Pet Insurance Market Overview
The factors that are driving the market growth include an increasing number of pet adoption and rising awareness relating to pet insurance. The past few years have determined a major rise within the adoption of animals, together with dogs and cats as companion animals, dogs and cats are not solely the foremost most popular pets however are famous to enhance the physical and mental state of humans. In addition, as per the report ‘’Pets in Australia: A national survey of pets and people’’ in 2023, the expenditure on pets has enhanced hugely because of the increasing pet adoption. The report calculable that individuals pay over AUD thirteen billion annually to stay the pets fed, healthy, and well-accessorized, with food and veterinary services continued to account for half all current expenditure. Out of this, nearly 2.6 billion were spent on veterinary services within the country. Therefore, the increase in income is another major issue influencing animal health expenditure. Except the per capita animal health expenditure, industries across the globe are outlay a lot of within the field of veterinary unwellness identification and treatment.
Moreover, the adoption of pet insurance is exploding in quality attributable to a robust economy, improved client awareness, high income, and easier claims process across the globe. The pet insurance coverage is anticipated to reimburse the diagnostic testing and imaging (e.g. X-rays, ultrasound, and MRI), and it covers each accident and malady underneath one policy. A number of the foremost common diagnostic tests lined by pet insurance are radiographs, ultrasounds, CT scans, and MRIs. The rising adoption of pet insurance among pet house owners that is anticipated to completely impact the market. There are several players operative worldwide, and plenty of of those players’ market multiple white label or co-branded merchandise with the assistance of pet insurance. What is more, there's additionally a rise within the entry of recent players, together with Figo Pet Insurance, 4Paws Insurance, and Toto Pet Insurance. Thus, the increase in adoption of pet animals and increasing awareness for pet insurance is anticipated boost the expansion of the Pet Insurance market over the forecast period.
| Report Metric | Details |
| Market size available for years | 2023–2030 |
| Base year considered | 2023 |
| Forecast period | 2024–2030 |
| Forecast unit | Value (USD Million) |
| Segments covered | Policy Coverage , Animal Type, Sales Channel and Region |
| Regions covered | North America (the U.S. and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South East Asia, Rest of Asia Pacific), Latin America and the Middle East and Africa (Brazil, Saudi Arabia, UAE, Rest of LAMEA) |
| Companies covered | Trupanion, Inc.; Deutsche Familienversicherung AG (DFV); Petplan (Allianz); Animal Friends Insurance Services Limited; Figo Pet Insurance, LLC; Direct Line; Nationwide Mutual Insurance Company; Embrace Pet Insurance Agency, LLC; AnicomInsurance; ipet Insurance Co., Ltd. |
The covid-19 Impact on Pet Insurance Market:
Like several different industries, COVID-19 badly knocked the electronic and semiconductor Industry. This new event has compact nearly 230 countries in exactly a couple of weeks, leading to the forced conclusion of producing and transportation activities at intervals and across the countries. This has directly affected the expansion of the sector. It's calculable that COVID-19 to depart over USD thirty billion impacts on the physics and semiconductor Industry. The arena is majorly affected thanks to transport restrictions on major physics and semiconductor staple suppliers. However, the rising want for semiconductors in many industries can supply fast market recovery over the longer-term amount.
Pet Insurance Market Segment Overview
By Policy Coverage, The accident and illness segment dominated the market and accounted for the biggest revenue share in 2021. It’s conjointly estimated to witness the quickest CAGR within the coming years. The key factors conducive to the present growth embody high veterinary treatment and diagnostic prices, an increase within the companion animal population, and a rise in awareness concerning pet insurance. Accident and unhealthiness policies are most commonly offered by pet insurance corporations. These offer coverage for varied conditions like acute and chronic diseases, medications, diagnostic tests, and more. As accident and unhealthiness policies offer comprehensive coverage to pet homeowners the phase is predicted to grow the fastest within the coming years.
By Animal type, the dogs segment dominated the market and accounted for the largest revenue share in 2021. The segment comprising horses, small mammals, etc. is expected to grow at the fastest CAGR over the forecast period. The key factors contributing to this share include growing pet adoption, expansion of service offerings by insurance companies, and growing disposable income in key markets.
By Sales Channel, The direct sales segment dominated the market and held the largest revenue share in 2021. This is attributable to the high usage of direct sales strategies by key pet insurance providers. Petplan, another key market player reported that direct sales accounted for about 61% of its Personal Lines insurance revenue in 2020. Peplan’s personal lines segment is inclusive of motor insurance, household insurance, and pet insurance.
Market Analysis, Insights and Forecast – By Policy Coverage
· Accident Only
· Accident and Illness
· Others
Market Analysis, Insights and Forecast – By Animal Type
· Dogs
· Cats
· Others
Market Analysis, Insights and Forecast – By Sales Channel
· Agency
· Broker
· Direct
· Bancassurance
Pet Insurance Market Regional Overview
Region-wise, in terms of regions, Europe dominated the pet insurance market and command the most important revenue share of over this is often attributable to the growing adoption of pet insurance, rising pet ownership, and also the presence of key firms. In North America, the marketplaces for pet insurance command the second-largest revenue share as of 2021. However, solely 1-2% of the pets within the U.S. are insured therefore presenting lucrative growth opportunities. Asia Pacific region is estimated to grow the fastest at a rate of over eighteen. This is often attributable to the aborning trend of pet adoption and also the development of the economy during this region. What is more, a rise in awareness relating to veterinary health and up veterinary care infrastructure are other drivers of the market within the region.
Pet Insurance Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Pet Insurance Market Competitor overview
Some key developments and strategies adopted by manufacturers in the Pet Insurance are highlighted below.
· In 2021, AXIS Capital Holdings Limited’s specialty insurance business segment- AXIS Insurance, entered the market by partnering with Managing General Underwriter Petplan. The company partnered with Petplan via its Accident and Health unit and this strategic collaboration supported its growth objectives..
Pet Insurance Market, Key Players
· Trupanion, Inc.
· Deutsche Familienversicherung AG (DFV)
· Petplan (Allianz)
· Animal Friends Insurance Services Limited
· Figo Pet Insurance, LLC
· Direct Line
· Nationwide Mutual Insurance Company
· Embrace Pet Insurance Agency, LLC
· Anicom Insurance
· ipet Insurance Co., Ltd.
Q1. What is the total CAGR expected to be recorded for the Pet Insurance market during the forecast period?
Pet Insurance market is expected to record a CAGR of ~ xx% during the forecast period
Q2. Which segment is projected to hold the largest share in the Pet Insurance Market?
Accident and illness segment is projected to hold the largest share in the Pet Insurance Market.
Q3. What are the driving factors for the Pet Insurance market?
Rising demands for pet insurance to help limit out-of-pocket expenditure and an increase in awareness related to pet insurance is a key factor that boosts the growth of the Pet Insurance market progressively
Q4. Which Segments are covered in the Pet Insurance market report?
Policy Coverage, Animal Type, Sales Channel and Region, these segments are covered in the Pet Insurance market report
Q5. Which are the prominent players offering Pet Insurance?
Trupanion, Inc., Deutsche Familienversicherung AG (DFV), Petplan (Allianz) , Animal Friends Insurance Services Limited , Figo Pet Insurance, LLC , Direct Line , Nationwide Mutual Insurance Company, Embrace Pet Insurance Agency, LLC , Anicom Insurance ,ipet Insurance Co., Ltd. are the prominent players offering Pet Insurance
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In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
