Report Ocean has recently released a comprehensive research report on the global Pet Insurance Market. The report offers a detailed analysis of various market characteristics, such as size, growth, segmentation, regional and country breakdowns, competitive environment, market shares, trends, and strategies. It also provides insights into the impact of the COVID-19 pandemic on the market.
Global Pet Insurance Market is valued at approximately USD $$ billion in 2021 and is anticipated to grow with a healthy growth rate of more than 7.1% over the forecast period 2022-2029.
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Pet Insurance is a policy that is purchased by the pet owner to cover the costs of expensive veterinary bills of pets. The Pet Insurance market is expanding because of factors such increasing number of pets adoptions and rising awareness regarding pet insurance. This market is dominated by Anicom Holdings Inc., Embrace Healthy Paws Pet Insurance, LLC, Pet Insurance Agency LLC, Hartville Group, Dotsure.co.za, Figo Pet Insurance LLC, and Oneplan.
An increase in pet adoptions is driving the market for pet insurance, and growing concerns of pet owners are driving this market. Many people adopt pets as companions. Most of the time, cats or dogs are the preferred animals to keep as pets. According to 2021-2022 National Pet Owner Survey conducted by the American Pet Products Association (APPA(, pet ownership increased from her 67% to 70% of US households. Millennials represent the largest cohort of pet owners at 32%, followed by Baby Boomers (27%( and Generation X (24%(. And according to a 2020 report published by dosomething.org, about 7.6 million pets enter US shelters each year.
Among them are about 3.9 million dogs and about 3.4 million cats. The rising disease in pet animals is also propelling the growth of this market. As well as many dogs and cats suffer from ticks and fleas cause harmful effects on health. The rate of cancer disease in pets is similar to disease caused by humans. According to the Veterinary Cancer Society reports, June 2020, cancer is the leading cause of death in 47% of dogs worldwide, especially in dogs over the age of 10. In addition, the prevalence of several diseases among dogs and the high prices of treatments is expected to increase the opportunity for this significant market. However, the lack of standardized pet health codes for reimbursement and low adoption in emerging countries stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Pet Insurance Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the dominance of branded products and the region’s increasing disease and illness among animals. Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising pet adoption, an increase in disease and illness in animals, and active participation of government and nonprofit organizations in the market space. According to China’s State Council in 2020, about 73.55 million households had pets, of which 46.1% have dogs and 30.7% have cats in 2019, the proportion of pet dogs was 34.0% and for cats was 20.0%. The increasing adoption of pets is also a major reason for the growth of this segment.
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Major market players included in this report are:
- Dotsure.co.za
- Embrace Pet Insurance Agency LLC
- Anicom Holdings Inc.
- Hartville Group
- Healthy Paws Pet Insurance LLC
- Figo Pet Insurance LLC
- Petplan
- The Oriental Insurance Company Ltd
- Oneplan
- Metlife Services and Solutions LLC (Petfirst Healthcare LLC)
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Policy:
Illness and Accident
Chronic Condition
Others Policy
By Animal:
Dog
Cat
Other Animals
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By Provider:
Public
Private
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World
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Here are the key questions addressed in the report:
- What is the potential for growth in the Pet Insurance market?
- Which product segment is expected to dominate the market?
- Which regional market is likely to emerge as a frontrunner in the future?
- Which application segment is poised for strong growth?
- What are the potential growth opportunities that may arise in the Pet Insurance industry?
- What are the major challenges that the Pet Insurance market may face in the future?
- Who are the leading companies in the Pet Insurance market?
- What are the key trends positively impacting the market’s growth?
- What growth strategies are being considered by the market players to maintain their position in the Pet Insurance market?
Our sample report encompasses the following elements:
- Introduction, Overview, and In-depth Industry Analysis: A comprehensive analysis of the industry, providing an updated report introduction along with an in-depth examination of key aspects.
- Research Report of 200+ Pages: The report consists of more than 200 pages, incorporating the latest research findings and insights.
- Chapter-wise Guidance: We offer chapter-wise guidance upon request, allowing you to navigate the report and delve into specific areas of interest.
- Updated Regional Analysis with Graphical Representation: Our report includes an updated regional analysis, presented in a graphical format to illustrate the size, share, and emerging trends within each region.
- List of Tables and Figures: It features an updated list of tables and figures that support the information presented in the report.
- Top Market Players: The report includes a comprehensive analysis of the leading market players, highlighting their business strategies, sales volume, and revenue analysis.
- Facts and Factors Research Methodology: Our research methodology is based on a rigorous approach, ensuring the accuracy and reliability of the information presented in the report.
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