By Product Type (Non-lifetime Cover Pet Insurance, Lifetime Cover Pet Insurance, Accident-only Pet Insurance), Animal Type (Dogs, Cats, Horses, Others), End-User (Agency, Broker, Bancassurance, Direct Writing) – Industry Trends and Forecast to 2030.
Pet Insurance Market Analysis and Size
According to the survey 2019 North American Pet Health Insurance Association (NAPHIA), the average cost for pet insurance in the U.S. in 2019 was USD 585.40 per year for dogs and USD 349.93 for cats. The market for pet insurance in the United States was valued at USD 1.56 billion. Furthermore, this will directly create a chance for players to capture untapped customers and offer various items to enhance sales and customer satisfaction. It also helps to mitigate the financial risk of unforeseen veterinary bills by covering accidents and illnesses such as cancer, hip dysplasia, glaucoma, parvovirus, and others and medicine and surgery.
Data Bridge Market Research analyses that the global pet insurance market which was USD 4,203.54 million in 2022, would rocket up to USD 26,677.03 million by 2030, and is expected to undergo a CAGR of 9.40% during the forecast period. This indicates that the market value. “Lifetime Cover Pet Insurance” is expected to dominate the product type segment of the pet insurance market owing to the rise in the incidence of chronic diseases. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Pet Insurance Market Scope and Segmentation
Report Metric |
Details |
Forecast Period |
2023 to 2030 |
Base Year |
2022 |
Historic Years |
2021 (Customizable to 2015-2020) |
Quantitative Units |
Revenue in USD Million, Volumes in Units, Pricing in USD |
Segments Covered |
Product Type (Non-lifetime Cover Pet Insurance, Lifetime Cover Pet Insurance, Accident-only Pet Insurance), Animal Type (Dogs, Cats, Horses, Others), End-User (Agency, Broker, Bancassurance, Direct Writing) |
Countries Covered |
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America. |
Market Players Covered |
Nationwide Building Society (U.S), Trupanion (U.S), Pethealth Inc. (U.S), Embrace Pet Insurance Agency LLC (U.S), United States Fire Insurance Company (U.S), Petplan Ltd. (U.K), Hartville Group, Inc. (U.S), Petfirst Healthcare LLC (U.S), Anicom Holdings Inc. (Japan), RSA (U.K), ipet Insurance (Japan), The Oriental Insurance Company Ltd. (India), Figo Pet Insurance, LLC (U.S), Direct Line (U.K), Animal Friends Insurance Services Limited (U.K), among others |
Market Opportunities |
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Market Definition
Pet insurance is a type of insurance designed for pets. Pet insurance refers to a pet owner's coverage that helps reduce the overall costs of pricey veterinary expenses. Pet insurance primarily pays for the treatment of an insured owner's wounded or sick animal. It will also be covered if your pet dies, is stolen, or goes missing. Dogs, cats, and horses are typically covered by pet insurance coverage. Some pet insurance policies cover routine treatment like general checkups and preventative care, such as teeth cleaning and deworming, as well as immunizations. All unforeseen veterinarian care expenditures are covered by pet insurance.
Pet Insurance Market Dynamics
Drivers
- Increasing Pet Ownership and Human-Animal Bond:
The growing number of pet owners and the strengthening human-animal bond drive the demand for pet insurance. Pet owners consider their pets as family members and are willing to invest in their healthcare. This increased awareness and emotional attachment fuel the growth of the pet insurance market.
- Technological Advancements in Pet Healthcare:
Technological advancements in veterinary medicine, such as advanced surgeries, imaging techniques, and specialized treatments, have improved the quality of pet healthcare. Pet insurance enables pet owners to access these advanced treatments without the worry of exorbitant costs, driving the adoption of insurance plans.
- Increasing Awareness of Pet Insurance
There has been a significant increase in the awareness of pet insurance among pet owners. Insurance companies, veterinary clinics, and pet-related organizations have played a crucial role in educating pet owners about the benefits of insurance coverage, leading to increased demand and market growth.
Opportunities
- Growing Pet Humanization Trend
The trend of pet humanization, where pets are considered integral family members, creates opportunities for the pet insurance market. As pet owners prioritize their pets' health and well-being, they are more likely to invest in insurance coverage to ensure access to quality veterinary care.
- Increasing Veterinary Partnerships
Insurance companies are forming partnerships with veterinary clinics, pet retailers, and other pet service providers to promote pet insurance. These partnerships create opportunities for bundled services, integrated care, and streamlined insurance processes, expanding the reach of pet insurance plans
Restraints/Challenges
- Lack of Understanding and Awareness
Despite increasing awareness, many pet owners still lack a clear understanding of pet insurance and its benefits. Lack of awareness about the coverage options, policy terms, and exclusions can be a barrier to the adoption of pet insurance.
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Market Fragmentation and Competition
The pet insurance market is fragmented, with numerous insurance providers offering a variety of coverage options. Intense competition among insurance companies can lead to price wars, policy complexities, and challenges in differentiating services.
This pet insurance market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the pet insurance market Contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In December 2021, Trupanion and Chewy teamed up to provide an exclusive suite of pet wellness and health insurance policies to Chewy's 20 million clients. The goal of this strategic alliance was to provide clients with wellness plans, preventive care, and comprehensive insurance policies for illnesses, accidents, and chronic disorders. This collaboration expanded the healthcare services and product portfolio.
Global Pet Insurance Market Scope
The pet insurance market is segmented on the basis of policy type, animal type, and end-user. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Policy Type
- Lifetime Cover
- Illness Cover
- Accident Cover
- Non-Lifetime Cover
- Illness Cover
- Accident Cover
Animal type
- Dog
- Cat
- Horse
- Others
End-User
- Agency
- Broker
- Bancassurance
- Direct Writing
Pet insurance market Regional Analysis/Insights
The pet insurance market is analysed and market size insights and trends are provided by country, policy type, animal type and end-user as referenced above.
The countries covered in the Arrhythmia Monitoring Devices Market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America is expected to dominate the market due to the growing adoption of pets and growing consumer awareness regarding various innovative pet insurance policies.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 due to the growing adoption of pets and the growth of the economy.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
The pet insurance market also provides you with detailed market analysis for every country's growth in healthcare expenditure for capital equipment, installed base of different kind of products for the Pet insurance market, the impact of technology using lifeline curves and changes in healthcare regulatory scenarios and their impact on the pet insurance market. The data is available for the historic period 2015-2020.
Competitive Landscape and Pet insurance market Share Analysis
The pet insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the pet insurance market.
Some of the major players operating in the pet insurance market are:
- Nationwide Building Society (U.S)
- Trupanion (U.S)
- Pethealth Inc. (U.S)
- Embrace Pet Insurance Agency LLC (U.S)
- United States Fire Insurance Company (U.S)
- Petplan Ltd. (U.K)
- Hartville Group, Inc. (U.S)
- Petfirst Healthcare LLC (U.S)
- Anicom Holdings Inc. (Japan)
- RSA (U.K)
- ipet Insurance (Japan)
- The Oriental Insurance Company Ltd. (India)
- Figo Pet Insurance, LLC (U.S)
- Direct Line (U.K)
- Animal Friends Insurance Services Limited (U.K)
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