0
2021
Pet Insurance Market

Pet Insurance Market

by Policy Coverage (Accident Only, Accident and Illness, and Others), by Animal Type (Dogs, Cats, Others), by Sales Channel (Agency, Broker, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

Report Code: A04005
Pages: 233
Nov 2021 | 17219 Views
Author(s) : Pramod B, Monica C , Vineet K
Tables: 114
Charts: 56
  • Formats*:

  • Single User License, Five User
    License & Enterprise User License

  • Data Pack Excel License

  • It comes with the additional cost
    of $2500.00 contact sales.

 

COVID-19

Pandemic disrupted the entire world and affected many industries.

Get detailed COVID-19 impact analysis on the Pet Insurance Market

Request Now !

Pet Insurance Market Outlook - 2030

The global pet insurance market size was valued at $ 4.5 billion in 2020, and is projected to reach $16.8 billion by 2030, growing at a CAGR of 14.3% from 2021 to 2030. Pet insurance is an insurance policy bought by the pet owner to pay partly or in total for the veterinary treatment of the insured pet’s illness or injury. Some policy also covers the pet death, or in case the lost or stolen. Moreover, the growing medical expenses in veterinary medicine and employing of expensive medical techniques and drugs is boosting the demand of pet insurance market.

Growing and increased demand for pet insurance market policies and rise in need for financial safety in case of surge in uncertainties boost the growth of the global pet insurance market. In addition, surge in number of veterinary centers positively impacts the growth of the market. However, lack of awareness regarding pet insurance policy and high premium cost hampers the market growth. On the contrary implementation of technologies in existing products and service lines, and government initiatives regarding pet insurance policies are expected to offer remunerative opportunities for expansion of the market during the forecast period.

Pet-Insurance-Market-2021-2030-1

By policy coverage, the accident & illness segment is expected to garner a significant share during the forecast period owing to surge in acceptance of pet insurance and increase in cost of treatments and medication fees. In addition, accident & illness pet insurance market could prove a cost-effective way of avoiding any large, unexpected bills due to its actions. However, others segment is anticipated to grow at a significant rate owing to, growing diversification in pets and improvement in pet policies which includes new types of pets such as turtles and others, is expected to provide lucrative opportunities for the market growth.

Region wise, the pet insurance market was dominated by Europe in 2020, and is expected to retain its position during the forecast period, owing to increase in adoption of pets in the UK, Italy, France, Russia, and Germany. In addition, many insurance companies across Europe are coming up with various policy coverage to encourage pet owners to adopt dogs. These companies render services with plans for illnesses, injuries, and various diseases. However, Asia-Pacific is expected to witness significant growth in the near future, owing to growing awareness of pet care and pet insurance during the lockdown.

The report focuses on growth prospects, restraints, and trends of the global pet insurance market growth. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the global pet insurance market share.

Segment review

The pet insurance industry is segmented on the basis of policy coverage, animal type, sales channel, and region. By policy coverage, the market is divided into accident & illness, accident only, and others. By animal type, it is categorized into dogs, cats, and others. By sales channel, the market is divided into broker, agency, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Pet Insurance Market
By Policy Coverage

Your browser does not support the canvas element.

Accident Only is segment is projected as one of the most lucrative segments.

Get more information on this report : Request Sample Pages

The key players profiled in the pet insurance market analysis are Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC., Hartville Group, Nationwide, Pet Assure Corp., PetFirst, Ipet Insurance, Pets Best Insurance Services, LLC, Royal & Sun Alliance (RSA), and Trupanion. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

COVID-19 impact analysis

The pet insurance market has witnessed significant growth in the past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to witness a sudden decline in 2020. This is attributed to majority of the diagnosis and veterinary centers being closed due to lockdown implemented by various governments. In addition, COVID-19 has highly affected the industries in terms of growth, economy, health and mental wellbeing of every individual. Various pet associated companies are taking extraordinary care of pets during pandemic times. Insurance companies are trying to innovate and modify the policy coverage and policies depending upon the incidences of health conditions. Companies are focusing on providing solutions to the pet owners and spreading awareness regarding the cost reimbursement available in the market. Moreover, care and concern for pets, especially dogs, marks the successful transition of Indians from pet owners 10 years ago, to pet parents now. With higher disposable incomes in developing countries like India, more people are now willing to spend on additional things like pets and their healthcare.

Pet Insurance Market
By Animal Type

Your browser does not support the canvas element.

Dogs is projected as one of the most lucrative segments.

Get more information on this report : Request Sample Pages

Top impacting factors

Increased demand for pet insurance policies

There is an increase in the demand for pet insurance policies owing to rise in pet ownership. In addition, surge in popularity of pet humanization concept is increasing the demand for pet grooming and care products. Owners, especially millennials, are willing to spend more on their animals to ensure a healthy and secure life. Moreover, various countries across the globe have observed a significant rise in the adoption of animals, including dogs and cats as companion animals, Dogs and cats are not only the most preferred pets but are also known to improve the physical and mental health of humans. In addition, pet insurance companies are offering customized policies with the changing customer demand such as multi-pet insurance and many other. They focus on the packages as per pet lifetime and per incident. Furthermore, with the rise in number of pet owners many insurers are introducing new pet insurance which in turn is driving the growth of the market. For instance, in July 2020, Lemonade launched pet insurance, with a 10% discount available to existing Lemonade policy holders who choose to bundle their new pet insurance with home/renters’ insurance. 

Rise in need for financial safety in case of increasing uncertainties

The demand for quality veterinary accident only is growing with the rise in number of pets which in turn is driving the cost of veterinary accident only. Thus, the demand for pet insurance is on an increase. Moreover, the policy covers blood tests, urinalysis, x-rays, MRIs, labwork, CT scans and ultrasounds, as well as outpatient, specialty and emergency care procedures, along with hospitalization and surgery. In addition, with the rise in medical costs, pet owners can also get an extended accident and illness package that goes beyond the initial coverage of accidental road accidents and poisonings, and a variety illness. Furthermore, majority of the pets are becoming a family for the pet owners which is making them spend increasing amount on their yearly checkup due to growing problems arising from cross breed pets. Thus, majority of pet Insurance market comes with an optional wellness package, as well, which provides savings for routine stuff like an annual physical checkup, heartworm tests, fecal tests, annual parasite evaluation tests, blood work and vaccines. Therefore, pet insurance market saves the pet’s parents from growing number of medical complication of pets. 

Pet Insurance Market
By Region

2030
Europe 
North America
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 18.4% during 2021-2030.

Get more information on this report : Request Sample Pages

Key Benefits for Stakeholders     

  • The study provides an in-depth analysis of the global pet insurance market forecast along with current & future trends to explain the imminent investment pockets.
  • Information about key drivers, restraints, & opportunities and their impact analysis on global pet insurance market trends is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the pet insurance market from 2021 to 2030 is provided to determine the market potential.

Pet Insurance Market Report Highlights

Aspects Details
By Policy Coverage
  • Accident and Illness
  • Accident Only
  • Others
By Animal Type
  • Dogs
  • Cats
  • Others
By Sales Channel
  • Broker
  • Agency
  • Others
By Region
  • North America  (U.S., Canada)
  • Europe   (UK, Germany, France, Italy, Spain, Sweden, Rest of Europe)
  • Asia-Pacific   (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
By Key Market Players
  • Embrace Pet Insurance Agency, LLC
  • Figo Pet Insurance LLC.
  • Hartville Group
  • Nationwide
  • Pet Assure Corp.
  • PetFirst
  • Ipet Insurance
  • Pets Best Insurance Services, LLC
  • Royal & Sun Alliance (RSA)
  • Trupanion
 

Loading Table Of Content...


 
 

Pet insurance industry plays a major role in providing financial protection to pet’s owner by offset the overall cost of their animal’s medical bills. For instance, according to American Pet Products Association's (APPA) National Pet Owners Survey in 2019, about 151.1 million, or 70% of, households in the U.S. reported owning a pet, and will spend an estimated $32.3 billion on vet care and products in 2021 up from $31.4 billion as compared to 2020. In addition, the cost and coverage vary based on many factors that include the animal’s age, health profile, and level of care insured. Some pet insurance policies also cover alternative therapies, behavioral modification, hospital boarding, lost pet advertising/reward, nursing/whelping, chiropractic, acupuncture, and hydrotherapy.

Key providers of banking as an Accident Only market such as Nationwide Mutual Insurance Company, Trupanion, MetLife Accident Only and Solutions, LLC  account for a significant share in the market. Increase in adoption of pet insurance in the North America region is driven by surge in awareness of pet health safety which leads to increase in acquisition, collaboration, partnership, and business expansion. For instance, June 2021, an U.S. based pet insurer Trupanion announced expansion of its business in the international market including Japan, UK, Brazil, and Western Europe to increase its global reach. In addition, various investment firms are finding lucrative opportunity to invest in the pet insurance firm. For instance, in October 2020, a global investment company JAB Holding Co. acquired majority stakes in Cardif Pinnacle’s a UK based pet insurer. In addition, it also acquired a Chicago based pet insurance company Figo to deliver a holistic suite of pet insurance and healthcare Accident Only. Furthermore, the largest retail companies such as Walmart is also showing interest in investing in insurance firms. For instance, in January 2021, the nation’s largest pet insurer partnered with Walmart to provide affordable pet insurance and for availing the pet insurance Accident Only. Additionally, availing the medicine products and in-store claim Accident Only. This shows the interest and benefits of adopting the pet insurance. North America is expected to dominate the market during the forecast period while emerging country such as Europe is projected to offer significant growth opportunities.

PURCHASE OPTIONS

Call or Email us

U.S.-Canada Toll-free: +1-800-792-5285
Int'l : +1-503-894-6022
Europe : + 44-845-528-1300
Email : help@alliedmarketresearch.com
 
FREQUENTLY ASKED QUESTIONS?

A. The Pet Insurance Market is estimated to grow at a CAGR of 14.3% from 2021 to 2030.

A. The Pet Insurance Market is projected to reach $16.81 Billion by 2030.

A. To get the latest version of sample report

A. There is an increase in the demand for pet insurance policies owing to rise in pet ownership. In addition, surge in popularity of pet humanization concept is increasing the demand for pet grooming and care products.

A. The key players profiled in the report include Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC., Hartville Group, Nationwide and many more.

A. On the basis of top growing big corporations, we select top 10 players.

A. The pet insurance industry is segmented on the basis of policy coverage, animal type, sales channel, and region.

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
RELATED TAGS

Purchase Full Report of
Pet Insurance Market

Start reading instantly.
This Report and over 19,255+ more Reports, Available with Avenue Library. T&C*.

  • Online Only
  • $3,713
  • Online cloud access only
  • Restricted print, copy, paste & download
  • Read only
  • Free industry update
    (Within 180 days)
  • Free report update in next update cycle
    (Nov 2022 - Nov 2023)
  • Data Pack
  • $4,126
  • Restricted to one authorized user
  • One print only
  • Available in
    Excel
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Nov 2022 - Nov 2023)
  • Single User
  • $5,770
  • Restricted to one authorized user
  • One print only
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Nov 2022 - Nov 2023)
  • Five Users
  • $6,930
  • Limited to five authorized users
  • Print upto five copies
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Nov 2022 - Nov 2023)
  • Enterprise
    License/PDF

  • $10,665
  • Unlimited
    within
    company/enterprise
  • Available in Excel & PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Nov 2022 - Nov 2023)
  • Library
    Membership

  • $ 999
    Per User/ Per month/ Billed annually
  • Published Content
    E-access
  • Company Profiles
    E-access
  • Newly Added Content Access
  • 10 PDF
    Downloads
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD

RELATED REPORTS
 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers