What is Pet Insurance Market?
Pet insurance is designed to cover veterinary expenses of companion animals such as dogs, cats, rabbit, horse and others. The insurance can include partial or total reimbursement with basic or premium features. Developed countries are seeing significant growth owing to the rise in the number of pets. The United States alone accounts for over 90 million dog populations with a significant presence of other companion animals as well, which in turn expected to provide a lucrative opportunity for pet insurance providers.
Highlights from Pet Insurance Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Hartville Group (United States), Pethealth (United States), Petfirst Healthcare LLC (United States), Embrace Pet Insurance Agency, LLC (United States), Trupanion (United States), Petplan (United Kingdom), Nationwide (United Kingdom), Royal & Sun Alliance (RSA) (United Kingdom) and Direct Line Insurance Group (United Kingdom) |
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Pet Insurance market throughout the forecasted period.
Hartville Group (United States), Pethealth (United States), Petfirst Healthcare LLC (United States), Embrace Pet Insurance Agency, LLC (United States), Trupanion (United States), Petplan (United Kingdom), Nationwide (United Kingdom), Royal & Sun Alliance (RSA) (United Kingdom) and Direct Line Insurance Group (United Kingdom) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Agria (United Kingdom), Petsecure (Canada), PetSure (Australia), Anicom Holding (Japan), ipet Insurance (Japan) and Japan Animal Club (Japan). Pet Insurance Market Segmentation:
Scope | Sub-Segments |
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Type | Non-lifetime Cover Pet Insurance, Lifetime Cover Pet Insurance, Accident-only Pet Insurance and Illness Cover |
End-user | Dogs,Cats,Horses,Rabbit Insurance,Exotic Pet Insurance |
On the basis of geography, the market of Pet Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Pet Insurance Market Dynamics:
Attributes | Details |
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Growth Drivers | - Growing Number of Pet Owners and Rising Concern for Pet Well-being
- Willingness of The Pet Owners To Spend on Their Companion Animals
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Influencing Trends | - Use of Social Media by Pet Insurance Companies to Increase Awareness About Insurance Schemes
- Insurers Partnerships With Animal Shelters, Veterinarians and Breeders
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Restraints | - Lack of Awareness About Pet Insurance Policies
- High Cost Associated With Pet Insurance
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Road Blocks / Challenges | - Difficulty Associated with Claiming the Insurance Amount
- Growing Cases of Faked insurance Claims
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Gaps & Opportunities | - Growing Pet Awareness In Emerging Countries
- Rising Disposable Income in Low and Middle-Income Countries
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