The global Pet Insurance market size is expected to be worth around US$ 14.12 billion by 2028, according to a new report by Vision Research Reports.
The global Pet Insurance market size was valued at US$ 3.35 billion in 2020 and is anticipated to grow at a CAGR of 16.7% during forecast period 2021 to 2028.
Rapidly growing consumer awareness and product acceptance has benefited the market. According to Department of Clinical Veterinary Science (CVS) and Pet Food Institute (PFI), 30.0% of the pets in Sweden and almost 23.0% of the pets in the U.K. are covered by these insurance policies. However, less than 1.0% of the pets in the U.S. are insured.
Industry operators or players in pet insurance primarily compete with consumers who choose to self-fund pet medications and veterinary costs. However, with increasing availability of advanced technology and growing usage of veterinary services, costs are expected to increase. This increase in costs and with marketing efforts by players, the adoption of pet insurance has increased.
The market is growing as veterinary care is expensive and many owners cannot afford it; however, with insurance, they can claim around 90.0% of veterinary bills. Besides, rise in number of pet injuries and prevalence of diseases is also aiding growth. As per veterinary records, 2017, almost one in every three pets need urgent veterinary care every year. Furthermore, new strategies being undertaken by players are expected to aid further growth. For instance, MoreThan, a pet insurance company, in 2019, formed a partnership with PitPat, the dog activity monitor manufacturer, offering cash rewards of up to USD 112 to owners who exercised their pets regularly.
On the basis of product, accident and illness pet insurance had the largest market share as of 2020. The key drivers of the segment are high veterinary treatment & diagnostic costs, the rise of the companion animal population, and an increase in the awareness about pet insurance. Lifetime insurance is a comprehensive plan that provides life cover for animals. The contractual policy covers accident & illness, cost of surgery, and cost of hospitalization. This is the most favorable policy for young animals.
The Dogs insurance segment was the dominant segment by animal type in 2020. An increase in the number of dog owners across the globe is a key driver for this segment. Furthermore, the increasing importance of pet health and high veterinary treatment costs are propelling market growth. According to the North American Pet Health Insurance Association (NAPHIA) 2017, there are 89.7 million dogs in U.S. Rabies, parvovirus, kennel cough, heartworm, diabetes, and cancer are the major diseases observed in dogs. Some of the major players in this segment are Petplan Limited; Trupanion, Inc.; Nationwide Mutual Insurance Company; Hartville Group, Inc.; Pethealth, Inc.; PetFirst Healthcare LLC; etc.
The cat segment is anticipated to grow at an exponential rate over the forecast period. Cats are increasingly being adopted in Canada and preferred over dogs. Cat insurance is available in two types: lifetime and non-lifetime. The most prevalent diseases in cats are Feline Immunodeficiency Virus (FIV), Feline LeU.K.emia Virus (FelV), heartworm, high-rise syndrome, ringworm, upper respiratory infections, worms, rabies, and ringworm. Some key players in this segment are Petplan Limited; Trupanion, Inc.; Nationwide Mutual Insurance Company; Hartville Group, Inc.; Pethealth Inc.; and PetFirst Healthcare LLC.
Agency held the dominant share of the sales channel segment as of 2020. A large customer base is a key driver of this segment. The growing need for these services and the rise in companion animal population are fueling growth.
Bancassurance is anticipated to exhibit lucrative growth over the forecast period. Large, established bank networks across the globe can be attributed to this growth. Some of the major banks are Tesco Bank, M&S Bank, First Citizen Bank, Midwest Heritage Bank, and German American Bank. Furthermore, this segment is growing due to geographical expansion. For instance, in April 2018, CIMB Bank in Singapore was the first to launch pet insurance for a wide variety of pets.
Europe held the dominant share of the pet insurance market. According to the Department of Clinical Veterinary Science and the Pet Food Institute, 23.0% of pets in the U.K. and 30.0% of pets in Sweden were covered as of 2017. However, only 1% of the U.S. pets were covered by pet insurance. The presence of large companies and favorable insurance policies are further fueling growth in this region.
North America held the second-largest revenue share as of 2020. The key drivers of the market were a rise in companion animal population and an increase in awareness related to pet insurance. Furthermore, high veterinary healthcare costs and per capita income are aiding the further market growth. As a large number of pets are still uninsured in this region, the growth potential is high.
Petplan Limited; Trupanion, Inc.; Nationwide Mutual Insurance Company; Hartville Group, Inc.; Pethealth, Inc.; PetFirst Healthcare LLC; Royal & Sun Alliance Insurance Company of Canada, Inc.; and Embrace Pet Insurance Agency, LLC.
Accident and Illness
Animal type Outlook
Sales Channel Outlook
Central & South America
Middle East & Africa
The Pet Insurance market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Pet Insurance market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Pet Insurance market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Pet Insurance market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Pet Insurance market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Pet Insurance capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Pet Insurance by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Pet Insurance market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Pet Insurance market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Pet Insurance market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Pet Insurance industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Pet Insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Pet Insurance market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Pet Insurance market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Pet Insurance market. These factors have benefited the growth of the global market for Pet Insurance. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Pet Insurance. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Pet Insurance are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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