Pet Insurance Market Research Report 2023
Global Pet Insurance Market Size By Coverage Type (Accident & Illness, Accident Only, Others), Animal Type (Dogs, Cats, Others), Sales Channel (Agency, Broker, Direct, Bancassurance), and Region Global Market Analysis and Forecast, 2023-2030
Global Pet Insurance Market Synopsis
Global Pet Insurance Market size was reasonably estimated to be approximately USD 8380.29 Million in 2023 and is poised to generate revenue over USD 18785.29 Million by the end of 2030, projecting a CAGR of around 17.52% from 2023 to 2030.
The global pet insurance market refers to the industry that provides pet owners with insurance coverage for their pets in case of accidents, illnesses, or other unexpected events. This market has been growing rapidly in recent years, as more pet owners recognize the value of having insurance coverage for their pets.
- Global pet insurance policies may vary in their coverage, but they typically cover expenses related to accidents, illnesses, hospitalization, surgeries, medications, and diagnostic tests. Some policies may also cover routine and preventative care, such as vaccinations, check-ups, and teeth cleaning.
- Pet owners pay a monthly or yearly premium to the insurance company in exchange for coverage in case their pet needs medical treatment, surgery, or other veterinary expenses.
- The pet insurance market is expanding due to efforts made by current providers to inform customers about rising veterinarian costs and the many benefits of pet medical insurance plans.
Top Key Players Involved Are:
"Nationwide (USA), Trupanion (USA), Petplan (USA), Healthy Paws (USA), Embrace (USA), ASPCA (USA), Figo (USA), Lemonade (USA), PetFirst (USA), Petsecure (Canada), Petplan UK(UK), Direct Line (UK), More Than (UK), PetSure (Australia), RSPCA (Australia), Bupa (UK), Allianz (Germany), Agria (Sweden), Anicom Holdings (Japan), Petplan Australasia (Australia), and Other Major Players."
Global Pet Insurance Market Trend Analysis
Growing Prevalence of Chronic Diseases in Pets
A major driver of the demand for comprehensive and specialized pet insurance coverage. Chronic diseases such as cancer, diabetes, and arthritis are becoming more common in pets, and treating these conditions can be expensive.
- Comprehensive pet insurance policies that cover both accidents and illnesses, as well as ongoing treatment and medication for chronic conditions, can help pet owners manage the cost of veterinary care. Some pet insurance policies also offer coverage for alternative therapies, such as acupuncture and physical therapy, which can help improve the quality of life for pets with chronic conditions.
- In addition, as more pet owners recognize the importance of preventive care in managing chronic diseases, some pet insurance policies now offer coverage for routine check-ups, vaccinations, and other preventative measures. This can help pet owners catch potential health issues early and take proactive steps to prevent chronic diseases from developing.
- Overall, the growing prevalence of chronic diseases in pets is driving the need for comprehensive and specialized pet insurance coverage, and this trend is expected to continue in the coming years.
Increasing Pet Ownership and Humanization of Pets
More people around the world become pet owners, there is a growing recognition of the importance of pets as members of the family. This trend towards humanization means that pet owners are willing to spend more on their pets' health and well-being, including veterinary care and pet insurance.
- There is a growing need for pet insurance coverage to help manage the cost of veterinary care. This is particularly true in the case of unexpected accidents or illnesses, which can be expensive to treat.
- In addition, the humanization of pets has led to increased demand for specialized pet insurance coverage. Pet owners want policies that not only cover veterinary expenses, but also offer additional benefits such as coverage for alternative therapies, pet behavioral training, and wellness programs.
- Overall, the increasing pet ownership and humanization of pets are both creating an opportunity for pet insurance, and this trend is expected to continue in the coming years. As more people around the world recognize the importance of pets in their lives, the demand for pet insurance is likely to grow.
Segmentation Analysis of The Global Pet Insurance Market
Global Pet Insurance Market segments cover the Coverage Type, Animal Type, and Sales Channel. By Animal Type, the Dogs segment is Anticipated to Dominate the Market Over the Forecast period.
- This is due to several factors, such that dogs are the most commonly owned pets worldwide, and that they tend to require more veterinary care than other pets.
- Dogs are susceptible to a wide range of health issues, including accidents, illnesses, and chronic conditions, which can be expensive to treat.
- In addition, dogs tend to be more active than other pets, which increases their risk of injury and illness. This means that pet owners may be more likely to seek out comprehensive pet insurance policies that cover both accidents and illnesses, as well as ongoing treatment and medication for chronic conditions
- Overall, due to these several factors, the dog segment is expected to dominate the pet insurance market over the forecast period.
Regional Analysis of The Global Pet Insurance Market
Europe is Expected to Dominate the Market Over the Forecast Period.
- The high pet ownership rates in the region and the well-established pet insurance industry. Europe has a large and growing pet population, with an estimated 85 million dogs and cats alone. In addition, the region has a well-established veterinary healthcare infrastructure, which has helped to drive demand for pet insurance among pet owners.
- The pet insurance industry in Europe is also highly developed, with several large providers offering a range of coverage options. Many of these providers offer comprehensive policies that cover both accidents and illnesses, as well as ongoing treatment and medication for chronic conditions.
- In addition, the region has a strong culture of pet ownership, with many pet owners considering their pets to be members of the family. This has helped to drive demand for pet insurance among pet owners who want to ensure that their pets receive the best possible care and support.
Overall, Europe is anticipated to have a dominating position in the global market for pet insurance, driven by the high pet ownership rates, well-established veterinary healthcare infrastructure, and strong culture of pet ownership in the region.
Source – EuropeanPetFood
Europe ranks 1st in terms of Pet animals having the highest numbers of both Dogs & Cats with 92M & 113M respectively, later on, China ranks 2nd & the U.S. ranks 3rd in the number of Pet Animals.
Covid-19 Impact Analysis on Global Pet Insurance Market
- The COVID-19 pandemic has had a significant impact on the global pet insurance market, as it has on many industries worldwide.
- On the one hand, the pandemic has led to an increase in pet ownership rates, as people have spent more time at home and sought companionship during a period of social isolation. This has driven demand for pet insurance, as new pet owners seek to ensure that their pets are covered in case of accidents or illnesses.
- However, the pandemic has also led to economic uncertainty and financial hardship for many people, which has impacted the pet insurance market. Some pet owners may have had to cut back on expenses, including pet insurance, to make ends meet during this challenging time.
- In addition, the pandemic has disrupted the veterinary care industry, with many clinics and hospitals limiting services or closing temporarily in response to public health guidelines. This has impacted the availability of veterinary care for pets and may have affected the demand for pet insurance as a result.
Top Key Players Covered in The Global Pet Insurance Market
- Nationwide (USA)
- Trupanion (USA)
- Petplan (USA)
- Healthy Paws (USA)
- Embrace (USA)
- ASPCA (USA)
- Figo (USA)
- Lemonade (USA)
- PetFirst (USA)
- Petsecure (Canada)
- Petplan UK(UK)
- Direct Line (UK)
- More Than (UK)
- PetSure (Australia)
- RSPCA (Australia)
- Bupa (UK)
- Allianz (Germany)
- Agria (Sweden)
- Anicom Holdings (Japan)
- Petplan Australasia (Australia) and Other Major Players.
Key Industry Developments in the Global Pet Insurance Market
In May 2023, PetSure launched its 2023 Pet Health Monitor report, in time for World Vet Day, to review key pet health trends in Australia. Aussie pet owners are missing a trick when it comes to ensuring the health and happiness of their furry loved ones, as new research from PetSure, Australia’s leading pet insurance underwriter, reveals just one in 10 (10%) prioritize regular at-home pet health checks or routines.
In February 2021, The pet insurance market has seen a flurry of mergers and acquisitions in recent years, with larger players acquiring smaller ones to expand their market share. Insurance giant Allianz acquired Petplan, one of the largest pet insurance providers in the United States.
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Global Pet Insurance Market |
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Base Year: |
2022 |
Forecast Period: |
2023-2030 |
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Historical Data: |
2016 to 2021 |
Market Size in 2022: |
USD 8380.29 Mn. |
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Forecast Period 2022-30CAGR: |
17.52% |
Market Size in 2030: |
USD 18785.29 Mn. |
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Segments Covered: |
By Coverage Type |
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By Animal Type |
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By Sales Channel |
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By Region |
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Global Pet Insurance Market |
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Base Year: |
2022 |
Forecast Period: |
2023-2030 |
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Historical Data: |
2016 to 2021 |
Market Size in 2022: |
USD 8380.29 Mn. |
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Forecast Period 2022-30CAGR: |
17.52% |
Market Size in 2030: |
USD 18785.29 Mn. |
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Segments Covered: |
By Coverage Type |
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By Animal Type |
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By Sales Channel |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the Report: |
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Chapter 1: Introduction
1.1 Research Objectives
1.2 Research Methodology
1.3 Research Process
1.4 Scope and Coverage
1.4.1 Market Definition
1.4.2 Key Questions Answered
1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
3.1 By Coverage Type
3.2 By Animal Type
3.3 By Sales Channel
Chapter 4: Market Landscape
4.1 Porter's Five Forces Analysis
4.1.1 Bargaining Power of Supplier
4.1.2 Threat of New Entrants
4.1.3 Threat of Substitutes
4.1.4 Competitive Rivalry
4.1.5 Bargaining Power Among Buyers
4.2 Industry Value Chain Analysis
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.5.4 Challenges
4.4 Pestle Analysis
4.5 Technological Roadmap
4.6
Frequently Asked Questions
What would be the forecast period in the Pet Insurance Market research report?
The forecast period in the Pet Insurance Market research report is 2022-2030.
Who are the key players in Pet Insurance Market?
Nationwide (USA), Trupanion (USA), Petplan (USA), Healthy Paws (USA), Embrace (USA), ASPCA (USA), Figo (USA), Lemonade (USA), PetFirst (USA), Petsecure (Canada), Petplan UK(UK), Direct Line (UK), More Than (UK), PetSure (Australia), RSPCA (Australia), Bupa (UK), Allianz (Germany), Agria (Sweden), Anicom Holdings (Japan), Petplan Australasia (Australia) and Other Major Players.
What are the segments of the Pet Insurance Market?
The Pet Insurance Market is segmented into Coverage Type, Animal Type, Sales Channel, region. By Coverage Type, the market is categorized into Accident & Illness, Accident Only, Others. By Animal Type, the market is categorized into Dogs, Cats, Others. By Sales Channel, the market is categorized into Agency, Broker, Direct, Bancassurance. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe) Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
What is the Pet Insurance Market?
The global pet insurance market refers to the industry that provides pet owners with insurance coverage for their pets in case of accidents, illnesses, or other unexpected events. This market has been growing rapidly in recent years, as more pet owners recognize the value of having insurance coverage for their pets.
How big is the Pet Insurance Market?
Global Pet Insurance Market size was reasonably estimated to be approximately USD 8380.29 Million in 2023 and is poised to generate revenue over USD 18785.29 Million by the end of 2030, projecting a CAGR of around 17.52% from 2023 to 2030.
