New York, United States , April 01, 2024 (GLOBE NEWSWIRE) -- The Global Pet Insurance Market Size is to Grow from USD 9.34 Billion in 2023 to USD 39.53 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 15.52% during the projected period.
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In order to assist pet owners with unexpected expenses for their pets' medical care, surgeries, accidents, and prescription medication, pet insurance is a particular kind of property and liability insurance. This insurance gives pet owners a variety of benefits, which is helpful considering the rising cost of veterinary treatment. One of the primary drivers of the business, the consistent and notable increase in veterinary bills, propels the worldwide pet insurance market. Because of advancements in veterinary technology, pet owners are having to pay more for increasingly effective and sophisticated medicines. Pet owners are more willing to invest financially in the well-being of their animals, and insurance acts as a safety net, enabling them to do so without worrying about having to cover enormous veterinary bills.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Pet Insurance Market Size, Share, and COVID-19 Impact Analysis, By Coverage Type (Accident Only, Accident & Illness, & Others), By Animal Type (Dogs, Cats & Others), By Distribution Channel (Agency, Broker, Direct & Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The accident & illness segment is expected to hold the largest share of the global pet insurance market during the predicted timeframe.
Pet Insurance market is classified by material into accident only, accident and illness, and others. Among these, the accident and illness segment are expected to hold the largest share of the global pet insurance market during the predicted timeframe. This development is attributed to many of important factors, including the growing cost of veterinary treatment and diagnostics, the increase in companion animal populations, and the growing awareness of the benefits of pet insurance.
The dog segment is expected to hold the largest share of the global pet insurance market during the anticipated period.
On the basis of the animal type, the global pet insurance market is divided into dogs, cats, and others. Among these, the dog segment is expected to hold the largest share of the global pet insurance market during the anticipated period. This proportion is influenced by a number of key factors, including increased disposable income in key areas, growing pet adoption, and the expanding service offers of insurance providers.
The direct sales segment is expected to hold the largest share of the global pet insurance market during the anticipated period.
On the basis of the distribution channel, the global pet insurance market is divided into agency, broker, direct and others. Among these, the direct sales segment is expected to hold the largest share of the global pet insurance market during the anticipated period. The prominent use of direct sales tactics by major pet insurance providers has been one of the primary drivers.
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North America is anticipated to hold the largest share of the global pet insurance market over the predicted timeframe.
North America is anticipated to hold the largest share of the global pet insurance market over the predicted timeframe. The industry is expected to expand due to increased pet ownership and increased market competitiveness due to new insurance products.
Throughout the projected period, Asia Pacific is anticipated to develop at the quickest rate. Growing urbanization, rising disposable incomes, and shifting lifestyles are all contributing factors to the rise in pet ownership in countries like Australia, China, and Japan. Demand for pet insurance is rising as people's awareness of their dogs' health and welfare grows.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Pet Insurance Market include Agria Pet Insurance Ltd., Anicom Holdings Inc., Direct Line Insurance Group plc, dotsure.co.za, Embrace Pet Insurance Agency LLC, Figo Pet Insurance LLC, PTZ Insurance Agency, Ltd., Healthy Paws Pet Insurance LLC, Medibank Private Limited, MetLife Services and Solutions LLC, Nationwide Mutual Insurance Company, Pethealth Inc., Petplan (Allianz Insurance plc), The Oriental Insurance Company Ltd., Trupanion and others.
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Recent Developments
- In January 2024, Odie Pet Insurance, a business focused on lowering the cost and increasing the accessibility of pet insurance, and Five Sigma, a leader in cloud-based claims management software, has collaborated.
- In November 2023, Fetch and Best Friends Animal Society, a nationwide nonprofit dedicated to putting a stop to the killing of dogs and cats in American shelters by 2025, partnered in November 2023.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Pet Insurance Market based on the below-mentioned segments:
Global Pet Insurance Market, By Coverage Type
- Accident Only
- Accident and Illness
- Others
Global Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
Global Pet Insurance Market, By Distribution Channel
- Agency
- Broker
- Direct
- Others
Global Pet Insurance Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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