the Global pet insurance market According to the latest report released by Reports and Data, it is expected to reach US $ 14.52 billion in 2028, with a solid revenue CAGR of 16% over the forecast period. The main drivers of global revenue growth are increased per capita income in developing countries, increased costs of veterinary consultations, and the high risk of pet accidents and emergencies.
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Cats and dogs are the most common pets in different homes, especially in developed countries around the world. Studies show that the presence of pets reduces stress, anxiety levels, depression, and improves overall mood. However, these pets can be prone to a variety of skin diseases, ear infections, upper respiratory tract infections, and diabetes. Increased prevalence of various illnesses, treatment costs, and regular veterinary visits increase overall medical costs. Several companies and institutions offer pet insurance plans and policies to reduce burdens and personal costs. Pet insurance is a medical insurance that reimburses certain medical expenses and is useful in the event of a pet accident or illness. Factors such as an increase in pets, an increasing trend in pet owners, and increased awareness of pet health are expected to drive future market growth.
However, the basic cost coverage and high costs of some pet insurance plans, especially the lack of awareness of pet health insurance policies in some developing and underdeveloped economies, and the standardized pet health code. The difficulty of claiming due to unavailability can hinder the revenue growth of the global pet insurance market during the forecast period.
Some important highlights of the report:
- Based on the product, the accident-only segment will record a stable revenue CAGR during the forecast period due to the increased risk of pet accidents and emergencies, the high cost of treatment and hospitalization, and the availability of pets. Expected. Low cost injury health insurance. These policies cover injuries and complications resulting from accidents, and the cost of MRI scans and operations up to certain limits.
- Based on pet type, the dog segment will be from 2021 to 2028 due to the high adoption of dogs worldwide, the growing awareness of the importance of pet health pets, and the increased incidence of various diseases and infectious diseases. Dogs and high cost of treatment are expected to occupy the largest share of revenues during.
- Within the sales channel, the agency segment is seeing an increase in the global pet population, rising veterinary service rates, and an increasing number of pet insurance agencies offering a variety of insurance plans at reasonable prices considering age. Is expected to occupy the largest share during the forecast period. And pet seeds.
- North America is expected to account for the largest share of revenue between 2021 and 2028 due to the growing pet population, the presence of prominent players in the market and rising disposable income. Other factors, such as increased prevalence of various pet illnesses, increased costs of veterinary care, and increased awareness of pet health and insurance, are expected to drive growth in North American market revenues during the forecast period. Will be done.
- The Asia-Pacific region will witness rapid revenue CAGR during the forecast period due to growing pet populations, growing awareness of animal health, high prevalence of pet infectious diseases and illnesses, and increased adoption of pet insurance services. Expected. In addition, other factors, such as increased disposable income, higher costs of veterinary services, and an increased number of insurance agents, are expected to drive revenue growth in the Asia Pacific market during the forecast period.
The report also focuses on the details of each market player, including global location, financial position, revenue generation, company profile, product and service portfolio. The pet insurance market is highly competitive and is made up of several major players locally and globally. Key players focus on strengthening their market position and improving their product portfolio by adopting a variety of strategies such as new product launches, mergers and acquisitions, R & D investments, partnerships, joint ventures and collaboration. doing.
The main companies operating in the market are:
Trupanion, Inc., Nationwide Mutual Insurance Company, Hartville Group Inc., Figo pet Insurance LLC, Anicom Group, Petthealth Inc., Oneplan, PetFirst Healthcare LLC, Armor Insurance, Royal & Sun Alliance Insurance Company of Canada, Inc., Embrace Pet Insurance Agency , LLC, Direct Line Insurance Group plc, Petsecure, Healthy Paws Pet Insurance, LLC. And Oriental Insurance Company Limited.
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The report also provides detailed information on market segmentation based on type, application, and regional divergence.
Subdivision of the pet insurance market:
Product (Revenue, Billions of Dollars,
- Exotic animal
Sales Channel Outlook (Revenue, US $ 1 Billion, 2018-2028)
- Direct sales
- North America
- Kingdom of Germany
- BENELUX Rest
- -From Europe
- Asia Pacific
- The rest of APAC
- latin america
- Middle East and Africa
- Saudi Arabia
- South Africa
- The rest of the MEA
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