$16.8 Billion Pet Insurance Market Expected with Companies Offerings By End-User Segments 2030
— Allied Market Research
NEW CASTLE, WILMINGTON, UNITED STATES, October 9, 2023 /EINPresswire.com/ — Pet insurance is an insurance strategy purchased by the pet proprietor to pay halfway or altogether for the veterinary treatment of the protected pet’s ailment or injury. Some arrangement likewise covers the pet passing, or in the event that the lost or taken. Additionally, the developing clinical costs in veterinary medication and utilizing of costly clinical procedures and medications is supporting the interest of pet insurance market.
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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
Rise in demand for pet insurance policies, increase in the number of veterinary centers, and 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 the 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 the market players in the coming years.
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.
The 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.
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 rise in pet adoption and surge in awareness about pet insurance in the region.
Major market players
• Embrace Pet Insurance Agency, LLC
• Figo Pet Insurance LLC.
• Hartville Group
• Ipet Insurance
• Pet Assure Corp.
• Pets Best Insurance Services, LLC
• Royal & Sun Alliance (RSA)
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Key Benefits for Stakeholders
• Information about key drivers, restraints, & opportunities and their impact analysis on global pet insurance market trends is provided in the report.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
• The quantitative analysis of the pet insurance market from 2021 to 2030 is provided to determine the market potential.
• The study provides an in-depth analysis of the global pet insurance market forecast along with current & future trends to explain the imminent investment pockets.
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