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 [https://www.alliedmarketresearch.com/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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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 [https://www.alliedmarketresearch.com/press-release/pet-insurance-market.html]. 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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-- 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.
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Pet Insurance Market Report Highlights
Aspects Details
By Policy Coverage
-- Accident Only
-- Accident and Illness
-- Others
By Animal Type
-- Dogs
-- Cats
-- Others
By Sales Channel
-- Agency
-- Broker
-- Others
By Region
-- North America (U.S., Canada)
-- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
-- 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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