According to a new report published by UnivDatos Markets Insights, the Pet Insurance Market was valued at more than USD 7 billion in 2020 and is expected to grow at a CAGR of around 12% from 2022-2028. The analysis has been segmented into Coverage Type (Accident & Illness, Accident Only, and Others); Animal Type (Dogs, Cats, and Others); Sales Channel (Agency, Broker, and Others); and Region/Country
The pet insurance market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the pet insurance market. The pet insurance market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the pet insurance market at the global and regional levels.
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Market Overview
A pet owner can lower their overall pet healthcare costs by purchasing a pet insurance policy. Blood tests, urinalysis, MRIs, x-rays, CT scans, lab work, ultrasounds, specialized and urgent care treatments, hospitalization, and surgery are all covered. The expense of the insured pet’s care, including veterinarian care, injuries, illnesses, accidents, and other veterinary surgical procedures, is reported to be covered in full or in part by pet insurance coverage.
Due to rising medical costs, pet owners can now purchase an extended accident and illness package that includes coverage for a wide range of illnesses in addition to unintentional poisonings and traffic accidents. Therefore, pet insurance is becoming more popular. For instance, as per the North American Pet Health Insurance Association (NAPHIA) 2021, around 3.45 million pets were insured across the North American region in 2020. Therefore, the demand for high-quality veterinary pet health treatments has grown along with the global pet population, as has the cost of treatments needed because of injuries.
Some of the major players operating in the market include Trupanion Inc., DFV Deutsche Familienversicherung AG, Animal Friends Insurance Services, Limited, Figo Pet Insurance LLC, U.K. Insurance Limited, Nationwide Mutual Insurance Company, Embrace Pet Insurance Agency LLC, Anicom Holdings Inc., MetLife Services and Solutions LLC, Pumpkin Insurance Services Inc.
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COVID-19 Impact
The companion animal industry, which includes pet owners, veterinarians, veterinary hospitals, and animal health companies, faced several obstacles as a result of the COVID-19 pandemic. However, the industry immediately began implementing supportive measures to guarantee access to veterinary care and other services in response to the pandemic. The difficulties posed by the pandemic also made pet owners more aware of the need to purchase pet insurance to lower their financial risk.
The global pet insurance market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- On the basis of animal type, the market is categorized into dogs, cats, and others. Among these, the dogs to hold a significant share of the market in 2020. This is mainly due to the dogs are the most popular pets, which are also known to improve people’s physical and mental health. And a surge in dog adoption is leading to the growth of the segment. For instance, as per American Pet Products Association’s, National Pet Owners Survey 2021-2022, around 69 million families in the United States own a dog.
- Based on sales channel, the pet insurance market has been classified into agency, broker, and others. The agency category is to witness the fastest adoption of pet insurance during the forecast period. This is mainly due to the growth being fueled by both the expanding demand for these services and the rising popularity of companion animals. Several benefits provided by market players also fueled the market growth. For instance, in 2020 Lemonade introduced pet insurance, offering exciting Lemonade policyholders a 10% discount if they choose to combine their new pet insurance with home/renters’ insurance.
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Pet Insurance Market Geographical Segmentation Includes:
- North America (United States, Canada, and the Rest of North America)
- Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
- Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
- Rest of the World
Europe is anticipated to grow at a substantial CAGR during the forecast period owing to pet insurance becoming more and more well-liked, the high pet adoption rate, and the major market participants present. Over the past decade, there has been a significant rise in the number of pet animals adopted for companionship in Europe. People primarily get pets for the companionship they provide, and there has been a shift from pet owners to pet parents, indicating that nowadays, pets are considered members of the family. For instance, in 2022, according to the People’s Dispensary for Sick Animals (PDSA), 27% of UK adults have a dog with an estimated population of 10.2 million pet dogs. 24% of the UK adult population have a cat with an estimated population of 11.1 million pet cats.
The major players targeting the market include
- Trupanion Inc.
- DFV Deutsche Familienversicherung AG
- Animal Friends Insurance Services Limited
- Figo Pet Insurance LLC
- K. Insurance Limited
- Nationwide Mutual Insurance Company
- Embrace Pet Insurance Agency LLC
- Anicom Holdings Inc.
- MetLife Services and Solutions LLC
- Pumpkin Insurance Services Inc.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Pet Insurance Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the pet insurance market?
- Which factors are influencing the pet insurance market over the forecast period?
- What are the global challenges, threats, and risks in the pet insurance market?
- Which factors are propelling and restraining the pet insurance market?
- What are the demanding global regions of the pet insurance market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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