Rise in number of pet owners and their willingness to spend
on pet healthcare, increase in costs of veterinary care, and
advancements in pet healthcare technology are expanding the market
reach of pet insurance.
WILMINGTON, Del., May 20, 2024
/PRNewswire/ -- Allied Market Research published a report, titled,
"Pet Insurance Market by Policy Coverage
(Accident Only, Accident and Illness, and Others), Animal Type
(Dogs, Cats, and Others), and Sales Channel (Agency, Broker, and
Others): Global Opportunity Analysis and Industry Forecast,
2024-2033". According to the report, the "pet insurance market"
was valued at $10.1 billion in 2023,
and is estimated to reach $38.3
billion by 2033, growing at a CAGR of 14.5% from 2024 to
2033.
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153 – Tables
50 – Charts
342 – Pages
Prime determinants of growth
Rise in the number of pet owners and their willingness to spend
on pet healthcare is driving the demand for pet insurance. Pet
humanization and the emotional bond between pet owners and their
pets are also contributing to this trend. Furthermore, high costs
of veterinary care, including treatments for chronic and acute
illnesses, is making pet insurance attractive to pet owners. This
is particularly true for accident and illness policies, which cover
a wide range of conditions. However, advancements in pet healthcare
technology, such as telemedicine and wearable devices, are creating
new opportunities for pet insurance providers in the upcoming
years.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2033
|
Base Year
|
2023
|
Market Size in
2023
|
$10.1
billion
|
Market Size in
2033
|
$38.3
billion
|
CAGR
|
14.5 %
|
Segments
Covered
|
Policy Coverage, Animal
Type, Sales Channel, and Region.
|
Drivers
|
Rise in number of pet
owners and their willingness to spend on pet healthcare
Rise in costs of
veterinary care
|
Opportunities
|
Advancements in pet
healthcare technology
|
Restraints
|
Lack of awareness of
pet insurance
High cost of pet
insurance premiums
|
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The accident only segment to maintain its leadership status
during the forecast period
By policy coverage, the accident only segment held the highest
market share in 2023, accounting for nearly four-fifths of the
global pet insurance market revenue and is estimated to maintain
its leadership status during the forecast period. This is
attributed to surge in acceptance of pet insurance and increase in
the cost of treatments and medication fees. In addition, accident
only pet insurance proves to be a cost-effective way of avoiding
any large, unexpected bills due to its actions. However, the others
segment is projected to manifest the highest CAGR of 18.4% from
2024 to 2033. This is attributed to the growing diversification in
pets and improvement in pet policies which includes new types of
pets such as turtles and others, which is expected to provide
lucrative opportunities for the market growth.
The dogs segment to maintain its leadership status during the
forecast period
By animal type, the dogs segment held the highest market share
in 2023, accounting for nearly four-fifths of the global pet
insurance market revenue and is estimated to maintain its
leadership status during the forecast period. This is attributed to
the fact that dogs are the most preferred animals in most countries
across the globe and the huge adoption of dogs as a pet due to the
contribution of dogs toward safety factors, and their higher cost
of maintenance is increasing the demand for pet insurance. However,
the others segment is projected to attain the highest CAGR of
19.3% from 2024 to 2033. This is attributed to the cost of
veterinary care which has been increasing, making it more difficult
for pet owners to afford necessary treatments for their pets. Pet
insurance can help offset these costs, making it a more attractive
option for pet owners.
The agency segment to maintain its leadership status during
the forecast period
By sales channel, the agency segment held the highest market
share in 2023, accounting for more than two-third of the global pet
insurance market revenue and is estimated to maintain its
leadership status during the forecast period. This is attributed to
the growing number of pet owners, particularly in regions such as
North America and Europe, contributing to the demand for pet
insurance. This trend is driven by factors such as pet
humanization, where pets are treated as family members, and the
increasing awareness of pet health and well-being. However, the
others segment is projected to attain the highest CAGR of 17.5%
from 2024 to 2033. This is attributed to the advancements in pet
healthcare technology, such as telemedicine and wearable devices,
which are creating new opportunities for pet insurance providers.
Financing institutions and credit unions can capitalize on these
trends by offering pet insurance products that integrate with these
technologies, providing pet owners with more comprehensive and
convenient coverage options.
Europe to maintain its
dominance by 2033
By region, Europe held the
highest market share in terms of revenue in 2023, accounting for
around two-fifths of the pet insurance market revenue and is
estimated to maintain its leadership status during the forecast
period. This is attributed to the increase in the adoption of pets
in the UK, Italy, France, Russia, and Germany. In addition, many insurance companies
across Europe are coming up with
various policy coverage to encourage pet owners to adopt dogs.
These companies render services with plans for illnesses, injuries,
and various diseases. However, Asia-Pacific is expected to witness the
fastest CAGR of 18.6% from 2024 to 2033. This is attributed to the
growing awareness of pet care and pet insurance during the
lockdown. India has an estimated
pet population of 32 million pets growing at 12% yearly, with dogs
making up almost 85% of the total population. Furthermore, in
August 2022, InsuranceDekho partnered
with Future Generali India Insurance Company to offer unique Dog
Health coverage. Thus, these factors are anticipated to drive the
growth of the pet insurance industry in the Asia-Pacific region.
Leading Market Players: -
- Trupanion
- Lemonade Insurance Agency, LLC
- Spot Pet Insurance Services, LLC
- Nationwide
- Embrace Pet Insurance Agency, LLC
- Healthy Paws Pet Insurance, LLC
- GEICO
- Progressive Casualty Insurance Company
- Figo Pet Insurance LLC
- Pumpkin Insurance Services Inc.
The report provides a detailed analysis of these key players in
the global pet insurance market. These players have adopted
different strategies such as new product launches, collaborations,
expansion, joint ventures, agreements, and others to increase their
market share and maintain dominant shares in different regions. The
report is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
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Key Benefits for
Stakeholders
- This report provides a quantitative analysis of the market
segments, current trends, estimations, and dynamics of the pet
insurance market analysis from 2024 to 2033 to identify the
prevailing market opportunity.
- The market research is offered along with information related
to key drivers, restraints, and opportunities.
- The Porter's five forces analysis highlights the potency of
buyers and suppliers to enable stakeholders to make profit-oriented
business decisions and strengthen their supplier-buyer network on
the pet insurance market outlook.
- In-depth analysis of the pet insurance market segmentation
assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their
revenue contribution to the market.
- Market player positioning facilitates benchmarking and provides
a clear understanding of the present position of the market
players.
- The report includes the analysis of the regional as well as pet
insurance market trends, key players, market segments, application
areas, and market growth strategies.
𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞
@ https://bit.ly/4aqPauj
Pet Insurance Market Report Highlights
Aspects Details
By Policy Coverage
- Accident Only
- Accident and Illness
- Others
By Animal Type
By Sales Channel
By Region
- North America (U.S.,
Canada)
- Europe (UK,
Germany, France, Italy, Spain,
Rest of Europe)
- Asia-Pacific
(China, Japan, India,
Australia, South Korea, Rest of Asia-Pacific)
- Latin America
(Brazil, Argentina, Rest of Latin America)
- Middle East and
Africa (Gcc Countries,
South Africa, Rest of Middle East
And Africa)
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