Dublin, May 27, 2024 (GLOBE NEWSWIRE) -- The "Global Pet Insurance Market: Analysis By Animal, By Policy Coverage, By Provider, By Sales Channel, By Region Size, Trends and Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global pet insurance market value stood at US$9.86 billion in 2023 and is expected to reach US$19.01 billion by 2029. The market is expected to grow at a CAGR of 11.56 % over the projected period of 2024-2029.
The global pet insurance market is experiencing significant growth, driven by several key factors. Increasing disposable income among pet owners, coupled with rising incidences of diseases and escalating veterinary care costs, are fueling demand for insurance coverage. A surge in pet ownership, particularly among millennials, is contributing to market expansion, with approximately 65.1 million dogs and 62 million cats in the US alone.
The introduction of specialized insurance products tailored to pets needs and the growing popularity of pet insurance as an employee benefit further drive growth. Moreover, the emphasis on pet health and wellness, reflected in the shift towards premium and organic pet foods, is expected to benefit the pet insurance industry. As pet owners prioritize their pets well-being, the demand for insurance coverage to manage preventive care, acute and chronic illnesses, and emergency medical costs is anticipated to continue rising, supporting the robust growth of the global pet insurance market.
Market Segmentation Analysis:
By Animal: Dog insurance holds the highest share of the pet insurance market due to the sheer number of dogs owned worldwide and the higher likelihood of dogs requiring medical care, including treatments for accidents and hereditary conditions. However, cat insurance is expected to be the fastest-growing segment in the forecasted period. This is primarily because cats are increasingly being seen as valued family members, leading owners to seek comprehensive medical coverage for them. Additionally, cats often have longer lifespans, increasing the likelihood of age-related illnesses requiring veterinary care. As awareness of the benefits of pet insurance grows among cat owners, coupled with the rising cost of veterinary care, the demand for cat insurance is expected to surge.
By Policy Coverage: The Accident and Illness segment holds the highest share in the market and is expected to be the fastest-growing segment in the forecasted period as this type of insurance offers comprehensive coverage, including accidents, illnesses, and sometimes even preventive care, providing peace of mind to pet owners. Moreover, as veterinary care costs continue to rise, more owners are recognizing the importance of having insurance to offset these expenses. Additionally, with the increasing prevalence of accidents and illnesses among pets, driven by factors such as genetic predispositions and environmental hazards, there's a growing awareness of the need for robust coverage. As a result, Accident and Illness pet insurance is poised to experience significant growth in the coming years.
By Provider: The Private sector held the highest share in the market and is expected to be the fastest-growing segment in the forecasted period. Private pet insurance providers often offer more customizable plans tailored to individual pet owners' needs, leading to greater customer satisfaction and uptake. Additionally, private insurers may have more resources to invest in marketing and technological advancements, enhancing their competitive edge in the market. Furthermore, private insurers can adapt quickly to changing consumer preferences and market dynamics, allowing them to capitalize on emerging trends and seize new opportunities.
By Sales Channel: The Direct segment holds the highest share in the global pet insurance market and is expected to be the fastest-growing due to several factors. Direct sales channels enable pet insurance companies to reach consumers directly, eliminating intermediaries and reducing costs. This direct-to-consumer approach allows for more personalized interactions and tailored offerings, enhancing customer satisfaction and loyalty. Moreover, advancements in digital technology have facilitated the proliferation of online platforms, making it easier for pet owners to research, compare, and purchase insurance policies directly.
By Region: Europe dominates the Pet insurance market, with UK, Germany, and France, contributing significantly. This dominance is attributed to increasing pet ownership, rising adoption of pet insurance, and the presence of key companies. According to the European Pet Food Industry Federation (FEDIAF) study, in 2022, Europe was home to total 340 million pets, including 127 million cats and 104 million dogs, witnesses significant demand for insurance coverage. In the UK, the growth is fueled by the rising adoption of rescue dogs, driving demand for tailored insurance solutions.
Similarly, in Germany, increasing pet ownership, coupled with rising veterinary expenses, emphasizes the necessity of pet insurance, fostering market growth. The Asia Pacific emerges as the fastest-growing region in the pet insurance sector, fueled by several key factors across countries like China, India, and Japan. The increasing trend of pet adoption and the region's economic development contribute significantly to this growth. Greater awareness of veterinary health and improvements in veterinary healthcare infrastructure further expand the market. In India specifically, the pet insurance market is experiencing rapid growth, positioning the country as one of the fastest-growing markets for pet insurance. Rising awareness among pet owners is prompting leading insurance players to enhance their pet insurance products, making them more accessible and affordable.
Competitive Landscape and Recent Developments:
The global Pet insurance market is fragmented, with an increasing number of large and medium-sized players accounting for the majority of the market revenue, and the presence of a substantial number of regional market players with limited business offerings and customer base.
The key players in the global Pet insurance market are:
- Anicom Holdings
- MetLife
- Trupanion
- Direct Line Group
- DFV Deutsche Familienversicherung
- Animal Friends Insurance Services
- Agria Pet Insurance Ltd
- Nationwide Mutual Insurance
- Pumpkin Insurance Services Inc.
- Figo Pet Insurance, LLC
- Embrace Pet Insurance Agency
- Healthy Paws Pet Insurance
- PetFirst Insurance
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $11 Billion |
| Forecasted Market Value (USD) by 2029 | $19.01 Billion |
| Compound Annual Growth Rate | 11.5% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Introduction
2.1 Pet Insurance Overview
2.2 Pet Insurance Segmentation Overview
3. Global Market Analysis
3.1 Global Pet Insurance Market Analysis
3.2 Global Pet Insurance Market Animal Analysis
3.3 Global Pet Insurance Market Policy Coverage Analysis
3.4 Global Pet Insurance Market Provider Analysis
3.5 Global Pet Insurance Market Sales Channel Analysis
4. Regional Market Analysis
4.1 Europe Pet Insurance Market Analysis
4.2 North America Pet Insurance Market Analysis
4.3 Asia Pacific Pet Insurance Market Analysis
4.4 Rest of the World Pet Insurance Market Analysis
5. Impact of COVID-19
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Growing Disposable Income among Pet Owners
6.1.2 Rising Incidence of Diseases
6.1.3 Increasing Veterinary Care Costs
6.1.4 Rising Pet Population
6.1.5 Urbanization Driving Higher Pet Insurance Adoption Rates
6.1.6 Introduction of Innovative Product Inventions
6.1.7 Growing Popularity of Pet Insurance as an Employee Benefit
6.2 Challenges
6.2.1 Complexity in Pet Insurance Plans
6.2.2 Breed Exclusions and Pre-existing Conditions in Pet Insurance
6.3 Market Trends
6.3.1 Pet Humanization
6.3.2 Increased Awareness of Preemptive Pet Insurance Purchases
6.3.3 Expansion Of Pet Insurance Coverage
6.3.4 Adoption Of Telemedicine And Virtual Vet Consultations
6.3.5 Increasing Utilization of Data Analytics
6.3.6 Customizable Insurance Plans
6.3.7 Integration Of Mobile Apps
7. Competitive Landscape
7.1 Global Pet Insurance Market Players: Competitive Landscape
8. Company Profiles
- Anicom Holdings
- MetLife
- Trupanion
- Direct Line Group
- DFV Deutsche Familienversicherung
- Animal Friends Insurance Services
- Agria Pet Insurance Ltd
- Nationwide Mutual Insurance
- Pumpkin Insurance Services Inc.
- Figo Pet Insurance, LLC
- Embrace Pet Insurance Agency
- Healthy Paws Pet Insurance
- PetFirst Insurance
For more information about this report visit https://www.researchandmarkets.com/r/6uakut
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