Market Research Zion
The global pet insurance market is predicted to reach $19,945.75 million by 2028, which means a CAGR of 16.20% between 2022 and 2028.
– Zion market research
DEARFIELD BEACH, FLORIDA, USA, September 1, 2022 /EINPresswire.com/ — Global pet insurance market growth is projected at a CAGR of 16.20% over the forecast period. The global market revenue in 2021 was over USD 8,102.4 million, and by 2028, the market value is expected to reach USD 19,945.75 million.
The study also provides a summary of many other important areas such as key company financials, SWOT analysis, product portfolio and the most recent developments in strategic planning.
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Market Growth
The increased use of pets for communication is expected to help expand the industry. The pet insurance market is expanding as people become more concerned about the health of animals. As the trend has changed from pet owners to their parents, pets are increasingly accepted for companionship and are often considered family members. It is also believed that a pet helps to cope with sadness, loneliness and low blood pressure. In addition, the situation in the industry is expected to improve significantly due to the growing awareness of pet insurance programs as a result of significant efforts by insurance companies.
Key Ideas:
A) According to the analysis shared by our analyst, the global animal insurance market value at a CAGR of 16.20% over the forecast period.
B) In terms of revenue, the size of the global pet insurance market was estimated at approximately $8,102.4 million in 2021 and is projected to reach $19,945.75 million by 2028. Due to multiple driving factors, the market is predicted to rise at a significant rate.
C) The growing adoption of pets and the growing prevalence of feline and canine diseases are major drivers of the pet insurance industry.
D) The Accident & Illness segment dominated the market in terms of policy coverage and accounted for 84.0% of revenue in 2021.
E) In terms of sales channels, the agency segment dominated the market in 2021.
F) North America dominated the global pet insurance market in 2021.
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Capabilities
Another important factor contributing to the expansion of the global pet insurance market is the increase in the number of businesses operating in this sector. New pet policy schemes have been introduced as a result of increased competition between players for a strong market presence. For example, a number of businesses provide multi-pet insurance policies that allow multiple pets to be enrolled under one policy. Various other providers are also providing discounts and offers on their pet insurance plans to keep customers and drive growth in the market.
Regional analysis
North America is expected to dominate the global pet insurance market during the forecast period. The market is expected to thrive as pet insurance penetration rates rise in the US and Canada. However, the United States pet insurance subscriber base is less than 2%, but with the recent surge in pet adoptions, the United States is expected to hold a significant share over the forecast period. In addition, key players in the pet insurance sector have a strong presence in the North American market, which is driving revenue growth. Another major factor driving the North American market is the growing trend to adopt exotic pets such as bearded dragons, fennec foxes and wallabies in the US and Canada.
During the forecast period, the Asia-Pacific regional market is expected to grow significantly in the pet insurance market due to increased growth as a result of owners’ growing concern for the well-being of their pets. In addition, people around the world have changed the attitude of people to their pets as family members. As a result, the market in the Asia-Pacific region is primarily driven by rising concerns along with rising disposable income in these countries. In addition, an increase in the number of large companies entering the untapped market of the Asia-Pacific region will contribute to the expansion of the pet insurance market.
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Recent Achievements:
A) In February 2021, Nationwide Pet Rx Express will be co-developed with Walmart, an American multinational retailer. Through strategic relationships, Nationwide customers will be able to get prescriptions for their pets at 4,700 Walmart pharmacies.
B) In 2021, PetDesk will publish the Pet Insurance Guide. Pet parents can quickly request and buy pet insurance plans with the PetDesk app feature. App users can now access the Pet Insurance Guide, which offers pet owners a new ability to quickly find and compare pet insurance policies.
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Some of the key players in the global pet insurance market are:
Pet Insurance Agency LLC
Figo Pet Insurance LLC.
PetFirst
Pet Insurance
LLC “Best Insurance Services” for pets
Hartville Group
countrywide
Pet Assure Corp.
Royal and Solar Alliance (South Africa)
Trupanion.
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In this report, the global pet insurance market is segmented into:
The global pet insurance market: by policy
accident and illness
Only accident
Other
Global Pet Insurance Market: By Type of Animal
Dogs
cats
Other
Global Pet Insurance Market: By Sales Channel
Broker
Agency
Other
Related press release:
Global Pet Insurance Market: Regional Analysis
North America
United States
Canada
Europe
France
United Kingdom
Spain
Germany
Italy
Rest of Europe
Asian-Pacific area
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
South Africa
Rest of the Middle East and Africa
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