Burlingame, Sept. 13, 2023 (GLOBE NEWSWIRE) — Coherent Market Insights published a report, titled, “Pet Insurance Market, By Policy (Illnesses and Accidents, Chronic Conditions, and Other Policies), By Animal (Dogs, Cats, and Other Animals), and By Provider (Public and Private): Global Size & Share Analysis – Growth Trends and Forecasts (2023 – 2030).”According to the report, the global pet insurance industry was estimated at $8.32 billion in 2022, and is anticipated to hit $26.44 billion by 2030, registering a CAGR of 15.6% from 2023 to 2030.
Pet insurances are financial products under which the cost of veterinary care for pets is covered. Pet owners have to pay a regular premium, and the insurance aids in offsetting expenses for surgeries, medical treatment, preventive care, and medications, in return. Pet insurances offer peace of mind, as they ensure pet owners will be able to afford necessary healthcare for their pet animals without having to face any financial burden.
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Key Trends and Analysis of the Global Pet Insurance Market:
Increasing adoption of animals as pet is a major trend in the global pet insurance market. With this growing trend, the number of cats and dogs as pets has increased in recent years. According to the American Veterinary Medical Association for instance, in recent years the population of cats and dogs has increased, with the rise in percentages of households owing cats or dogs. As per the Pet Food Manufacturers Association, in 2021, nearly 3.2 million households in the U.K. adopted a pet since the start of the COVID-19 pandemic. Thus, this trend is likely to create demand for pet insurance services in the coming future.
Pet Insurance Market Report Coverage
|Market Size in 2022||$8.32 billion|
|Market Size in 2030||$26.44 billion|
|No. of Pages in Report||148|
|Segments covered||By Policy, By Animal, By Provider, and By Geography|
|Growth Drivers||• Growing pet population across the globe
• Rise in adoption of pet insurance around the world
|Restraints & Challenges||• Lack of standardized pet health codes for reimbursement
• Low adoption of pets in emerging countries
In April 2021, Petline Insurance Company launched a new health insurance product called Pet Shield Insurance in partnership with Armour Insurance.
In July 2021, MetLife introduced a pet insurance that covers treatment expenses for pets grapple with illness or accidents which many times creates financial stress for pet parents.
In November 2021, AXIS Insurance a specialty insurance business segment of AXIS Capital Holdings Limited, announced partnership with Managing General Underwriter Petplan through its Accident and Health unit.
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Increasing pet population to propel the market growth
Increasing pet population is one of the key factors anticipated to boost growth of the global pet insurance market in the near future. For instance, numerous households around the world are unified through a common theme called pet ownership. As per the healthforanimals.org, more than half of the population around the world is likely to own a pet at home. Dogs are owned in nearly one in three homes, and nearly a quarter of pet owners around the world own a cat.
Increasing adoption of pet insurance to boost the market growth
Adoption of pet insurance is increasing all over the world, which is likely to augment growth of the global pet insurance market in the coming future. For instance, with increasing pet adoption and rising awareness among people regarding veterinary health, the need for pet insurance is increasing rapidly all over the world. As per the North American Pet Health Insurance Association, by the end of 2021, nearly 3.9 million pets were insured in the U.S., which was a 20% rise from previous year.
Lack of proper reimbursement to impede the market growth
The lack of proper pet health codes for reimbursement is a major factor anticipated to limit growth of the global pet insurance market over the forecast period. The pet insurance industry currently lacks the efforts for standardizing pet health codes for reimbursement. Due to lack of these codes and poor reimbursement, people hesitate to get an insurance for their pet. This is one of the major factors limiting growth of the market.
Growing awareness about pet insurance is projected to offer lucrative opportunities in the global pet insurance market over the forecast future. For instance, pet insurance helps cover expensive and unexpected veterinary bills for different types of animals. Pet insurances are also a boon for pets that could require additional healthcare facility services with age. Thus, the awareness around pet insurance is increasing across the globe, which in turn is driving the demand for pet insurance services. As a result, the market is likely to witness growth opportunities in the near future.
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Key Market Takeaways:
Global pet insurance market is expected to exhibit a CAGR of 15.4% during the forecast period. The pet insurance market is growing rapidly in response to the rise in number of market players providing new policies and concessions on pet insurance driving the demand for these services.
On the basis of Policy, Illness and Accidents Segment is expected to dominate the market during the forecast period and this is attributed to the rising awareness regarding pet insurance. The most common policies offered by pet insurance companies are accident/illness policies.
On the basis of Animal, Dogs Segment is expected to dominate the market during the forecast period and this is attributed to the increasing cancer burden in dogs and high adoption of dogs as pets.
On the basis Provider, Private Segment is expected to dominate the market during the forecast period and this is attributed to the rise in adoption of pet insurance leading to growing demand for private insurance providers.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period, due to rise in pet adoption along with increasing awareness around veterinary health in the region. Along with this improvement in veterinary healthcare infrastructure is also driving growth of the global pet insurance market in the region.
Key players operating in the global pet insurance market include Crum & Forster Pet Insurance Group (Hartville Pet Insurance Group), Medibank Private Limited, MetLife Services and Solutions LLC (PetFirst Healthcare LLC), Petplan, Oriental Insurance Company Ltd., Oneplan Insurance, Anicom Holdings Inc., Dotsure.co.za (Hollard), Embrace Pet Insurance Agency LLC, Healthy Paws Pet Insurance LLC, and Figo Pet Insurance LLC among others.
- Global Pet Insurance Market, By Policy:
- Illnesses and Accidents
- Chronic Conditions
- Other Policies
- Global Pet Insurance Market, By Animal:
- Global Pet Insurance Market, By Provider:
- Global Pet Insurance Market, By Geography:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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