Pet Insurance Market Size, Share, Growth, Industry Trends Report 2022-2027

The global pet insurance market to reach US$ 12.6 Billion by 2027, exhibiting a CAGR of 12.5% during 2022-2027.

SHERIDAN, WYOMING, UNITED STATES, November 11, 2022 /EINPresswire.com/ -- According to the latest report by IMARC Group, titled, “Pet Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", The global pet insurance market size reached US$ 6.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 12.6 Billion by 2027, exhibiting a CAGR of 12.5% during 2022-2027. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Market Overview:

Pet insurance is a policy acquired by pet parents that provides reimbursement against veterinary bills and treatment expenditures. It commonly covers poisoning, hospitalization, surgeries, emergencies, illnesses, and injuries due to accidents. It comprises the expenditure of monthly premiums as per the species, age, breed, and medical condition of the pet. It assists in providing easy access to premium healthcare services, veterinary professionals and reducing the overall expenses of pet healthcare. Nowadays, key players are covering services for routine care, like general checkups, regular preventative care, teeth cleaning, and deworming to vaccinations.

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Pet Insurance Market Trends and Drivers:

The increasing pet ownership and rising concerns among pet parents about the health of their pets are among the major factors driving the demand for pet insurance around the world. The emerging pet humanization trend wherein pet parents treat their pets as family members is also favoring the market growth. Moreover, the growing prevalence of chronic conditions among pets, such as cancer, obesity, and diabetes, and inflating costs of healthcare services are influencing the market positively. In addition, there is an increase in awareness among pet owners about the pet insurance policies that cover treatment expenses for accidental injuries, including burns, broken bones, and X-rays, which is contributing to the market growth. Apart from this, leading players are introducing multi-pet insurance policies that cover numerous pets in a single plan. These players are also offering customization in pet insurance policies to meet the requirements of the buyers. In addition, they are focusing on integrating insurance fraud detection systems to detect suspicious events made by an insurance adjuster, agent, and consumer for unauthorized gains during the selling, buying, and underwriting of insurance.

Furthermore, the launch of activity monitors for monitoring exercise levels and the weight of the pets is offering lucrative growth opportunities to key players operating in the industry. Besides this, the expanding number of pet insurance applications that are incorporated with artificial intelligence (AI), the internet of things (IoT), and big data to digitize the claim process and policy management is providing a thrust to the growth of the market. There is a rise in the adoption of cloud-based services that have facilitated real-time consultations with experienced industry experts and help provide insightful recommendations to pet owners. Additionally, governing agencies of numerous countries are undertaking initiatives about pet insurance regulations. This, coupled with the growing number of veterinary diagnostic centers and the increasing need for financial security in case of contingent liabilities and uncertain situations, is creating a positive outlook for the market.

Pet Insurance Market 2022-2027 Competitive Analysis and Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global pet insurance market report, along with forecasts for growth at the global and regional level from 2022-2027. Our report has categorized the market based on policy, animal and provider.

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.

• Agria Pet Insurance Ltd.
• Anicom Holdings Inc.
• Direct Line Insurance Group plc
• dotsure.co.za
• Embrace Pet Insurance Agency LLC
• Figo Pet Insurance LLC
• Hartville Group
• Healthy Paws Pet Insurance LLC
• Medibank Private Limited
• MetLife Services and Solutions LLC
• Nationwide Mutual Insurance Company
• Pethealth Inc.
• Petplan (Allianz Insurance plc)
• The Oriental Insurance Company Ltd.
• Trupanion.

Breakup by Policy:
• Illnesses and Accidents
• Chronic Conditions
• Others

Breakup by Animal:
• Dog
• Cat
• Others

Breakup by Provider:
• Public
• Private

Breakup by Region:
• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa

Key Highlights of the Report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

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Frequently Asked Questions (FAQs):

1. How big is the pet insurance market?

Answer: According to IMARC Group, the market was valued at US$ 6.2 billion in 2021.

2. What is the estimated growth scenario for the pet insurance market by 2027?

Answer: By 2027, the pet insurance market is expected to reach a value of US$ 12.6 billion.

3. What is the key factor contributing to the growth of the pet insurance market?

Answer: The pet insurance market is primarily driven by policy, animal and provider..

4. Who are the major players in the pet insurance market?

Answer: Agria Pet Insurance Ltd., Anicom Holdings Inc., Direct Line Insurance Group plc, dotsure.co.za, Embrace Pet Insurance Agency LLC, Figo Pet Insurance LLC, Hartville Group, Healthy Paws Pet Insurance LLC, Medibank Private Limited, MetLife Services and Solutions LLC, Nationwide Mutual Insurance Company, Pethealth Inc., Petplan (Allianz Insurance plc), The Oriental Insurance Company Ltd. and Trupanion.

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.

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