Pet ownership is at an all-time high with millions of families across the country sharing their homes with dogs, cats, and other small animals. While owning a pet brings immense joy, it also comes with financial responsibilities. One way pet parents can help manage potential veterinary costs is through pet health insurance.
Understanding Pet Insurance Coverage
Most pet insurance policies cover veterinary fees associated with accidents, injuries, and illnesses. Some policies may also provide additional benefits such as wellness coverage for preventative care like annual exams and vaccines. When shopping for a policy, Pet Insurance Market owners should carefully review what conditions and treatments are included as well as any annual or lifetime limits. Reputable pet insurance companies will clearly outline coverage details up front so there are no surprises down the road.
Common Vet Bills and When Insurance Can Help
One unexpected trip to an emergency vet clinic can easily cost hundreds or even thousands of dollars depending on the condition and necessary treatment. Things like broken bones from accidents, bloat surgery for deep chested dogs, eye injuries, blocked urinary tracts, or animal bites are just some examples of when insurance reimbursements can save pet parents significant out-of-pocket costs. Cancer treatment is another expense that insurance is especially helpful for as multi-modality therapies for cancers like lymphoma can cost $10,000 or more without coverage. Preventing financial hardship during medical crises is a primary reason many pet owners choose to insure their companions.
Wellness Plans Cover Routine Care
Some insurance providers offer wellness or preventative care plans in addition to standard accident and illness coverage. These supplemental policies help offset costs for regular checkups, vaccines, minor dental procedures, spay/neuter surgeries, and more. For young and healthy pets, wellness coverage alone may even be a budget-friendly option for the first year or two of pet ownership before upgrading to a more comprehensive plan later. Either way, handling preventative care payments through insurance leaves pet owners better prepared for larger specialty or emergency bills down the road.
Early Enrollment Leads to Lifelong Savings
Like human health insurance, pet policies are often less expensive if the pet is enrolled when young and healthy versus waiting until senior years when pre-existing conditions may already exist. By insuring a new pet between 6-12 weeks of age, premium costs are lowest and owners get the most value from coverage through an entire lifetime. Then if accidents or illnesses unfortunately do occur later on, veterinary treatments will be partially or fully reimbursed rather than shouldering the entire financial burden out of pocket. Enrolling early allows insurance to work to its fullest potential, saving thousands over years of pet ownership.
Flexibility for Every Budget
When money is tight, pet insurance can still make financial sense thanks to flexible policy options. Annual or monthly payment schedules, varying levels of deductibles, and premium discounts for bundling multiple pets all allow custom fitting coverage to budgets both large and small. Opting for even basic accident-only coverage is still worthwhile protection against potential vet bills, and owners can always upgrade plans in the future if their situation allows. Speaking to an insurance agent or researching quotes online makes it easy to find the right balance of features and affordability for any pet parent's individual needs.
Peace of Mind for Unexpected Events
No pet owner wants to imagine their furry family member suffering a serious illness or injury, but accidents do happen despite everyone's best efforts at prevention. Pet insurance gives pet parents financial security to focus solely on their pet's medical care and recovery rather than stressing over payment methods during emotional crises. By having insurance in place beforehand, the overwhelming cost factor is eliminated from hard treatment decisions, allowing veterinarians to provide any necessary care without hesitation or delay. For such an invaluable form of security and stress relief, most pet owners find the investment in insurance premiums to be very worthwhile.
With premium pet ownership on the rise comes greater responsibility to provide financially for medical needs that inevitably arise at some point over the lifespan of each pet. By considering pet health insurance, owners find aid managing both routine and unexpected veterinary costs through reimbursements that restore funds back into a household budget. Flexible options make quality coverage available at various price points too. Overall, the peace of mind from knowing vet bills are insured and treatment decisions won't be cost-controlled provides immense value for both pets and their doting humans.
Get more insights on Pet Insurance Market
According to the new market research report “Veterinary Equipment and Disposables Market by Product (Consumables, Anesthesia Machines, Ventilators, Patient Monitoring, Oxygen Masks, Infusion Pumps), Animal (Cats, Dogs, Equines, Bovines), End User (Hospitals, Clinics) – Global Forecast” published by MarketsandMarkets™.How the Market Growth looks like and Industry Segmentation?The Veterinary Equipment and Disposables Market is expected to reach USD 2.40 Billion, at a CAGR of 8.0% during the forecast period.On the basis of type, the critical care consumables segment accounted for the largest share of the global veterinary equipment market.
The large share of consumables can be attributed to the large number of consumables required and consumed in almost every veterinary care process, as opposed to the one-time cost of capital equipment.Based on animal, the small companion animals segment will dominate the veterinary disposables market in 2023.
The large share of this segment can be attributed to the high adoption of companion animals and rising expenditure on animal health.Based on end user, veterinary clinics are estimated to hold the largest share of the veterinary disposables market in 2023.
The large share of this segment can be attributed to the growing number of patient visits along with the increasing number of private clinical practices, and increasing practice revenues.Browse 304 market data Tables and 32 Figures spread through 265 Pages and in-depth TOC – Request Research Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=14169630Growth Driver in Depth:Growth in Companion Animal PopulationRising Demand for Pet Insurance With Growing Animal Health ExpenditureGrowth in the Number of Veterinary Practitioners and Income Levels in Developed EconomiesUntapped Emerging MarketsGrowing Size of Veterinary BusinessesRecent Developments in Industry:In 2017, Vetland Medical (US) launched the Harmony 5 Electronic and the LAS-3000 manual ventilation system under the anesthesia system segment.In 2016, Midmark (US) acquired VSSI, Inc. (US) to bring early-stage design and planning expertise, and integrated, built-in equipment solutions to the animal health practice.In 2015, Mila International (US) signed an agreement with Cook Medical (US) to offer Cook’s Medical devices for sale to veterinary clinics and veterinary schools in the US.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=14169630Geographical Regions Mapped in Report:North America is estimated to hold the largest share of the veterinary equipment and disposables market during the forecast period, followed by Europe and the Asia Pacific.
Factors such as the increasing number of companion animals, rising companion animal healthcare expenditure, rise in the number of livestock animals in North America (primarily due to the increasing consumption of meat and dairy products), and growth in the pet insurance market are responsible for the region’s large share in the global veterinary equipment market.Leading Key Players in the Worldwide Industry:The prominent players in the veterinary equipment and disposables market are Mindray Medical International Limited (China), Smiths Group plc (UK), Nonin Medical (US), Digicare Biomedical Technology, Inc. (US), B. Braun Melsungen AG (Germany), Henry Schein (US), Vetland Medical Sales and Services, LLC (US), Hallowell Engineering & Manufacturing Corporation (US), Infiniti Medical, LLC (US), DRE Veterinary (US), and Midmark Corporation (US).
