Pune, 8, Dec, 2022: According to the Pet Insurance Market report published by Maximize market Research, the market is expected to grow at 16.5 % through 2022 to 2029, reaching nearly US$ 17.86 Bn.
Pet Insurance Market Scope and Research Methodology
Global Pet Insurance Market’s analysis is conducted meticulously to present a dynamic picture of the market. The report provides current and future trends prevailing in the market with estimations about the future stance of the market. Growth rate along with its fluctuations are presented in the report for a clearer understanding of the market scenario. A detailed analysis of competitive landscape of the Pet Insurance Market is presented by listing out all the major competitors in the market along with new entrants at local, regional and global level. A thorough study of their company profile by goods and services, revenue, financial status, portfolio, growth strategies, and geographical presence was carried out by the analysts, carefully drawing out their business strategies. Segment-wise analysis of the Global Pet Insurance Market by type, application and end-user is conducted. Thus the report on Global Pet Insurance Market acts as a guide for investors, market players, followers and new entrants to devise investment and business strategies.
For data collection, primary and secondary research methods are employed by analysts taking into account the nature of the market for efficient and accurate data. Primary data was gathered through various methods such as surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs and marketing professionals. Secondary data was meticulously collected from a curated selection of sources for maximum reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. The report thus provides a comprehensive analysis of the Pet Insurance Market to get a clear picture of the global market.
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Pet Insurance Market Overview
Pet insurance is regulated as a property and casualty line of business since it is similar to human health insurance in nature and coverage, despite the fact that pets are legally regarded as personal property. A Regulator’s Guide to Pet Insurance, released in 2019 by the National Association of Insurance Commissioners (NAIC), provides information on the current pet insurance coverages, forms, marketing techniques, licencing requirements, and other factors.
Pet Insurance Market Dynamics
Global pet population growth, high veterinary care expenses, and the need to lower financial risk are the main market growth drivers. In the United Kingdom, about 59% of homes owned pets in 2021, according to the Pet Food Manufacturers Association. At around 33%, dogs were the most popular, followed by cats at 27%. Other pets include horses, guinea pigs, indoor birds, rabbits, tortoises, and turtles.
The market has benefited from rapidly rising consumer awareness, an underserved market, and product acceptability. The average cost of an unplanned trip to the vet in the United States in 2018 was approximately USD 800-1,500, according to Petplan. With an insurance plan in place, this burden might be reduced.
Furthermore, in the upcoming years, this industry is expected to have profitable growth due to unexplored prospects in both developed and developing nations. Additionally, improvements in pet insurance, including vet direct pay offered by Trupanion, are redefining the payment model of medical coverage for cats and dogs. Similar to the United States, tight pet insurance laws in nations like Sweden are driving up demand for pet insurance in Europe.
Pet Insurance Market Regional Insights
The pet insurance industry was dominated by Europe in 2021, with a revenue share of about 43.0%. This is due to the expanding use of pet insurance, an increase in pet ownership, and the presence of important corporations. By 2017, 23.0% of pets in the UK and 30.0% of pets in Sweden were covered by pet insurance policies, and it was projected that this penetration would rise over time, according to the Department of Clinical Veterinary Science and the Pet Food Institute. Important market participants like Petplane have their headquarters in the United Kingdom, whereas DFV has theirs in Germany. These businesses regularly carry out different strategic measures to grow their market share and hence support regional development.
Pet Insurance Market Segmentation
by Policy Type
- Accident & illness
- Accident only
- Others
by Service Provider
- Private
- Public
Global Pet Insurance Market Key Competitors:
- Warburg Pincus
- Nationwide
- Trupanion
- Hartville Group
- Embrace
- Royal &Sun Alliance (RSA)
- Direct Line Group
- Agria
- Anicom Holding
- ipet Insurance
- Japan Animal Club
- Floracopeia Inc.
- UniKode S.A.
- Robertet Groupe
- Lluch Essence Sl
- International Fragrance and Flavor Inc.
- Fleurchem Inc
- PetFirst Healthcare LLC
- Petsecure
- Petplan Limited
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Key questions answered in the Global Pet Insurance Market are:
- What is Pet Insurance?
- What is the growth rate of Pet Insurance Market for the next five years?
- What is the nature of competition in Global Pet Insurance industry in developed and developing economies?
- Who are the key players in the Pet Insurance Market?
- Who are the market leaders in Pet Insurance in Europe
- Who are the market leaders in Pet Insurance in USA and Canada
- Who are the market leaders in Pet Insurance in India, China, Japan and South Korea?
- What are the factors affecting growth in the Global Pet Insurance Market?
- Who held the largest market share in Global Pet Insurance Market?
- What are the factors for the growth of Asia-Pacific region in Global Pet Insurance Market?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Segment and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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