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

Insurance

LI2010500

Pages: 235

Jan 2022

Reports Overview

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.

[ANIMALTYPEGRAPH]