Allied Market Research recently published a report, titled, "Pet Insurance Market by Policy Coverage (Accident Only, Accident and Illness, and Others), by Animal Type (Dogs, Cats, Others), by Sales Channel (Agency, Broker, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global pet insurance industry accounted for $4.52 billion in 2020 and is expected to reach $16.81 billion by 2030, growing at a CAGR of 14.3% from 2021 to 2030.
Major determinants of the market growth
A rise in demand for pet insurance policies, an increase in the number of veterinary centers, and a surge in demand for financial safety in case of increasing uncertainties have boosted the growth of the global pet insurance market. However, high premium costs and lack of awareness about pet insurance policies hinder market growth. On the contrary, government initiatives about pet insurance policies and the implementation of technologies in products and service lines are expected to open new opportunities for market players in the coming years.
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Covid-19 scenario:
- The Covid-19 pandemic negatively affected the pet insurance market due to the closure of diagnosis and veterinary centers due to lockdown regulations implemented by governments.
- Insurance companies have been trying to innovate and modify the policy coverage and policies based on incidences of health conditions.
The accident-only segment dominated the market growth
By policy coverage, the accident-only segment held the largest share in 2020, accounting for around four-fifths of the global pet insurance market, as pets such as dogs and cats have been infected with the COVID-19 virus. However, the accident & illness segment is expected to manifest the highest CAGR of 15.9% during the forecast period.
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The cats segment to manifest the highest CAGR through 2030
By animal type, the cats segment is projected to register the highest CAGR of 16.4% during the forecast period. However, the dogs segment held the largest share in 2020, contributing to more than four-fifths of the global pet insurance market, as dogs help people to stay well and spend less time getting over sickness and bugs.
Europe, followed by North America, held the largest share
By region, the global pet insurance market across Europe, followed by North America, held the largest share in 2020, accounting for nearly two-fifths of the market, due to shift in trend from pet owners to pet parents and rise in social acceptance of pets across the region. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 18.4% during the forecast period, owing to a rise in pet adoption and a surge in awareness about pet insurance in the region.
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Major market players
- Embrace Pet Insurance Agency, LLC
- Figo Pet Insurance LLC.
- Hartville Group
- Nationwide
- Pet Assure Corp.
- PetFirst
- Ipet Insurance
- Pets Best Insurance Services, LLC
- Royal & Sun Alliance (RSA)
- Trupanion
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COVID-19 Impact Analysis on Pet Insurance Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2020-2027.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the pet insurance market include Petplan Limited, Trupanion, Inc., Nationwide Mutual Insurance Company., Hartville Group Inc., Pethealth Inc., PetFirst Healthcare LLC, Royal & Sun Alliance Insurance Company of Canada, Inc., Embrace Pet Insurance Agency, LLC, Direct Line Insurance Group plc, and Petsecure.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Pet Insurance Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/pet-insurance-market/download-sampleMarket DynamicsThe market is primarily driven by the growing adoption of pet animals and the rising prevalence of cat and dog-related diseases worldwide.
Further, with rising healthcare costs, the owners are readily adopting pet health insurance, augmenting the market.
On the other side, the high cost of insurance policies, strict government regulation, and lack of awareness among consumers hinder the growth of the market.The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
