Global Pet Dog Insurance Market Overview:
The global Pet Dog Insurance market is expected to witness high demand in the forecasted period due to the increasing popularity of ownership of dogs across the region. Pet dog insurance is meant to cover the unforeseen veterinary care costs, including veterinary services such as accidental injuries, surgical procedures, and prescribed veterinary medicines. Increasing awareness about pet insurance policies in North America and Rising veterinary service costs will help to boost the global market demand.
As per latest study released by AMA Research, the Global Pet Dog Insurance market is expected to see growth rate of 14.5%Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2022-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
High Growth Market | Asia Pacific |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
The growing health benefits of Dog ownership and The high demand for innovative dog insurance along with rising veterinary service cost
Market Growth Drivers:
Upsurging popularity of pet humanization and rising demand for pet grooming and care products
Challenges:
The concern related to the high cost of pet insurance policies
Restraints:
Lack of awareness regarding pet insurance in developing economies
Opportunities:
The low penetration rate and The Surging volume of companion animal
Competitive Landscape:
Pet insurance companies are making numerous and continued efforts to increase consumer awareness pertaining to various policies and the benefits associated with them. Industry players are using social media and digital marketing as a tool to maximize customer outreach by sharing information regarding various insurance policies of cat and dog breeds.
Some of the key players profiled in the report are Petplan UK (Allianz), Nationwide (United Kingdom), Trupanion (United States), Hartville Group (United States), Pethealth (Canada), Petfirst (United States), Embrace (United Kingdom), Royal & Sun Alliance (RSA), Direct Line Group (United Kingdom) and Agria (United Kingdom). Additionally, following companies can also be profiled that are part of our coverage like Petsecure (Australia), PetSure (Australia), Anicom Holding (Japan) and ipet Insurance (Japan). Analyst at AMA Research see European Players to retain maximum share of Global Pet Dog Insurance market by 2028. Considering Market by End Use, the sub-segment i.e. Agency will boost the Pet Dog Insurance market.
Latest Market Insights:
In September 2019, Anicom announced the launch of a new pet insurance scheme called Animal Kenshoku ni. This insurance scheme is aimed to provide cover to pets that are more than 8 years old. This new product launch will enable the company to expand its existing customer base and strengthen its hold in the Japanese market.
On 5th February 2019, Petsecure announced an agreement with the Winnipeg Humane Society to exclusively run six-week complimentary trial insurance for the Winnipeg Humane Society’s pet adopters. This partnership will enable the company to attract a larger customer base and strengthen its business.
What Can be Explored with the Pet Dog Insurance Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Pet Dog Insurance Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Pet Dog Insurance
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Pet Dog Insurance market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Pet Dog Insurance market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Government Regulatory Bodies, Government Research Organization, Private Research Organization and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.