Press release
Pet Insurance for Accident Market: Rising Awareness Towards Feline and Dog-Related Diseases will Bolster the Growth
The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Pet Insurance for Accident Only market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Pet Insurance for AccidentThe report offers actionable and valuable market insights of Pet Insurance for Accident Only. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Pet Insurance for Accident Market across various industries and regions.
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The global market for pet insurance was valued at US$ 8.5 Bn in 2021, and is expected to increase at a steady CAGR rate of 16.5% during the forecast period. As per this growth rate, this industry can be projected to reach a market size of worth US$ 45.6 Bn by 2032.
Report Attributes Details
Market Value for 2021 US$ 8.5 Bn
Expected Market Size in 2022 US$ 9.90 Bn
Projected Market Valued in 2032 US$ 45.60 Bn
Growth Rate (2022-2032) 16.5% CAGR
This newly published and insightful report sheds light on Market Insights of Pet Insurance for Accident key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Pet Insurance for Accident Market.
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Key Segments Covered in the Pet Insurance for Accident Industry Survey
By Coverage Type
Pet Insurance for Accident Only for Accident Only
Pet Insurance for Accident Only for Accident & Illness
Pet Insurance for Accident Only for Other Coverage Types
By Animal Type
Pet Insurance for Accident Only for Cats
Pet Insurance for Accident Only for Dogs
Pet Insurance for Accident Only for Other Animal Types
By Sales Channel Type
Pet Insurance for Accident Only via Bancassurance
Direct Pet Insurance for Accident Only
Pet Insurance for Accident Only via Broker
Pet Insurance for Accident Only via Agency
Pet Insurance for Accident Only via Other Sales Channels
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Key Takeaways from the Market Study
Global pet insurance market revenue to reach US$ 9.9 Bn by the end of 2022
Europe to hold a revenue share of over 44% of the pet insurance market by 2022
Asia Pacific region is projected to grow at the fastest rate of over 18% during the forecast period, 2022-2032.
It is estimated that the accident and illness segment will hold the largest revenue share in 2022 at 85%.
In 2022, the dogs segment will account for more than 50% of the market's revenue.
Direct sales dominated the market in 2021, projected to hold 34% of market revenue by 2022.
"Growth in pet ownership, a rise in the number of companion animals, and increased awareness of pet insurance all contribute to the growth of the pet insurance market. However, strict government regulations and the increased premium costs of pet insurance threaten to undermine the players' market share," reports a Fact.MR analyst.
Competitive Landscape
Players implement various strategic strategies, such as launching new policies, forming partnerships and collaborations, and expanding regionally, in order to increase their market share.
In June 2020, Veter Software, a provider of technology solutions for animals, signed an agreement with Trupanion. In this partnership, Vetter Software's cloud-based veterinary practice management platform software was integrated with Trupanion's software, enabling direct payments to veterinarians.
AXIS Capital Holdings Limited entered the specialty insurance market in November 2021 by partnering with Managing General Underwriter Petplan. To gain steady growth in the market, its Accident and Health unit partnered up with Petplan.
Key Question answered in the survey of Pet Insurance for Accident Only market report:
Sales and Demand of Pet Insurance for Accident Only
Growth of Pet Insurance for Accident Only Market
Market Analysis of Pet Insurance for Accident Only
Market Insights of Pet Insurance for Accident Only
Key Drivers Impacting the Pet Insurance for Accident Only market
Which are the Key drivers impacted by Pet Insurance for Accident Only market
Restraints Shaping Market Growth
Market Survey of Pet Insurance for Accident Only
More Valuable Insights on Pet Insurance for Accident Only Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Pet Insurance for Accident Only, Sales and Demand of Pet Insurance for Accident Only, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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