Pet Insurance Market to Touch USD 34.3 Billion by 2028 Thanks to Rising Companion Animal Population
The pet insurance market was worth USD 7.1 billion by 2021 and is projected to reach USD 34.3 billion by 2028, with a high CAGR of 17.2% during the forecast period (2022-2028).
Westford, USA, Jan. 11, 2023 (GLOBE NEWSWIRE) — One of the primary factors driving the pet insurance market’s growth is the growing customer inclination for pet adoption and humanization worldwide. Pet insurance is health insurance that reimburses you for veterinary bills and treatment costs. It offers partial or complete coverage for veterinary operations. Pet owners get insurance to cover the costs of injuries, accidents, diseases, poisoning, hospitalization, and procedures. Pet insurance also helps to provide access to quality healthcare services and veterinary specialists and to reduce overall pet healthcare costs.
According to SkyQuest’s research insights, over 19 million pets are covered under some form of insurance. By 2021-2022, 70% of US homes, or around 90.5 million families, owned pets. In the United States, 3.9 million pets got insured by 2021, a 28 percent rise from the previous year.
Dog Insurance Segment to Register Higher Revenue Share in Under Animal Category
Cancer is emerged as the primary cause of death in 47% of dogs worldwide, especially those over the age of 10, according to the Veterinary Cancer Society. Several dog breeds, including Labrador retrievers, boxers, Bernese Mountain dogs, German shepherds, and Rottweilers, are more prone to acquiring cancer early on and require intensive medical attention and care. The great popularity of dogs as pets and the growing number of pet owners worldwide are the primary drivers for this category. In addition, the increasing knowledge among pet owners about insurance policies that cover the costs of treatment for accidental injuries and medical diseases such as urinary tract infections (UTI), burns, broken bones, and X-rays are boosting the market growth.
Despite these prospects, the sector will likely face particular future challenges, including the high cost of pet care products, a lack of awareness about pet insurance, especially in developing countries, and increased premium costs, which may reduce pet insurance sales. However, insurance companies can tackle the issue by offering budgetary solutions and running pet health awareness campaigns in the targeted countries.
SkyQuest’s latest analysis of the pet insurance market covers a thorough examination of the market’s key drivers, restraints, segments, trends, competitive landscape, and other critical elements. The market report thoroughly examines the overall market and its sub-segments through accurate classifications. In addition, in-depth analysis and evaluation are made using excellent primary and secondary information sources and input from industry professionals across the value chain.
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Accident and Illness Coverage Segment to Drive Impressive Sales owing to Growing Awareness of Pet insurance
The pet health insurance coverage is anticipated to fund diagnostic testing and imaging (such as X-rays, ultrasound, and MRI) and covers all accidents and illnesses under a single policy. Pet health insurance is becoming increasingly popular due to a healthy economy, increased consumer knowledge, high disposable income, and simplified claims processing worldwide. According to SkyQuest, the accident and illness insurance policy held 37.2% of the global market share in 2021-22, a trend that is projected to continue in the following years. Accidental damage coverage is sometimes included as a standard feature on premium plans, but it is more often offered as an optional benefit on lower-cost policies.
The segment’s growth is majorly visible in the most developed regions such as North America, Latin America, and Europe due to per capita animal health expenditure. On the other hand, untapped potential in developing economies is expected to bring lucrative growth to the pet insurance market in the coming years. High veterinary care and diagnostic costs, increased domestic animal population, and a better understanding of pet insurance contribute to this trend.
The research report on the pet insurance market includes a balanced projection to quantify the insurance market from the perspectives of insurance category, policy type, animal type, distribution channel, provider, and region. Pet insurance agencies are forming alliances with pet care solution producers to bring novel products into the market, eventually benefiting profit margins. The market report features some promising case studies of leading insurance companies with a high insurance portfolio and has generated huge sales in their categories with their innovative strategies.
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Key Developments in Pet Insurance Market
- Petline Insurance Company has teamed with NFP, a premier property and casualty broker. Petsecure, Petline’s leading brand, provides various solutions to meet the specific needs of particular dogs. Pet health insurance plans include comprehensive accident and illness coverage, including dentistry, alternative therapy, preventive treatments, and behavioral therapy protection.
- Purina PetCare has teamed up with Spot Canine Insurance to help with overall pet health and well-being. Spot Pet Insurance will offer a 10% discount to specific Purina clients and a 10% multi-pet discount for pets added to an existing insurance plan as part of the agreement.
- Petnow Inc. has announced that the world’s first cat biometric recognition service will be offered to the Petnow app at CES 2023. The AI-powered app that automatically scans unique identifiers of canines known as “nose prints,” as well as the company, has gained worldwide attention and has been covered on BBC and CBS.
- Odie Pet Insurance, a pet health insurance firm based in New York, has raised $3 million in funding. RedBird Capital Partners led the round. The funds will be used to continue investing in technology, products, and marketing by the company. Odie Pet Insurance is a wellness-first, technology-enabled pet health insurance company that empowers parents through genuine inclusivity, holistic care, customization, and community participation.
SkyQuest’s report on the pet insurance market includes a section dedicated to such promising players, in which our experts provide insight into all of the key players’ financial statements, product benchmarking, and SWOT analysis. In addition, for leading market players, the competitive landscape section also contains key development plans, market share, and market ranking analysis.
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Prominent Players in the Pet Insurance Market
- Embrace Pet Insurance Agency, LLC
- Figo Pet Insurance LLC
- Hartville Group
- Nationwide
- Pet Assure Corp.
- PetFirst
- Ipet Insurance
- Pets Best Insurance Services, LLC
- Royal & Sun Alliance (RSA)
- Trupanion
Related Reports in SkyQuest’s Library:
Global Veterinary Pain Management Market
Global Companion Animal Health Market
Global Veterinary Services Market
Global Veterinary Immunodiagnostics Market
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