Pet Insurance Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Pet insurance Market

The pet insurance market size was valued at USD 6.05 billion in 2018, and the market is now projected tgrow tUSD 18.11 billion by 2032, exhibiting a CAGR of 8.1% during the forecast period of 2019-2032.

The market of pet insurance however experienced a drastic change due tCOVID-19 pandemic, mainly due tincrease in pet adoption rates during the lockdown periods. Higher service demand due tdiseases together with growing insurance popularity and pet owners’ awareness have even favoured the market. Producers adjusted in one way by providing several options for plans and incorporating the virtual meeting of veterinarians and clients. But the exchange rate fluctuation and other economic hardship made some household tdrop insurance policies while more claims pushed insurers ttheir limit. However, the market has been experiencing steady post pandemic growth due tincreased technology, broad coverage, and higher value placed on pet health. This led tthe increase in pet insurance market growth.

An important factor influencing the growth of the media market is the fact that the number of companies existing in the given market is growing. Rising competition among the players testablish a good hold in the market has resulted intvarious new policy scheme for pets. For instance, many insurers provide group pet insurance policy under a single policy, many pets can be included. Other several players are alsproviding concessions and offers tpenalized customers in pet insurance schemes. These factors drive the pet insurance market share.

One of the emerging features on the market of pet insurance is using wearable technology for pets. These include smart collars that follow a pet’s health status in real-time, activity trackers that show how active the pet is and their vitals. People are using electronic gadgets that track their health and consequently, insurers are using this data tprovide custom made policies, health reminders and incentives for timely pet health check thus providing the insurance as a more prophylactic tool aimed at the health of the pet. This innovation does not only make clients interact with the insurer, but alsassists the insurer in minimizing the risks.

Comprehensive Analysis of Pet insurance Market

The pet insurance market is responding quite an unprecedented rate of growth because of its market segmentation. This indicators growth in different regions by substituting the major forces of supply and demand which define the shape of local pharmacy benefit management market. Therefore, they are logically divided int3 Segments, By Policy Coverage Type Analysis, By Animal Type Analysis and By service Provider Analysis. On the basis of policy coverage type the market consists of accident & illness, accident only and other embedded wellness insurance schemes. Among the available segments, the accident and illness is expected tlead the pet insurance market share in the forecast period. It involves choosing different policies that allow for freedom tbe taken care within illness and injuries besides accidents and subsequent hospital bills, surgeries, drugs and many among others. According tthe type of animal, the market can be divided tcat, dog and others which comprise of equine and few of the exotic animals as pets. Due trise in demand of cats across several countries the cat segment is expected tshow positive growth during the course of the forecast period. The global healthcare insurance market has been segmented in terms of service provider inttwcategories, private insurance and public insurance. Coming tthe levels of market segmentation, private segment had the highest share in terms of revenues in the same year – 2018. More numerous insurance carriers, operating with several types of insurance at a low cost of a premium, will significantly contribute tthe growth of the market.

The market size in Europe had a considerable presence in the global market in 2018. Some market drivers that can be predicted include; rise in government campaigns and publicity towards pet adoption combined with a rising adoption of animals within the European nations.

Trupanion (U.S.), Nationwide Mutual Insurance Company (U.S.), ASPCA (U.S.), Healthy Paws Pet Insurance, LLC. (U.S.), Embrace Pet Insurance Agency, LLC. (U.S.), FigPet Insurance LLC. (U.S.), Anicom Holdings (Japan), Agria Pet Insurance Ltd (U.K.), 24PetWatch (Canada) and Pets Best Insurance Services, LLC. (U.S.) are significant players in the medical devices market. They are the key player that ensures the industry's success while still having tkeep pace with their innovation in product and services. They offer a competitive zone that incites the growth of technologies and quality assurance. They operate on a global scale and have a wide range of product lines ensuring that the market players compete on a fair playing field bringing in innovations that result in the market's evolution.

In June 2021, Trupanion revealed the intention of enhancing its overseas operations by recruiting Wheeler of Agria Pet Insurance Ltd tmanage the expansion of Trupanion’s operations in Asian market including Japan, European market including UK, Latin American market including Brazil and other part of Europe markets.

Segmentation Table

ATTRIBUTES DETAILS

Study Period 2015-2026

Base Year 2018

Forecast Period 2019-2026

Historical Period 2015-2017

Unit Value (USD billion)

Segmentation By Policy Coverage Type

Accident & Illness

Accident Only

Others

By Animal Type

Cat

Dog

Others

By Provider

Public

Private

By Geography

North America (U.S. and Canada)

Europe (U.K., Germany, France, Italy, Spain, Sweden, and Rest of Europe)

Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)

Latin America (Brazil, Mexico, and Rest of Latin America)

Middle East and Africa ( South Africa, GCC, and Rest of the Middle East & Africa)