Pet Insurance Market Growth Driven by Rising Global Pet Adoption and Growing Focus on Regular Medical Examinations of Pets: Reports and Data

The increasing prevalence of various diseases in companion animals, the high risk of medical emergencies and injuries, and the growing demand for pet health insurance to cover personal expenses are key factors fueling the growth of the market global

According to the latest report released by Reports and Data, the global pet insurance market is expected to reach $ 14.52 billion in 2028 and register a 16% revenue CAGR during the forecast period. The major factors driving the global market revenue growth are rising pet spending, rising veterinary costs, and growing number of pet adoption campaigns.

In recent years, there has been a rapid increase in the pet population and pet ownership across the world due to the growing need for pets, the growing number of pets. animals such as dogs and cats in rescue centers and increasing awareness of animal health. People prefer to spend time with their animal companions after a hectic day at work. Research has shown that having pets in the home should reduce problems related to stress, anxiety, and depression, as well as improve mood and cardiovascular health. However, routine veterinary visits, the need for immediate assistance, surgeries and emergency hospitalizations increase the overall expense of pets, as these animals are prone to accidents and injuries and various illnesses such as kidney problems, skin allergies, lymphoma, diabetes. Several insurance companies and agencies offer a variety of pet health insurance plans based on the age, species and breed of pets to cover some or all of your pet’s total medical expenses. company.

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However, expensive pet insurance policies, a lack of awareness of pet health insurance in many developing countries, and reimbursement difficulties due to the lack of standardized pet health codes are some key factors which might hamper the market revenue growth in the future.

Some highlights of the report:

  • Among product types, Accident and Illness segment is expected to account for significantly larger revenue share during the forecast period. Factors such as the high prevalence of pet illnesses and accidents, the high cost of veterinary treatment and diagnostic costs, and the availability of various types of pet insurance plans to cover the costs of hospitalization, surgeries and other emergencies drive segment revenue growth.
  • On the basis of animal type, the cats segment is expected to register the fastest revenue CAGR during the forecast period owing to increasing adoption of cats across the world, increasing population of cats, the prevalence of infections such as ringworm, rabies, upper respiratory infections and heartworms, high the cost of veterinary care and increase awareness of the importance of animal health.
  • On the basis of sales channel, the bancassurance segment is expected to register a robust revenue CAGR due to the growing number of banks offering pet insurance services, increased pet adoptions to across the world and growing awareness of bancassurance systems.
  • Europe is expected to register a considerably high revenue growth rate between 2021 and 2028 due to the high adoption of cats and dogs, high spending capacity, increasing costs of veterinary services and the increased public awareness of pet health and insurance plans, and the presence of cost-effective insurance. Strategies.
  • The Asia-Pacific market is expected to register a rapid revenue CAGR during the forecast period owing to factors such as increasing number of pets in the region, increase in disposable income and increase in the incidence of feline and canine diseases; and high risk of pet emergencies. Growing awareness of pet insurance due to rising veterinary and hospital fees and the rise in the number of companies offering affordable pet health insurance coverage is expected to fuel the growth of the Asia-Pacific market in the future.
  • Petplan Pet Insurance, Trupanion, Inc., Nationwide Mutual Insurance Company, Hartville Group Inc., Figo pet Insurance LLC, Anicom Group, Pethealth Inc., Oneplan, PetFirst Healthcare LLC, Armor Insurance, Royal & Sun Alliance Insurance Company of Canada, Inc ., Embrace Pet Insurance Agency, LLC, Direct Line Insurance Group plc, Petsecure, Healthy Paws Pet Insurance, LLC. and The Oriental Insurance Company Ltd., are some of the major players featured in the Global Pet Insurance Market report.
  • In April 2021, Petline Insurance Company worked with Armor Insurance to launch a new pet health insurance product, Pet Shield Insurance, for cat and dog owners in Saskatchewan, Alberta and British Columbia.

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For the purpose of this report, Reports and Data has segmented the global pet insurance market on the basis of product, animal type, sales channel, and region:

Product Outlook (Revenue, USD Billion, 2018-2028)

  • Accident and illness
  • Accident only
  • Others

Animal Type Outlook (Revenue, USD Billion, 2018-2028)

  • Dogs
  • Cats
  • Horses
  • Exotic animals
  • Others

Sales Channel Outlook (Revenue, USD Billion, 2018-2028)

  • Agency
  • Broker
  • bancassurance
  • Direct writing

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Regional Outlook (Revenue, USD Billion, 2018-2028)

  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Sweden
    • Benelux
    • The rest of europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • South Africa
    • Israel
    • Rest of the MEA

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Some points on how the report benefits stakeholders:

  • Reports include historical (2018-2020) and forecast (2021-2028) data points, revenue and CAGR in tabular, figure and graph format, with supporting detailed and qualitative written information for each .
  • The revenue breakdown is provided for each segment in these formats for the world, region and for each country in the respective region for each year between 2018 and 2028.
  • The report contains information on growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
  • The report contains data and information on the customers, competitors, suppliers / distributors and other players and the global market.
  • Market research analysis is vital for all crucial business strategies and can help in many ways and provide a clearer understanding of competitor strategies, product launches, competitive analysis, technological advancements and various other factors that improve a company’s sales or can provide ideas for focusing on merger and acquisition as a strategy or entering into strategic agreements or joint ventures etc.
  • The report contains the profiles of the major companies operating in the market along with their respective revenue and operating segments, geographic scope, market footprint, head office, growth rate, recent developments, product / service. , their expansion strategies, their expansion investments, etc.

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Reports and Data is a market research and consulting company that provides syndicated research reports, custom research reports, and consulting services. Our solutions are uniquely focused on your goal of locating, targeting and analyzing changes in consumer behavior across demographics, across industries, and helping customers make smarter business decisions. We offer market intelligence studies ensuring relevant and evidence-based research across multiple industries including healthcare, touchpoints, chemicals, products, and energy. We are constantly updating our research offerings to ensure that our clients are up to date with the latest trends that exist in the market. Reports and Data has a solid base of experienced analysts from various fields of expertise. Our industry experience and our ability to develop a concrete solution to any research problem gives our clients the opportunity to gain an edge over their respective competitors.

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