Burgeoning Pet Ownership Positions Pet Insurance Market to Exceed US$ 45.6 Bn by 2032

NEW YORK, Feb. 25, 2022 /PRNewswire/ -- The global pet insurance market is expected to grow at 16.5% CAGR during the forecast period (2022-2032).  Overall sales in the global pet insurance market are estimated to reach US$ 45.6 Bn by the end of 2032.

According to the analysis, the market will witness an incremental opportunity of US$ 9.9 Bn by 2022. Growing preferences of pet humanization and growing awareness about benefits of pet insurance is projected to stoke the growth in the market.

Besides this, increasing adoption of pet insurance policy among the pet owners to reduce financial risk and to improve the safety for health and well-being of pet will boost the market.

According to survey conducted by Petplan, a U.K. based company, increase in pet ownership was witnessed in 2020. Around 47% surge in the purchase of dogs and cats as pets for the first time was observed during the FQ-20.

Consequently, demand for companionship and proliferation of work-from-home increased, spurring the sales of pet insurance by nearly 5x through 2022 & beyond.

For Critical Insights on this Market, Request for More Info at:

https://www.factmr.com/connectus/sample?flag=S&rep_id=7148

Further, rising incidence of feline and canine diseases coupled with the out-of-pocket expenditures is projected to aid the growth in the pet insurance market. For instance, according to the North American Pet Health Insurance Association (NAPHIA), around 3.45 million pets were insured in the North America region in 2020.

On account of this significant rise in pet adoption and insurance, the market is poised to expand at a staggering rate during the forecast period. This will create lucrative growth opportunities for the market players in the coming years.

Key Takeaways:

• Based on sales channel, the direct sales segment is estimated to hold the maximum share of 34% in 2022.
• In terms of animal type, the dogs segment is projected to dominate the market with 50% market share.
• The accident and illness coverage type segment are projected to account for the 85% of overall pet insurance sales.
• Asia Pacific is estimated to register the fastest growth rate at 18% CAGR owing to the rising pet adoption in China and India.
• Europe is expected to account for more than 44% of demand share in the pet insurance market backed by growing trend of pet humanization.

Growth Drivers:

• Growing veterinary cost is increasing the adoption of pet insurance, driving the sales in the market during the forecast period.
• Rising awareness regarding canine and feline related diseases is expected to surge the demand for pet insurance.

Restraints:

• Lack of consumer awareness regarding pet insurance policies and high cost of the pet insurance plans in certain underdeveloped regions might hamper growth.
• Unavailability of standardized pet health codes during the time of reimbursement claims will restrict the sales.

To Gain In-Depth Insights on Pet Insurance Market, Request Methodology at

https://www.factmr.com/connectus/sample?flag=RM&rep_id=7148

Competitive Landscape:

Leading players in the pet insurance market are adopting business strategies such as mergers & acquisitions, collaborations, and joint ventures to gain maximum revenue. They are also launching new policies to gain a competitive edge in the industry.

For instance,

• June 2020: Vetter Software entered into a partnership agreement with Trupanion. The partnership helped former company's cloud veterinary practice management platform software integrate with Trupanion's software, allowing direct payments to veterinarians during the checkout.
• November 2021: AXIS Insurance, AXIS Capital Holdings Limited partnered with Managing General Underwriter Petplan. Additionally, the Accident and Health unit entered into a partnership with Petplan from the growth perspective.

Key Companies Profiled by Fact.MR

• Trupanion, Inc.
• Deutsche Familienversicherung AG (DFV)
• Petplan (Allianz)
• Animal Friends Insurance Services Limited
• Figo Pet Insurance, LLC
• Direct Line
• PetWatch
• Embrace Pet Insurance Agency, LLC
• Anicom Insurance
• Agria Pet Insurance Co., Ltd.

More valuable Insights on Pet Insurance Market

Fact.MR, in its report, offers a market analysis on the global pet insurance market providing unbiased analysis for the forecast period of 2022 to 2032. This survey also reveals growth projections in the pet insurance market with detailed segmentation, on the basis of:

By Coverage Type:

• Accident Only
• Accident & Illness
• Other Coverage Types

By Animal Type:

• Cats
• Dogs
• Other Animal Types

By Sales Channel Type:

• Pet Insurance via Bancassurance
• Direct Pet Insurance
• Pet Insurance via Broker
• Pet Insurance via Agency
• Pet Insurance via Other Sales Channels

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

To Remain 'Ahead' of Your Competitors, Buy the Report Now!

https://www.factmr.com/checkout/7148

Key Questions covered in the Pet Insurance Market Report

• Which are the significant factors propelling the sales in the global pet insurance market?
• What is the expected CAGR of the global pet insurance market during 2022-2032?
• At what rate did pet insurance market grow during 2017-2021?
• Who are the dominating players in the global pet insurance Market?
• Which is the leading region in the pet insurance market?

Explore Fact.MR's Coverage on the Consumer Goods Domain

Smoking Cessation Products Market Trends – Smoking cessation products market is expected to exhibit stupendous growth throughout the forecast period. Besides this, the stringent government regulations against protection of consumers from second-hand smoking and exposure of minors to smoking products is expected to boost the market. 

Pet Feeder Market Forecast – Increasing concern for the health of pets and rising concern among pet owners regarding the pet safety has resulted in a surge in pet service products, such as pet feeders. On account this, the demand for smart pet feeders is projected to increase over the forthcoming decade.

Pet Wearables Market Analysis – Growing trend of pet humanization and adoption of pets is propelling the demand in the pet wearables market. In addition to this, increasing awareness regarding the pet safety and pet insurance is fueling the sales of pet wearables such as activity monitors, emotion sensors, and others.

Pet Grooming Gloves Market Scope – The global pet grooming gloves market is projected to expand owing to growing popularity of pet grooming products among the owners. Additionally, the increasing adoption of dogs, cats, and horse as pets is projected to boost the market during the forecast period. 

About Fact.MR 

Market research and consulting agency with a difference! That's why 80% of Fortune 1,000 companies trust us for making their most critical decisions. We have offices in US and Dublin, whereas our global headquarter is in Dubai. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have in our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Reach out to us with your goals, and we'll be an able research partner. 

Contact: 
Mahendra Singh 
US Sales Office 
11140 Rockville Pike 
Suite 400 
Rockville, MD 20852 
United States 
Tel: +1 (628) 251-1583 
E: [email protected] 

SOURCE Fact.MR

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED