Pet Insurance Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2015-2020 and Forecast 2021-2027

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Pet Insurance Market By Policy coverage (Accident only, Accident & illness, and other), By Animal (Cat, Dog and other), By Provider (Private & Public), and Geography ((North America, Latin America, Europe, Asia Pacific and Middle East and Africa)

 

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Report

Description

Pet insurance market size was valued at US$ 4.6 billion in the year 2020 and is anticipated to grow at US$ 11.87 billion by 2027 recording a CAGR of 14.5% during the forecast period. The growth of the market will be enhanced by growing preferences for pet humanization and increasing demand for pet grooming and care products. Growing companion animal number, rising health benefits of ownership of pets, increasing demand for creative insurance along with rising veterinary service costs are likely to fuel the growth of the market. On the other hand, the low penetration rate will further fuel several opportunities that will lead to the growth of the market in the forecast period. The lack of knowledge of pet insurance in emerging economies, together with the high cost of pet insurance policies, would hinder the growth of the pet insurance market during the forecast.

Pet insurance market report gives a comprehensive outlook across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report gives historical, current, and future market sizes (US$ Mn) on the basis of policy coverage, animal, provider and region. This report studies market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, the report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed the market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities). Key stakeholders of the market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global pet insurance products.


Pet Insurance Market

MARKET SUMMARY
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  • Study Period– 2021 – 2027
  • Base Year– 2020
  • CAGR– 14.5%
  • Largest Market– Europe
  • Fastest Growing Market– North America

Pet Insurance Market Analysis

  • In September 2019, Anicom announced the launch of new pet insurance scheme called Animal Kenshoku ni. This insurance scheme is aimed to provide cover to pets that are more than 8 years old.
  • Embrace announced an organization with PawSupport for Pet Help Line, which will convey administrations by means of online mail, visit, and video talk. This movement will furnish policyholders with new administrations. This will help the enterprise in growing its tasks.
  • In February 2019, Petsecure announced agreement with the Winnipeg Humane Society to exclusively run six-week complimentary trial insurance for the Winnipeg Humane Society’s pet adopters.
  • Ullico set up a joint effort with PetPartners in March 2021 to give quality pet protection and treatment costs. This game plan permits policyholders to choose their favored authorized veterinarian.
Market Leaders
  • Anicom Holdings Inc.
  • Embrace Pet Insurance Agency LLC.
  • Figo Pet Insurance LLC.
  • Hartville Group
  • Health for Pet
  • Hollard
  • Petfirst Healthcare LLC.
Pet Insurance Market

Drivers and Restraints

In the future, the pet insurance industry will see inflows of new and private entrants providing creative and affordable coverage. Present players are also making efforts to inform customers about the veterinarian costs and the different benefits of pet health insurance policies. In addition, different government agencies are making efforts to streamline and standardize pet health codes in order to ensure a seamless and reliable process of reimbursement. There are various and ongoing campaigns by pet insurance providers to raise customer understanding of different plans and the incentives associated with them. Players in the industry use social media and digital marketing as a way to improve consumer outreach by exchanging knowledge on different cat and dog breed insurance plans. The untapped and poorly penetrated markets are targeted by the majority of companies with the primary goal of acquiring a greater share.


Pet Insurance Market Regional Analysis

Europe dominates the market

Europe, with over 53% share of the global economy in 2019, was the main market. The area is projected to contribute significantly to the adoption of safety cover policies with more than 102 million cats, 85 million dogs, and about 50 million birds as pets. The idea of humanization and the rising preference for the pet industry are important drivers for the industry. The growth of the market in this area will also be supported by a growing number of government measures to support animal protection and wellbeing, combined with incentives for pet adoption.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Key Features of the Report

  • The report provides granular level information about the market size, regional market share, historic market (2015-2020) and forecast (2021-2027)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments and startup’s details that are actively working in the market
  • The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
  • The report analyses the impact of the socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
Pet Insurance Market Segmentation


Location

GEOGRAPHY


Report

Table Of Content


Report

Company Profile

  • Anicom Holdings Inc.
  • Embrace Pet Insurance Agency LLC.
  • Figo Pet Insurance LLC.
  • Hartville Group
  • Health for Pet
  • Hollard
  • Petfirst Healthcare LLC.
  • Pethealth
  • Petplan
  • Royal & Sun Alliance

Description

Pet insurance market size was valued at US$ 4.6 billion in the year 2020 and is anticipated to grow at US$ 11.87 billion by 2027 recording a CAGR of 14.5% during the forecast period. The growth of the market will be enhanced by growing preferences for pet humanization and increasing demand for pet grooming and care products. Growing companion animal number, rising health benefits of ownership of pets, increasing demand for creative insurance along with rising veterinary service costs are likely to fuel the growth of the market. On the other hand, the low penetration rate will further fuel several opportunities that will lead to the growth of the market in the forecast period. The lack of knowledge of pet insurance in emerging economies, together with the high cost of pet insurance policies, would hinder the growth of the pet insurance market during the forecast.

Pet insurance market report gives a comprehensive outlook across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report gives historical, current, and future market sizes (US$ Mn) on the basis of policy coverage, animal, provider and region. This report studies market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, the report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed the market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities). Key stakeholders of the market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global pet insurance products.

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