Selbyville, Delaware, Feb. 23, 2021 (GLOBE NEWSWIRE) --
According to latest report “Pet Insurance Market by Policy Coverage (Accident Only, Accident & Illness), Animal (Cat, Dog), Provider (Public Private), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights, Inc., the market valuation of pet insurance will cross $11.6 billion by 2027.
The market growth will be driven by increasing number of pet adoption and rising awareness regarding pet insurance. According to the American Society for the Prevention of Cruelty to Animals (ASPCA), approximately 6.5 million companion animals enter animal shelters in the U.S. every year. Among those, around 3.3 million are dogs. Similarly, according to the National Pet Owners Survey conducted by the American Pet Products Association (APPA), nearly 70 million families own a dog as a pet. The survey also revealed that the total expenditure on pets was approximately USD 69.4 billion in 2017. Thus, growing acceptance of pets in developed countries will boost the market expansion.
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The accident and illness segment in the pet insurance market accounted for USD 6.6 billion in 2020. The policy provides reimbursement for treatments of poison ingestion, allergies, urinary tract infections, surgeries, hospitalizations and broken bones among others. Thus, the comprehensive nature of such policies is the major growth rendering factor that attracts large number of pet owners, thereby fostering the market value. Furthermore, increasing prevalence of chronic conditions such as diabetes and cancer will further augment the segment growth during the forecast timeframe.
The pet insurance market for dog segment is expected to showcase 7.5% growth rate till 2027 led by high healthcare cost associated with dogs as compared to other pets. For instance, the cost for a single surgical visit is estimated to be USD 426 for a dog. Also, insurance companies offer policy coverage to wider range of dog breeds including cross breed, sheep dogs, exotic dogs that are pets. Therefore, pet owners opt such policy coverage for dogs to cut the cost, thereby supplementing the market demand.
The private segment dominated more than 94% of the pet insurance market share in 2020. Increasing number of private insurance providers operating in the industry will act as a high impact rendering factor for the segment expansion. Also, the private providers offer various novel pet schemes to retain consumers that will fuel the segment revenue. Additionally, multi-pet insurance policies that include multiple pets in a single plan attract large number of customers. Such factors adopted by the private players will enable them to hold maximum revenue in the market.
Asia Pacific pet insurance market is predicted to attain a CAGR of 8.1% till 2027 on account of growing pet adoption coupled with increasing awareness about animal health. In addition, rising number of pet insurance clients and increasing per capita animal health expenditure in developing countries such as in China and India will support the regional growth.
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A few notable companies operating in the market include Health for Pet, Nationwide, Trupanion, Petfirst, Pethealth, Embrace Pet Insurance Agency, Crum & Forster and Petplan among others. Industry players are focusing on various strategies such as acquisitions, business expansion and novel product launches to consolidate their market presence.
Table of Contents (ToC) of the report:
Chapter 3 Pet Insurance Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By Policy coverage
3.4.2 By animal
3.4.3 By provider
3.5 Porter’s analysis
3.6 Pricing analysis of top 10 insurers, by animals
3.6.1 Cost by popular cat breed
3.6.2 Cost by popular dog breed
3.7 Common condition/illness
3.7.1 Cats
3.7.2 Dogs
3.8 Competitive landscape
3.8.1 Company matrix analysis
3.9 PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/pet-insurance-market
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.