insurance market.
Zion Market Research published the latest report titled "Pet Insurance Market By Policy Coverage (Hardware and Software), By Technology (Accident & Illness, Accident Only, and Others) By Animal Type (Dogs, Cats, and Others), By Sales Channel (Broker, Agency, and Others) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
Industry Dynamics:
Pet Insurance Market: Growth Drivers
- Increasing number of pet adoption is likely to pave the way for global market growth.
Increased pet adoption for companionship is anticipated to promote industry expansion. The market for pet insurance is expanding as people become more concerned about the health of animals. As the trend has changed from being pet owners to pet parents, pets are increasingly adopted for companionship and are frequently thought of as family members. Adopting a pet is also thought to help with sadness, loneliness, and low blood pressure, among other things. Additionally, the industry landscape is anticipated to be much improved by the growing awareness around pet insurance programs as a result of a substantial effort by insurance providers.
Pet Insurance Market: Restraints
- Lack of awareness about pet insurance policies may hamper the global market growth.
The growth of the global pet insurance market may be hampered by the developing regions' low level of awareness about pet insurance plans and services. Compared to their industrialized counterparts, the income per capita in developing countries is comparatively low. An additional element hindering the market data is a lack of knowledge about numerous infectious and zoonotic diseases. Additionally, there are fewer private veterinarians and veterinary facilities in poorer nations, thus, pet insurance is not seen as a top priority.
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Global Pet Insurance Market: Opportunities
- Key players offering novel pet insurance policies and concessions to bring up several growth opportunities.
Another significant element boosting the global pet insurance market expansion is the rise in the number of businesses operating in the sector. New policy schemes for pets have been introduced as a result of an increased player competition to establish a firm presence in the market. For instance, a number of businesses provide multi-pet insurance policies, which allow for the enrollment of numerous pets under a single policy. Various other providers are also providing discounts and deals in their pet insurance plans to keep customers and boost market growth.
Global Pet Insurance Market: Segmentation
- The global pet insurance market is segregated on the basis of policy coverage, animal type, sales channel, and region.
By policy coverage, the market is segmented into accident & illness, accident only and others. Among these, the accident & illness segment dominates the market and accounted for the revenue share of 84.0% in 2021. High veterinarian treatment & diagnostic expenses, an increase in the number of companion animals, and more knowledge of pet insurance are the main drivers of this expansion. Pet insurance providers most frequently provide accident and illness coverage. This offers coverage for a range of issues, including drugs, diagnostic procedures, acute & chronic illnesses, and more. The segment is anticipated to develop at the quickest rate in the coming years since accident and illness policies offer comprehensive coverage to pet owners.
Based on sales channel, the market is divided into broker, agency and others. Over the forecast period, the agency segment is expected to develop at the fastest rate.
By animal type, the market is divided into dogs, cats and others. Among these, the dogs segment dominates the market and accounted for the revenue share of 50% in 2021. Growing pet adoption, the development of insurance companies' service offerings, and rising disposable income in important areas are the main drivers of this share. In addition, future market expansion is anticipated to be fueled by the rising number of pet dogs in the area as well as the availability of different insurance policies to accommodate varied pet demands. Therefore, it is anticipated that the expansion of the pet insurance market will benefit the nations where dogs' population is higher than that of other companion animals.
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List of Key Players in Pet Insurance Market:
- Pet Insurance Agency LLC
- Figo Pet Insurance LLC.
- PetFirst
- Ipet Insurance
- Pets Best Insurance Services LLC
- Hartville Group
- Nationwide
- Pet Assure Corp.
- Royal & Sun Alliance (RSA)
- Trupanion.
Key questions answered in this report:
- What are the growth rate forecast and market size for Pet Insurance Market?
- What are the key driving factors propelling the Pet Insurance Market forward?
- What are the most important companies in the Pet Insurance Market Industry?
- What segments does the Pet Insurance Market cover?
- How can I receive a free copy of the Pet Insurance Market sample report and company profiles?
Report Scope:
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Regional Dominance:
- Rising pet adoption likely to help North America dominate the global market
North America is expected to dominate the global pet insurance market during the forecast period. The market is expected to thrive as pet insurance penetration rates rise in the United States and Canada. However, the subscriber base of pet insurance in the United States is less than 2%, but with the recent surge in pet adoption, the United States is expected to hold substantial shares during the forecast period. Furthermore, key players in the pet insurance sector have a strong presence in the North American market, which boosts revenue growth. Another important factor driving the North America market is the growing trend of adopting exotic pets such as bearded dragons, fennec foxes, and wallabies in the United States and Canada.
Over the forecast period, Asia Pacific regional market is expected to grow significantly in the pet insurance market Owing to increased growth results from owners' growing care for the well-being of their pets. Additionally, there has been a change in how people respect their pets as family members worldwide. As a result, the market in the Asia Pacific is primarily driven by rising concerns along with rising disposable income in these nations. Furthermore, the increasing number of large companies entering the undeveloped market in the Asia Pacific region will fuel the expansion of the pet insurance market.
Global Pet Insurance Market is segmented as follows:
Pet Insurance Market: By Policy Coverage Outlook (2022-2028)
- Accident and Illness
- Accident Only
- Others
Pet Insurance Market: By Animal Type Outlook (2022-2028)
- Dogs
- Cats
- Others
Pet Insurance Market: By Sales Channel Outlook (2022-2028)
- Broker
- Agency
- Others
Pet Insurance Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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