Jersey City, NJ, June 21, 2023 (GLOBE NEWSWIRE) -- The Global Pet Insurance Market is estimated to reach over USD 37.97 billion by 2031, exhibiting a CAGR of 16.63% during the forecast period.
Pet insurance coverage often covers a wide range of veterinarian treatments, such as accidents, illnesses, and, in some cases, preventive care. The degree of coverage and the exact treatments covered may differ based on the insurance provider and the plan selected. Veterinary care expenses have risen as a result of technological developments, increased specialization, and the availability of more advanced treatments. As a result, pet owners are looking for insurance to assist them in managing these rising expenditures.
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Pet ownership has been continuously expanding, considering their pets to be family members. This development has increased demand for comprehensive pet healthcare, including insurance coverage. Several factors contribute to the growth and development of the pet insurance market. Pet ownership continues to rise, owing to causes such as companionship, emotional support, and the humanization of pets. As more individuals bring pets into their homes, there is a greater need for pet insurance to protect their well-being and access to competent medical care.
Recent Developments:
- In November 2021, AXIS Insurance, a specialist insurance business subsidiary of AXIS Capital Holdings Limited, joined the market in collaboration with Managing General Underwriter Petplan. The company collaborated with Petplan through its Accident and Health unit, and this strategic relationship aided the company's growth goals.
List of Prominent Players in the Pet Insurance Market:
- Petplan (Allianz)
- Deutsche Familienversicherung AG (DFV)
- Trupanion, Inc.
- Animal Friends Insurance Services Limited
- Figo Pet Insurance, LLC
- Direct Line
- Nationwide Mutual Insurance Company
- Embrace Pet Insurance Agency, LLC
- AnicomInsurance
- ipet Insurance Co., Ltd.
- MetLife Services and Solutions, LLC
- Pumpkin Insurance Services Inc.
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Pet Insurance Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 9.62 Bn |
| Revenue forecast in 2031 | USD 37.97 Bn |
| Growth rate CAGR | CAGR of 16.63 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Animal Type, Coverage Type, And Sales |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers:
The rising prevalence of feline and canine-related disorders, as well as increased pet adoption, are important drivers in this market. Furthermore, rising demand for pet insurance to help minimize out-of-pocket expenses for significant medical concerns like accidental injuries and cancer is expected to drive market expansion in the near future.
Demand for veterinary healthcare facilities is also increasing, which is expected to contribute to the demand for pet insurance. Veterinary services are typically capital-demanding, requiring specialized veterinarians, experienced technicians, and diagnostic equipment that has been specifically built. This may raise the cost of treatment for pet owners, raising demand for appropriate pet insurance plans.
Challenges:
Pet insurance premiums can be too expensive for some pet owners, particularly those with many dogs or limited financial resources. Balancing the cost of insurance with the potential advantages and coverage can be difficult, and some pet owners may choose not to buy insurance because of perceived financial difficulties. Furthermore, many dog breeds are more prone to specific health concerns or have higher medical bills. This can result in higher premiums or exclusions for particular breeds, making it difficult for owners to get comprehensive and reasonable coverage.
Regional Trends:
Europe's Pet Insurance Market is expected to register a major market share in terms of revenue and is projected to grow at a high CAGR in the near future, accounting for the increasing use of pet insurance, increased pet ownership, and the existence of major companies. Pet insurance coverage covered 23.0% of pets in the United Kingdom and 30.0% of pets in Sweden in 2017, with this penetration expected to grow over time, according to the Department of Clinical Veterinary Science and the Pet Food Institute. Petplanare, for example, is headquartered in the United Kingdom, whilst DFV is located in Germany. These businesses are constantly implementing numerous strategic efforts in order to enhance their market share and hence contribute to regional growth.
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Segmentation of Pet Insurance Market-
By Coverage Type-
- Accident & Illness
- Accident only
- Others
By Animal Type-
- Dogs
- Cats
- Others
By Sales Channel-
- Agency
- Broker
- Direct
- Bancassurance
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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