Pune, India, May 25, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America pet insurance market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 3.8 billion by 2027.
The market growth is slated to register substantial gains over the ensuing years propelled by the surging number of pet adoptions and the increasing awareness regarding these plans amongst pet owners.
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As per the ASPCA (American Society for the Prevention of Cruelty to Animals), nearly 6.5 million companion animals enter animal shelters in the United States every year. Among those, almost 3.3 million animals comprise dogs.
In view of this trend, numerous dog health insurance plans are provided by insurance providers for their wellness care, illnesses, and injuries, amongst others. In addition, some pet insurance companies also provide policies and insurance plans for chronic and new recurring conditions at no extra cost.
Few major trends that are likely to drive North America pet insurance industry outlook are as follows:
High claim settlement ratio of public providers
The public provider segment in the North America pet insurance market will surpass a revenue of USD 149.1 million through 2027. A majority of private companies provide pet insurance for dogs and cats only due to higher demand.
Therefore, pet owners, that are considering insuring other animal species, take a turn towards public insurance companies. These organizations have a high claim settlement ratio and are trusted by a major portion of the population.
Increasing pet insurance plans for accidents and illnesses
The accident and illness segment accounted for USD 1.8 billion in 2020 owing to the comprehensive nature of these insurance policies. Customers have started preferring accident & illness coverage policies for their pets, given that a major number of these accidents and illnesses are both covered in these policies.
Such policies cover treatment costs for broken bones, poison ingestion, swallowed objects, allergies, laboratory tests, urinary tract infections, hospitalizations, surgeries, and X-rays.
Rising pet adoption in Canada
The pet insurance industry in Canada is estimated to record a growth rate of nearly 7.4% from 2021 to 2027 owing to the soaring adoption of pets in the country. The product demand is impelled by the provision of numerous policies by pet insurance companies.
Furthermore, continuous launch of innovative pet insurance plans and the creation of awareness regarding these policies by means of digital platforms is set to augment pet insurance market share through the forecast period.
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Presence of key industry participants in the U.S.
The U.S. pet insurance market size accounted for a valuation of USD 1.8 billion in 2020 and will register a lucrative growth of over 9.9% through the estimated period. The pet insurance industry growth in the region is driven by the increasing proportion of geriatric population and the trend of escalating pet adoption in the country.
In addition, the presence of key industry players is expected to impel business landscape in the nation through the coming years.
In a nutshell, the increasing adoption of various strategies such as acquisitions, mergers, collaborations, and geographic expansions by leading industry players will bolster the market share through the assessment span. Major participants in the North America pet insurance industry comprise Embrace Pet Insurance Agency, Nationwide, Pet for Health, Crum & Forster, and others.
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About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
