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Pet Insurance Market to grow at 11.5% CAGR to hit $39.6 Bn by 2030 – Size, Growth Rate, Top Companies, 2022 Trends, Technological Development, Australian Market Analysis, Regulatory Landscape, and Business Prospect - Adroit Market Research
Adroit Market Research
Updated 5 min read
Adroit Market Research
The demand for pet insurance for exotic animals is likely absorbed in developed markets of Europe [UK] and North America [USA]. USA holds for nearly 90% of the pet insurance market share, in the North America.
Dallas, Texas, Sept. 29, 2022 (GLOBE NEWSWIRE) -- The global pet insurance market is progressing mostly due to the rising adoption of pets and greater public awareness of pet insurance. In recent years, there has been a noticeable increase in the acceptability of animals as companions, such as dogs and cats. The most common pets are cats and dogs, both of which are good for people's physical and emotional health.
The global pet insurance market is valued at USD 7.9 billion in 2022 and is expected to grow at a CAGR of 11.5% to reach US$ 39.6 billion by 2030.
Global pet adoption growth, an increase in the prevalence of various illnesses and infections in dogs and cats, and rising pet care costs are major drivers responsible for the market growth. In most homes, especially in industrialized nations worldwide, cats and dogs are the most popular pets. According to research, keeping pets nearby lowers stress, anxiety, and depressive symptoms while also boosting mood. These animals can, however, be susceptible to diabetes, ear infections, upper respiratory infections, and a number of skin conditions. The total cost of medical care rises as a result of rising disease prevalence, expensive treatments, and frequent veterinary visits.
Many organizations and businesses provide pet insurance plans and policies to lessen the strain and out-of-pocket costs. During accidents and diseases, pet insurance is a helpful health care policy because it reimburses some medical costs. In the coming years, the global pet insurance market is predicted to increase as a result of factors such as the rise in the number of companion animals, rising pet ownership propensity, and rising pet health awareness.
North America, Europe, Asia Pacific, Middle East, and Africa and South America
Key Players Profiled
Anicom Holdings, Embrace Pet insurance Agency, Figo Pet Insurance, Crum & Forster Pet Insurance Group, Health for Pet, Hollard, Nationwide, PetFirst Healthcare, Pethealth, Petplan, Trupanion, Agria Pet Insurance, and RACQ among others.
As pet accidents and emergencies are becoming more often, treatment and hospitalization are expensive, and pet health insurance for accidents is readily available, the accident-only market is anticipated to grow steadily in terms of revenue CAGR throughout the projection period. This insurance, up to a certain point, covers the expense of MRI scans, surgeries, and complications resulting from accidents in addition to the injuries they cover.
The pet insurance industry in Europe is anticipated to hold the highest proportion in 2021. This is because pet insurance is becoming more and more popular, more people are adopting pets, and there are more established market competitors. A lot of insurance companies are now creating programmes to encourage people to adopt dogs in Europe. These companies offer services including illness, accident, and disease plans. The market for pet insurance in North America is being driven by expanding pet ownership, an increase in the number of domestic animals, rising disposable income, and rising pet insurance awareness.
For instance, Zoetis joined the pet insurance market in April 2020 by founding Pumpkin Insurance Services Inc., a pet insurance company with offices all throughout the United States. To pet owners, the business offers affordable preventative care plans and pet health insurance.
On the other side, PetFirst Healthcare, LLC, a company that administers companion animal health insurance, was purchased by MetLife, Inc. in December 2019. Through this acquisition, MetLife was able to broaden its product offerings, using the company's position as a pioneer in group benefits distribution channels in the United States.
Important Points from Table of Contents:
Chapter 1 Introduction Chapter 2 Research Methodology Chapter 3 Executive Summary Chapter 4 Market Outlook Chapter 5 Pet Insurance Market by Policy Type Chapter 6 Pet Insurance Market by End-User 6.1 Introduction 6.2 Global Pet Insurance Market, by End-User 2019 6.3 Dog 6.4 Cat 6.5 Horse 6.6 Exotic Pet 6.7 Others Chapter 7 Pet Insurance Market By Region 7.1 Introduction 7.2 Global Pet Insurance Market, by Region, 2019 7.3 North America 7.3.1 U.S. 7.3.2 Canada 7.4 Europe 7.4.1 Germany 7.4.2 UK 7.4.3 France 7.4.4 Rest of Europe 7.5 Asia Pacific 7.5.1 China 7.5.2 India 7.5.3 Rest of Asia Pacific 7.6 Latin America 7.6.1 Brazil 7.6.2 Rest of Latin America 7.7 Middle East & Africa Chapter 8 Competitive Landscape 8.1 Overview 8.2 Strategic Initiatives 8.2.1 Collaboration/ Agreement 8.2.2 Product Launch 8.2.3 Business Expansion 8.2.4 Business Acquisition 8.2.5 Technological Development 8.2.6 Partnership 8.2.7 Investment Chapter 9 Company Profiles
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