Dublin, Oct. 15, 2024 (GLOBE NEWSWIRE) -- The "Europe Pet Insurance Market Size, Share and Trends Analysis 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Europe pet insurance market is expected to reach USD 17.84 billion by 2030 and is projected to grow at a CAGR of 15.2% from 2024 to 2030. The increasing number of pet owners across Europe is a significant driver.
According to the European Pet Food Industry Federation (FEDIAF), approximately 80 million European households have pets. With rising disposable incomes, pet owners are willing to invest more in their pets' health, including comprehensive insurance coverage. In an article published in September 2023 by the Pet Food Industry, in 2022, cats were the most popular pets in Europe, accounting for 127 million or 26% of all pet households. Dogs followed closely, with 25% of European homes owning a pet dog. 
The pet population has been steadily increasing, driven by various factors such as changing demographics, urbanization, and lifestyle trends. As more people adopt pets, the overall pet population is anticipated to expand over the forecast period. This growth in pet ownership directly correlates with increased demand for pet-related products and services, including veterinary care & pet insurance. A larger pet population provides a larger pool of potential customers for pet insurance companies, thereby driving market growth.
Advancements in veterinary medicine have expanded the range of treatment options available for pets, enhancing their health and longevity. However, these advanced treatments come with significant costs, which can burden pet owners. High-tech procedures like MRI scans, chemotherapy, orthopedic surgeries, and ongoing treatments for chronic conditions can be prohibitively expensive. Pet insurance is a crucial financial safety net, enabling owners to afford these cutting-edge treatments without enduring financial strain or making difficult choices about their pets' care. Covering a substantial portion of these costs, pet insurance ensures that pets receive the best medical attention while protecting owners from unexpected financial hardships.
Europe Pet Insurance Market Report Highlights
- Based on animal type, the market is segmented into dogs, cats, and others. In 2023, the dogs segment dominated the market with a substantial share of more than 50% due to growing pet adoption, expansion of service offerings by insurance companies, and growing disposable income
- In 2023, the accident and illness segment dominated the European pet insurance market, accounting for over 80.0% of the total share.
- Based on sales channel, the direct channel segment held the largest share of over 35% in 2023. This can be attributed to key pet insurance providers' high usage of direct sales strategies
The leading players in the Europe Pet Insurance market include:
- Trupanion, Inc.
- Deutsche Familienversicherung AG (DFV)
- Petplan (Allianz)
- Getsafe GmbH
- Jab Holding Company
- Direct Line (UK Insurance Limited)
- EQT Group
- Waggel Limited
- ProtectaPet
- Perfect Pet Insurance
- Feather Insurance (Popsure Deutschland GmbH)
- Agria Pet Insurance Ltd.
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players worldwide.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- How to sustain in these fast-evolving markets
Key Attributes
| Report Attribute | Details |
| No. of Pages | 80 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $6.69 Billion |
| Forecasted Market Value (USD) by 2030 | $17.84 Billion |
| Compound Annual Growth Rate | 15.2% |
| Regions Covered | Europe |
Key Topics Covered
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Europe Pet Insurance Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Market Dynamics
3.3. Europe Pet Insurance Market Analysis Tools
Chapter 4. Europe Pet Insurance Market: Animal Type Estimates & Trend Analysis
4.1. Europe Pet Insurance Market: Animal Type Dashboard
4.2. Europe Pet Insurance Market: Animal Type Movement Analysis
4.3. Europe Pet Insurance Market by Animal Type, Revenue
4.4. Dogs
4.5. Cats
4.6. Other
Chapter 5. Europe Pet Insurance Market: Coverage Type Estimates & Trend Analysis
5.1. Europe Pet Insurance Market: Coverage Type Dashboard
5.2. Europe Pet Insurance Market: Coverage Type Movement Analysis
5.3. Europe Pet Insurance Market Estimates and Forecasts, by Coverage Type, Revenue (USD Million)
5.4. Accident & Illness
5.5. Accident Only
5.6. Others
Chapter 6. Europe Pet Insurance Market: Sales Channel Estimates & Trend Analysis
6.1. Europe Pet Insurance Market: Sales Indication Dashboard
6.2. Europe Pet Insurance Market: Sales Indication Movement Analysis
6.3. Europe Pet Insurance Market Estimates and Forecasts, by Sales Indication, Revenue (USD Million)
6.4. Agency
6.5. Broker
6.6. Direct
6.7. Bancassurance
6.8. Others
Chapter 7. Europe Pet Insurance Market: Regional Estimates & Trend Analysis by Animal type, Coverage Type, and Sales Channel
7.1. Regional Dashboard
7.2. Market Size, & Forecasts Trend Analysis, 2018 to 2030
7.3. Europe
Chapter 8. Competitive Landscape
8.1. Company/Competition Categorization
8.2. Vendor Landscape
For more information about this report visit https://www.researchandmarkets.com/r/c4wsh
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