Pune, May 20, 2020 (GLOBE NEWSWIRE) -- The global pet insurance market size is projected to reach USD 11.25 billion by the end of 2026. The increasing pet adoption rate across the world will aid the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Pet Insurance Market Size, Share & Industry Analysis, By Policy Coverage Type (Accident & Illness, Accident Only, Others), By Animal Type (Dog, Cat, Others), By Provider (Public, Private) and Regional Forecast, 2019-2026,” the market was worth USD 6.05 billion in 2018 and will exhibit a CAGR of 8.0% during the forecast period, 2019-2026.
Pet insurance is a policy bought by pet owners to minimize the total healthcare spending on their pets. These policies can either cover partial or complete medical costs, depending on the situation as well as the company providing it. The increasing pet adoption across the world, coupled with the growing awareness regarding pet health and well-being will aid the growth of the market in the coming years.
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The massive expenditure and finance allocated to pet health insurances by major companies will bode well for the growth of the market in the coming years. The increasing pet adoption practises will encourage owners to avail insurances, given the history and uncertainty of pets. The presence of several large scale pet insurance providers will create several opportunities for the growth of the market in the foreseeable future.
Company Mergers Are Proving Beneficial for Insurance Providers
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Due to healthy market competition, several large scale companies are looking to adopt newer strategies. It is observed that company mergers and acquisitions are a growing trend among major businesses across the world.
An Overview of the Impact of COVID-19 on this Market:
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In October 2019, Petplan announced that it has been acquired by Warburg Pincus. Petplan is a leading health insurance provider that is well renowned in several countries. Through this acquisition, Warburg will look to invest more and take this company to a higher level. The company hopes to acquire more customers within the next few years. Warburg’s acquisition of Petplan will help the company establish a formidable position in the global market. The report highlights a few of the other mergers and acquisitions of recent times and states their impact on the growth of the market in the coming years.
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Market in Europe Held the Highest Share; Increasing Pet Adoption Will Emerge in Favor of Market Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in Europe currently holds the largest market share. The rising pet adoption in several countries including France, Germany, and the UK will contribute to the growth of the market. The increasing awareness regarding the importance of pet insurance will aid the growth of the market.
Moreover, the contribution from government organizations towards animal health and well-being will constitute an increase in the overall market size. Besides Europe, the market in North America will also witness considerable growth driven by the presence of several insurance providers in this region. As of 2019, the market in North America was worth USD 1.42 billion and this value is projected to increase further in the coming years.
Industry Developments:
September 2019: Franklin Madison announced it will offer pet insurance programs for banks and credit unions. Through this collaboration, the company will look to partner with financial institutions.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Pricing Analysis of Top Insurers, by Animal Type
- Pet Adoption Statistics, Across Major Countries
- Key Merger And Acquisition Strategies by Top Players
- New Product Launch
- Global Pet Insurance Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Policy Coverage Type
- Accident & Illness
- Accident Only
- Others
- Market Analysis, Insights and Forecast – By Animal Type
- Cat
- Dog
- Others
- Market Analysis, Insights and Forecast – By Provider
- Public
- Private
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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