New York, USA, March 21, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global pet insurance market is expected to generate a revenue of $28,377.8 million by 2028, growing rapidly at a CAGR of 15.3% during the forecast period 2021-2028. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures, making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Drivers: Significant surge in the adoption of pets among people across the globe is expected to drive the growth of the market. In addition, innovative offerings provided by pet insurance providers like multi-pet insurance and other options are further expected to accelerate the growth of the global pet insurance market during the forecast period.
Restraints: Lack of awareness about pet insurance among people is expected to impede the growth of the market during the forecast period.
Opportunities: Increasing initiatives taken by the government agencies to standardize pet health codes to devise easy payment procedures is further expected to create massive opportunities for the growth of the global pet insurance market during the forecast period.
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COVID-19 Impact on the Market
The outbreak of COVID-19 has had an adverse impact on the growth of the global pet insurance market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns led to the closure of numerous diagnostics and veterinary centers across the globe. But insurance firms are making considerable efforts to innovate and adjust policy coverage and policies. Thus, COVID-19 has had a negative impact on the market.
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Segments of the Market
The report has divided the market into various segments based on animal type, coverage type, sales channel, and region.
Animal Type: Dog Sub-segment to be Most Profitable
The dog sub-segment is expected to generate a revenue of $13,796.7 million during the forecast period. Pet insurance companies offer ideal coverages for an extensive range of dog breeds. In addition, dogs are more prone to infections. These factors are expected to bolster the growth of the pet insurance market sub-segment during the forecast period.
Coverage Type: Accidents Sub-segment to be Most Beneficial
The accidents sub-segment is expected to garner a revenue of $11,293.1 million during the forecast period. Insurance policies, in case of accidents, cover an extensive range of claims with the utmost compensation. This factor is expected to drive the growth of the sub-segment during the forecast period.
Sales Channel: Indirect Sales Channel Sub-segment to Observe the Fastest Growth Rate
The indirect sales channel sub-segment is expected to generate a revenue of $10,923.1 million during the forecast period. A significant rise in investments made by brokers and agents in digital technology, such as cloud computing, so as to efficiently serve the customers online is expected to stimulate the growth of the pet insurance market sub-segment during the forecast period.
Region: North America Region to Dominate the Global Market
The North America region is expected to garner a revenue of $9,296.6 million during the forecast period. Growing awareness about innovative pet insurance policies among people in this region is expected to drive the growth of the market. In addition, the presence of prominent players in the market in this region is further expected to bolster the growth of the regional pet insurance market during the forecast period.
Region: North America has Innovative Pet Insurance Policies Growth Awareness
Key Players of the Market
The major players of the market include
- Pets Best Insurance Services, LLC
- Trupanion
- Hartville Group
- Nationwide Mutual Insurance Company
- Embrace Pet Insurance Agency, LLC
- Figo Pet Insurance LLC.
- Anicom Holdings
- Pet Assure Corp.
- PetFirst
- Ipet Insurance, and many more.
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth. - Inquire & Get Quick access to the competitive rivalry among industry leaders is rather intense
For instance, in October 2021, JAB Holding Company, a German conglomerate that engages with investments in companies operating in the areas of consumer goods, forestry, coffee, luxury fashion, animal health, and fast food, among others, acquired Figo Pet Insurance LLC, a Chicago-based pet insurance and technology provider committed to helping pets, in order to expand its market share in the fast-growing animal health insurance industry.
The report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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