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Pet Insurance Market Report

RA00500

Pet Insurance Market by Animal Type (Dog, Cat, and Others), Coverage Type (Accidents, Illness, and Others (Hereditary Conditions, Chronic Illness, Wellness, and Others)), Sales Channel (Direct and Indirect), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

RA00500

Pages: 235

Jan 2022

COVID-19

pandemic has shown to have an enormous impact on most
industries.

Click Here to access our comprehensive analysis of the

Impact of covid-19 on Pet Insurance Market

Global Pet Insurance Market Insight

The global pet insurance market size is predicted to garner a revenue of $28,377.8 million in the 2021–2028 timeframe, growing from $9,173.4 million in 2020, at a healthy CAGR of 15.3%.

Market Synopsis

Increase in the adoption of pets in the leading countries worldwide is expected to drive the global pet insurance market growth.

However, lack of awareness of pet insurance might restrain the market growth during the forecast period.

According to the regional analysis of the market, the Asia-Pacific pet insurance market share is anticipated to grow at a CAGR of 15.1%, by generating a revenue of $5,091.0 million during the review period.

Pet Insurance Market Overview

Pet insurance is a type of insurance that a pet owner purchases to help cover the costs of pricey veterinarian care. This coverage is comparable to human health insurance policies. The usually costly veterinary treatments will be covered in full or in part through pet insurance. In order to get the proper pet insurance plan for you, you must evaluate and compare pet insurance options. Furthermore, rising medical costs in veterinary treatment, as well as the use of pricey medical techniques and pharmaceuticals, are driving the demand for pet insurance.

Covid-19 Impact on Pet Insurance Market

The pet insurance industry has grown significantly in recent years; but, due to the onset of the COVID-19 pandemic, the market experienced a drop in 2020. This is owing to the closure of the bulk of diagnostic and veterinary centers as a result of various governments' lockdowns. However

COVID-19 has had a significant impact on sectors in terms of growth, economy, health, and mental well-being. Various pet-related businesses are providing exceptional care for pets during pandemics. Depending on the occurrences of health disorders, insurance firms are attempting to innovate and adjust policy coverage and policies. Companies are concentrating their efforts on delivering solutions to pet owners and raising knowledge of the expense reimbursement options available on the market.

Increase in the Adoption of Pets Worldwide is Anticipated to Drive the Pet Insurance Market Growth

Because of the surge in pet ownership, there is a higher need for pet insurance plans. Furthermore, the growing popularity of the pet humanization concept is driving up demand for pet grooming and care goods. Owners, particularly millennials, are willing to spend more on their pets in order to ensure that they have a long and healthy life. Furthermore, several countries around the world have seen a considerable increase in the adoption of animals as companion animals, including dogs and cats. Dogs and cats are not only the most popular pets, but they are also known to benefit people' physical and mental wellbeing. In addition, in response to increasing client demand, pet insurance providers are also offering customized policies such as multi-pet insurance and other options. They concentrate on packages based on the length of time a pet has lived and the number of incidents that have occurred.

To know more about global pet insurance market trends, get in touch with our analysts here.

Lack of Awareness of Insurance Policies for Pets Might Hamper the Market Growth

There are a number of obstacles and restrictions that will stifle overall industry expansion. Potential restrictions include risks for pet insurance providers, a barrier to entrance, and intense competition, which are expected to slow the global pet insurance market's growth throughout the projected period. Furthermore, the market's growth is hampered by a lack of understanding about pet insurance policies and high premium costs.

Increase in Benefits are Expected to Create the Opportunities for Pet Insurance Market

Varying insurance policies, such as those that cover pets of different age and multi-pet insurance plans that cover multiple pets in a single policy, are appealing to a huge number of individuals. Private players can benefit from such policies by getting a larger share of the global pet insurance market. As a result of existing participants' efforts to educate clients about rising veterinarian costs and the benefits of pet medical insurance policies, the pet insurance market is growing. Moreover, a number of government agencies are also attempting to standardize pet wellness to promote a seamless and efficient payment procedure. These are the factors that are creating significant opportunities in pet insurance industry.

Pet Insurance Market
By Animal Type

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Based on animal type, the market has been divided into dog insurance, cat insurance, and others (bird & exotic pet insurance, horse and others) sub-segments of which the Dogs sub-segment is projected to grow at a faster CAGR during the forecast period. Download PDF Sample Report

Source: Research Dive Analysis

The dog sub-segment is anticipated to have the fastest market growth during the forecast period. It is predicted that the market shall generate a revenue of $13,796.7 million by 2028, growing from $4,384.2 million in 2020, with a CAGR of 15.5%. The variables that contribute to the higher healthcare costs for dogs compared to other pets are as follows. Dog insurance coverages are available from companies that cover a wide range of dog breeds. Furthermore, the rising occurrence of animal disorders is a major driver in the acceptance of pet insurance. Furthermore, the high cost of veterinary expenditures will drive up demand for the product. Surgical vet visits, for example, cost roughly USD 621, while normal vet visits cost around USD 231. As a result, the aforementioned reasons are expected to boost the growth of the dog category during the forecast period.

Pet Insurance Market
By Coverage Type

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Based on coverage type, pet insurance market is classified into Accidents, illness, and others. Among these, Accidents sub-segment is anticipated to hold the maximum share of the global market revenue.

Source: Research Dive Analysis

The accidents sub-segment is predicted to have a dominating market share in the global market and register a revenue of $11,293.1 million during the forecast period. These insurances provide flexible coverage for injuries, and accidents, as well as hospitalization costs, surgeries, and drugs. Accident insurance policies cover a wide range of claims with maximum compensation, raising product demand and expanding the market.

Pet Insurance Market
By Sales Channel

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Based on sales channel, pet insurance market is classified into Direct and inDirect sales channel. Among these, inDirect channel is expected to be the fastest growing.

Source: Research Dive Analysis

The indirect sales channel sub-segment is predicted to be the fastest growing in the global market and register a revenue of $10,923.1 million during the forecast period. Agents and brokers make up the indirect sales chain. Agents and brokers are investing in digital technology like cloud computing to better serve customers online while improving sales and margins. These web portals and other mobile platforms aim to increase corporate workflow efficiency while lowering expenses. The integration of technology into existing services is expected to drive the sub-growth. 

Pet Insurance Market
By Region

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The pet insurance market was inspected across North America, Europe, Asia-Pacific, and LAMEA.

Source: Research Dive Analysis

The Market for Pet Insurance in North America to Hold the Highest Revenue

North America pet insurance market is anticipated to produce the maximum revenue during the forecast time period and reach $9,296.6 million by 2028, from $2,939.2 million in 2020. The North America market is predicted to develop significantly over the forecast period, owing to rising consumer awareness of numerous unique pet insurance policies and the existence of several prominent industry participants.

Competitive Scenario in the Global Pet Insurance Market

Product launches and mergers & acquisitions are common strategies followed by major market players.

Competitive Scenario in the Global Pet Insurance Market

Source: Research Dive Analysis

Some of the leading pet insurance market players are Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC., Hartville Group, Nationwide Mutual Insurance Company, Pet Assure Corp., PetFirst, Ipet Insurance, Pets Best Insurance Services, LLC, Trupanion, and Anicom Holdings.

Porter’s Five Forces Analysis for the Global Pet Insurance Market:

  • Bargaining Power of Suppliers: Pet insurance market contains low concentration of distributors & suppliers and therefore, the distributors & suppliers’ control is predicted to be high, resulting in high bargaining power of dealers.
    Thus, the bargaining power of the suppliers is considered to be high.
  • Bargaining Power of Buyers: Buyers might have moderate bargaining power, significantly because of low players functioning in the pet insurance market.
    Therefore, the bargaining power of the buyers is moderate.
  • Threat of New Entrants: Companies entering the pet insurance market are adopting technological innovations and investing in R & D activities. But since the investment cost is high,
    the threat of the new entrants is moderate.
  • Threat of Substitutes: There are fewer substitutes for pet insurance.
    Thus, the threat of substitutes is moderate.
  • Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC., and Hartville Group. These companies are strengthening their footprint worldwide. 
    Therefore, competitive rivalry in the market is high. 

Aspect

Particulars

  Historical Market Estimations

  2019-2020

  Base Year for Market Estimation

  2020

  Forecast Timeline for Market Projection

  2021-2028

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Animal Type

  • Dogs
  • Cats
  • Others

  Segmentation by Coverage Type

  • Accidents
  • Illness
  • Others

  Segmentation by Sales Channel

  • Direct Channel
  • Indirect Channel

  Key Companies Profiled

  • Embrace Pet Insurance Agency, LLC
  • Figo Pet Insurance LLC.
  • Hartville Group
  • Nationwide Mutual Insurance Company
  • Pet Assure Corp.
  • PetFirst
  • Ipet Insurance
  • Pets Best Insurance Services, LLC
  • Trupanion
  • Anicom Holdings

Frequently Asked Questions
 

A. The size of the global pet insurance market was over $9,173.4 million in 2020 and is projected to reach $28,377.8 million by 2028.

A. Pet Assure Corp., PetFirst, and Ipet Insurance are some of the key players in the global pet insurance market.

A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.

A. Asia-Pacific pet insurance market is anticipated to grow at 15.1% CAGR during the forecast period.

A. Technological development and strategic partnerships are the key strategies opted by the operating companies in this market.

A. The higher cost of the surgeries and treatments associated with pet accidents is impacting the demand for pet insurance policy.

A. Dog owners witnessed the higher adoption of pet insurance.

A. With the increase in innovations and pricing strategies, private companies are driving the growth of the pet insurance market.

A. Monthly costs can range from $10 to more than $100, but most pet owners would invest between $30 and $50 per month for a plan that provides adequate coverage.

A. USA captures the largest share of pet insurance market.

A. Increase in pet adoption is one of the primary reasons that creates market opportunities. However, lack of awareness might hamper the market growth.

1.Research Methodology

1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters

1.4.1.Assumptions
1.4.2.Forecast parameters

1.5.Data sources

1.5.1.Primary
1.5.2.Secondary

2.Executive Summary

2.1.360° summary
2.2.By Animal Type trends
2.3.By Coverage Type trends
2.4.By Sales Channel trends

3.Market overview

3.1.Market segmentation & definitions
3.2.Key takeaways

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.Porter’s five forces analysis

3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market

3.4.Market dynamics

3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities

3.5.Sales Channel landscape
3.6.Regulatory landscape
3.7.Patent landscape

3.8.Pricing overview

3.8.1.by Animal Type
3.8.2.by Coverage Type
3.8.3.By Sales Channel type

3.9.Market value chain analysis

3.9.1.Stress point analysis
3.9.2.Raw material analysis
3.9.3.Manufacturing process
3.9.4.Sales Channel analysis
3.9.5.Operating vendors

3.9.5.1.Raw material suppliers
3.9.5.2.Product manufacturers
3.9.5.3.Product distributors

3.10.Strategic overview

4.Pet Insurance Market, by Animal Type

4.1.Dogs

4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020 & 2028

4.2.Cats

4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020 & 2028

4.3.Others

4.3.1.Market size and forecast, by region, 2020-2028
4.3.2.Comparative market share analysis, 2020 & 2028

5.Pet Insurance Market, by Coverage Type

5.1.Accidents

5.1.1.Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020 & 2028

5.2.Illness

5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020 & 2028

5.3.Others

5.3.1.Market size and forecast, by region, 2020-2028
5.3.2.Comparative market share analysis, 2020 & 2028

6.Pet Insurance Market, by Sales Channel

6.1.Direct Channel

6.1.1.Market size and forecast, by region, 2020-2028
6.1.2.Comparative market share analysis, 2020 & 2028

6.2.Indirect Channel

6.2.1.Market size and forecast, by region, 2020-2028
6.2.2.Comparative market share analysis, 2020 & 2028

7.Pet Insurance Market, by Region

7.1.North America

7.1.1.Market size and forecast, by Animal Type, 2020-2028
7.1.2.Market size and forecast, by Coverage Type, 2020-2028
7.1.3.Market size and forecast, by Sales Channel, 2020-2028
7.1.4.Market size and forecast, by country, 2020-2028
7.1.5.Comparative market share analysis, 2020 & 2028

7.1.6.U.S.

7.1.6.1.Market size and forecast, by Animal Type, 2020-2028
7.1.6.2.Market size and forecast, by Coverage Type, 2020-2028
7.1.6.3.Market size and forecast, by Sales Channel, 2020-2028
7.1.6.4.Comparative market share analysis, 2020 & 2028

7.1.7.Canada

7.1.7.1.Market size and forecast, by Animal Type, 2020-2028
7.1.7.2.Market size and forecast, by Coverage Type, 2020-2028
7.1.7.3.Market size and forecast, by Sales Channel, 2020-2028
7.1.7.4.Comparative market share analysis, 2020 & 2028

7.1.8.Mexico

7.1.8.1.Market size and forecast, by Animal Type, 2020-2028
7.1.8.2.Market size and forecast, by Coverage Type, 2020-2028
7.1.8.3.Market size and forecast, by Sales Channel, 2020-2028
7.1.8.4.Comparative market share analysis, 2020 & 2028

7.2.Europe

7.2.1.Market size and forecast, by Animal Type, 2020-2028
7.2.2.Market size and forecast, by Coverage Type, 2020-2028
7.2.3.Market size and forecast, by Sales Channel, 2020-2028
7.2.4.Market size and forecast, by country, 2020-2028
7.2.5.Comparative market share analysis, 2020 & 2028

7.2.6.Germany 

7.2.6.1.Market size and forecast, by Animal Type, 2020-2028
7.2.6.2.Market size and forecast, by Coverage Type, 2020-2028
7.2.6.3.Market size and forecast, by Sales Channel, 2020-2028
7.2.6.4.Comparative market share analysis, 2020 & 2028

7.2.7.UK

7.2.7.1.Market size and forecast, by Animal Type, 2020-2028
7.2.7.2.Market size and forecast, by Coverage Type, 2020-2028
7.2.7.3.Market size and forecast, by Sales Channel, 2020-2028
7.2.7.4.Comparative market share analysis, 2020 & 2028

7.2.8.France

7.2.8.1.Market size and forecast, by Animal Type, 2020-2028
7.2.8.2.Market size and forecast, by Coverage Type, 2020-2028
7.2.8.3.Market size and forecast, by Sales Channel, 2020-2028
7.2.8.4.Comparative market share analysis, 2020 & 2028

7.2.9.Italy

7.2.9.1.Market size and forecast, by Animal Type, 2020-2028
7.2.9.2.Market size and forecast, by Coverage Type, 2020-2028
7.2.9.3.Market size and forecast, by Sales Channel, 2020-2028
7.2.9.4.Comparative market share analysis, 2020 & 2028

7.2.10.Spain

7.2.10.1.Market size and forecast, by Animal Type, 2020-2028
7.2.10.2.Market size and forecast, by Coverage Type, 2020-2028
7.2.10.3.Market size and forecast, by Sales Channel, 2020-2028
7.2.10.4.Comparative market share analysis, 2020 & 2028

7.2.11.Rest of Europe

7.2.11.1.Market size and forecast, by Animal Type, 2020-2028
7.2.11.2.Market size and forecast, by Coverage Type, 2020-2028
7.2.11.3.Market size and forecast, by Sales Channel, 2020-2028
7.2.11.4.Comparative market share analysis, 2020 & 2028

7.3.Asia-Pacific

7.3.1.Market size and forecast, by Animal Type, 2020-2028
7.3.2.Market size and forecast, by Coverage Type, 2020-2028
7.3.3.Market size and forecast, by Sales Channel, 2020-2028
7.3.4.Market size and forecast, by country, 2020-2028
7.3.5.Comparative market share analysis, 2020 & 2028

7.3.6.China

7.3.6.1.Market size and forecast, by Animal Type, 2020-2028
7.3.6.2.Market size and forecast, by Coverage Type, 2020-2028
7.3.6.3.Market size and forecast, by Sales Channel, 2020-2028
7.3.6.4.Comparative market share analysis, 2020 & 2028

7.3.7.Japan 

7.3.7.1.Market size and forecast, by Animal Type, 2020-2028
7.3.7.2.Market size and forecast, by Coverage Type, 2020-2028
7.3.7.3.Market size and forecast, by Sales Channel, 2020-2028
7.3.7.4.Comparative market share analysis, 2020 & 2028

7.3.8.India 

7.3.8.1.Market size and forecast, by Animal Type, 2020-2028
7.3.8.2.Market size and forecast, by Coverage Type, 2020-2028
7.3.8.3.Market size and forecast, by Sales Channel, 2020-2028
7.3.8.4.Comparative market share analysis, 2020 & 2028

7.3.9.South Korea 

7.3.9.1.Market size and forecast, by Animal Type, 2020-2028
7.3.9.2.Market size and forecast, by Coverage Type, 2020-2028
7.3.9.3.Market size and forecast, by Sales Channel, 2020-2028
7.3.9.4.Comparative market share analysis, 2020 & 2028

7.3.10.Australia 

7.3.10.1.Market size and forecast, by Animal Type, 2020-2028
7.3.10.2.Market size and forecast, by Coverage Type, 2020-2028
7.3.10.3.Market size and forecast, by Sales Channel, 2020-2028
7.3.10.4.Comparative market share analysis, 2020 & 2028

7.3.11.Rest of Asia Pacific

7.3.11.1.Market size and forecast, by Animal Type, 2020-2028
7.3.11.2.Market size and forecast, by Coverage Type, 2020-2028
7.3.11.3.Market size and forecast, by Sales Channel, 2020-2028
7.3.11.4.Comparative market share analysis, 2020 & 2028

7.4.LAMEA

7.4.1.Market size and forecast, by Animal Type, 2020-2028
7.4.2.Market size and forecast, by Coverage Type, 2020-2028
7.4.3.Market size and forecast, by Sales Channel, 2020-2028
7.4.4.Market size and forecast, by country, 2020-2028
7.4.5.Comparative market share analysis, 2020 & 2028

7.4.6.Latin America  

7.4.6.1.Market size and forecast, by Animal Type, 2020-2028
7.4.6.2.Market size and forecast, by Coverage Type, 2020-2028
7.4.6.3.Market size and forecast, by Sales Channel, 2020-2028
7.4.6.4.Comparative market share analysis, 2020 & 2028

7.4.7.Middle East 

7.4.7.1.Market size and forecast, by Animal Type, 2020-2028
7.4.7.2.Market size and forecast, by Coverage Type, 2020-2028
7.4.7.3.Market size and forecast, by Sales Channel, 2020-2028
7.4.7.4.Comparative market share analysis, 2020 & 2028

7.4.8.Africa

7.4.8.1.Market size and forecast, by Animal Type, 2020-2028
7.4.8.2.Market size and forecast, by Coverage Type, 2020-2028
7.4.8.3.Market size and forecast, by Sales Channel, 2020-2028
7.4.8.4.Comparative market share analysis, 2020 & 2028

8.Company profiles

8.1.Embrace Pet Insurance Agency, LLC

8.1.1.Business overview
8.1.2.Financial performance
8.1.3.Product portfolio
8.1.4.Recent strategic moves & developments
8.1.5.SWOT analysis

8.2.Figo Pet Insurance LLC.

8.2.1.Business overview
8.2.2.Financial performance
8.2.3.Product portfolio
8.2.4.Recent strategic moves & developments
8.2.5.SWOT analysis

8.3.Hartville Group

8.3.1.Business overview
8.3.2.Financial performance
8.3.3.Product portfolio
8.3.4.Recent strategic moves & developments
8.3.5.SWOT analysis

8.4.Nationwide Mutual Insurance Company

8.4.1.Business overview
8.4.2.Financial performance
8.4.3.Product portfolio
8.4.4.Recent strategic moves & developments
8.4.5.SWOT analysis

8.5.Pet Assure Corp.

8.5.1.Business overview
8.5.2.Financial performance
8.5.3.Product portfolio
8.5.4.Recent strategic moves & developments
8.5.5.SWOT analysis

8.6.PetFirst

8.6.1.Business overview
8.6.2.Financial performance
8.6.3.Product portfolio
8.6.4.Recent strategic moves & developments
8.6.5.SWOT analysis

8.7.Ipet Insurance

8.7.1.Business overview
8.7.2.Financial performance
8.7.3.Product portfolio
8.7.4.Recent strategic moves & developments
8.7.5.SWOT analysis

8.8.Pets Best Insurance Services, LLC

8.8.1.Business overview
8.8.2.Financial performance
8.8.3.Product portfolio
8.8.4.Recent strategic moves & developments
8.8.5.SWOT analysis

8.9.Trupanion

8.9.1.Business overview
8.9.2.Financial performance
8.9.3.Product portfolio
8.9.4.Recent strategic moves & developments
8.9.5.SWOT analysis

8.10.Anicom Holdings

8.10.1.Business overview
8.10.2.Financial performance
8.10.3.Product portfolio
8.10.4.Recent strategic moves & developments
8.10.5.SWOT analysis

Pet insurance is an insurance policy that an owner purchases in order to reduce the collective costs of the extortionate veterinary bills. The coverage provided by the insurers are somewhat similar to human insurance policies, and hence they cover the veterinary treatments of the insured person’s ill or injured pet. Some pet insurances also pay out in case the pet is stolen or when the pet dies. Owners particularly adopt the pet insurance due to the rising cost of veterinary medicines and medical techniques.

Forecast Analysis of the Global Pet Insurance Market

Growing adoption of pets among people across the globe is expected to drive the growth of the market during the forecast period. In addition, the rising costs of veterinary treatments is further expected to bolster the growth of the pet insurance market. Moreover, innovative customized policies provided by the insurance providers like multi-pet insurance and others are expected to create tremendous opportunities for the growth of the market during the forecast period. However, lack of awareness about pet insurance policies among people is expected to hinder the growth of the market during the forecast period.

According to the report, the global pet insurance market is expected to garner a revenue of $28,377.8 million by 2028, growing rapidly at a CAGR of 15.3% during the forecast period 2021-2028. The major players of the market include Nationwide Mutual Insurance Company, Pet Assure Corp., PetFirst, Ipet Insurance, Anicom Holdings, Pets Best Insurance Services, LLC, Trupanion, Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC, Hartville Group, and many more.

Key Developments

The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global pet insurance market to grow exponentially.

For instance, in December 2019, MetLife, one of the largest global providers of insurance, annuities, and employee benefit programs, acquired PetFirst Healthcare, a fast-growing pet health insurance administrator based in Jeffersonville, Indiana, in order to help more pet parents get access to pet insurance and alleviate the potential financial burden of a sick or injured pet.

In March 2021, Agria Pet Insurance, one of the world’s leading pet insurers, collaborated with PetsApp, an innovative company providing an app-based client communication and digital payments solution for veterinary clinics, in order to it easier for veterinary clinics to better serve the needs of pet owners and their patients by augmenting Agria’s existing services.

In December 2021, Chewy, a leading online destination for pet parents and partners, collaborated with Trupanion, Inc., an industry leader in medical insurance for pets, in order to enable Chewy to offer customers both preventative pet care wellness plans and comprehensive pet insurance plans for accidents, illnesses and chronic conditions.

Most Profitable Region

The North America pet insurance market is expected to be most lucrative and generate a revenue of $9,296.6 million during the forecast period. Growing awareness about unique pet insurance policies among people in this region is expected to bolster the growth of the market. In addition, prevalence of illustrious players of the market in this region is further expected to stimulate the growth of the regional pet insurance market during the forecast period.

COVID-19 Impact on the Market

The outbreak of COVID-19 has had a devastating impact on the growth of the global pet insurance market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns led to the closure of almost all diagnostics and veterinary care centres across the globe so as to limit the spread of the virus during the pandemic. However, insurance firms are making significant efforts to optimize and adjust policy coverages. Thus, coronavirus pandemic has had a negative impact on the growth of the pet insurance market.

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