The pet insurance market will show a steady increase at a CAGR of around 8.5% between 2019 and 2029.
The global pet insurance market size is expected to reach approximately US $ 15 billion by the end of 2029. According to a study by Future Market Insights (IMF), the market will show a steady increase at a CAGR of d ‘approximately 8.5% between 2019 and 2029. The growing number of pet owners, increased awareness of pet insurance, and the health benefits associated with pet ownership, says the report. companies will fuel the growth of the market. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities and dominant trends. It uses unique research methods to provide the most accurate analysis in the market.
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It includes in-depth information about the pet insurance market. Some of them are:
- The estimated value of the market was around US $ 4 billion in 2019. During the forecast period of the report, the market is expected to show a steady growth rate.
- Regionally, North America dominates the global pet insurance market.
- Latin America emerges as one of the key markets due to the high number of pet owners in the region.
- The dog and cat segment holds the highest value share in the pet insurance market.
- Accident & Sickness Coverage Option Becomes The Most Preferred Type Of Pet Insurance For Pet Owners
- Major players are likely to focus on new service offerings to stay relevant in developed markets.
Growth in the number of pet owners and business sales techniques to create opportunities for expansion
The increase in the number of pets, the increased awareness of pet insurance, the growth in the number of pet owners are propelling the growth of the pet insurance market. Pet health insurers offer different plan options or levels with varying policy limits, which also attracts pet owners to pet insurance. However, the high cost of pet insurance policies, lack of consumer awareness, and government regulations are limiting the growth of the market. Marketing strategies adopted by insurance companies include online marketing, veterinary clinics, pet stores, shelters, and animal support and rescue organizations or word of mouth recommendations which are also fueling the market for l pet insurance for future growth. In addition, a largely untapped market with extremely low penetration rates is expected to provide plenty of opportunities for the pet insurance market.
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Accident and illness insurance policy coverage fuels demand for pet insurance
Pet insurance which is becoming a standard in most developed countries. The pet insurance market is gaining ground thanks to the accident and health insurance policy, as it offers both accident and sickness coverage. Growing consumer awareness of companion animal diseases, increasing veterinary costs, and marketing efforts by industry operators have resulted in consumer acceptance in the pet insurance market.
Some of the major players operating in the pet insurance market are
Figo Pet Insurance LLC., Embrace Pet Insurance Agency LLC, Hartville Group, Health for Pet, Hollard, Oneplan, Petfirst Healthcare LLC, Protectaplan, Petplan Limited, Trupanion, Inc., Nationwide Mutual Insurance Company., Anicom Holdings Inc, Pethealth Inc. , Royal & Sun Alliance of Canada, Insurance Company, Inc., Direct Line Insurance Group plc, Petsecure, Healthy Paws, 24PetWatch, etc.
Due to increasing competition, companies are focusing on expanding their product portfolio. On top of that, mergers and acquisitions remain a popular strategy among market players. The companies intend to expand their regional footprint through strategic collaborations.
- In March 2019, CareCredit, LLC, a healthcare finance company from Synchrony Financial, acquired Idaho-based pet insurance company Pets Bestto to expand its current product offering / services.
- In December 2019, MetLife Inc. acquired Jeffersonville-based company PetFirst to enter the pet insurance market.
The global pet insurance market is segmented in detail to cover all aspects of the market and present the readers with comprehensive market information.
- Accident and illness
- Exotic animals
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Get Valuable Insights into the Pet Insurance Market
Future Market Insights, in its new report, presents an unbiased analysis of the global pet insurance market, covering historical demand data and forecast figures for the period between 2019 and 2029. The study reveals insights compelling in the pet insurance market based on policy type (accident policy, accident and illness policy), end user (dog, cat, horse, exotic pet, others) and region (North America, Latin America, Europe, East Asia, South Asia, Oceania and the Middle East and Africa).