Pet Insurance Market To Hit $16.8 million by 2026 | Allied Market Research

The global pet insurance market size was valued at $ 4.5 billion in 2020, and is projected to reach $16.8 billion by 2030, growing at a CAGR of 14.3% from 2021 to 2030. Pet insurance is an insurance policy bought by the pet owner to pay partly or in total for the veterinary treatment of the insured pet's illness or injury. Some policy also covers the pet death, or in case the lost or stolen. Moreover, the growing medical expenses in veterinary medicine and employing of expensive medical techniques and drugs is boosting the demand of pet insurance market.

Allied Market Research published a report, titled, "Pet Insurance Market by Policy Coverage (Accident Only, Accident and Illness, and Others), by Animal Type (Dogs, Cats, Others), by Sales Channel (Agency, Broker, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030." The report offers a detailed analysis of changing market dynamics, key segments, value chain, competitive landscape, top investment pockets, and regional scenario.  

The research provides an extensive analysis of driving factors, restraints, and opportunities of the global Pet Insurance Market market. These insights are helpful in availing insights about drivers, determine strategies, and implement necessary steps to avail competitive advantage and sustainable growth. Moreover, market players, investors, and startups can determine new opportunities, exploit the market potential, and achieve competitive edge.

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The report offers a detailed impact of the Covid-19 pandemic on the global Pet Insurance Market market to assist investors, market players, and others in reassessing their strategies and taking necessary steps accordingly.

Covid-19 Scenario:

Manufacturing activities of Pet Insurance Market were halted due to partial or complete lockdown adopted in many countries. In addition, disruption in the supply chain and unviability of sufficient workforce presented hindrances in manufacturing activities.
The Covid-19 pandemic presented the economic uncertainty, lowered down business confidence, and surged panic among customers. However, the market is projected to recover soon.
Post-lockdown, manufacturing activities began with full capacity and supply chain reestablished. Moreover, the demand from end user industries is expected to increase gradually.

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Key Market Segments:

By Policy Coverage

Accident and Illness
Accident Only
Others

By Animal Type

Dogs
Cats
Others

By Sales Channel

Broker
Agency
Others

A comprehensive analysis of each segment and sub-segment is provided in the research. In addition, the tabular and graphical representation of each segment and sub-segment will assist market players in understanding the largest revenue generating segments and driving factors thoroughly. This analysis is valuable in identifying the fastest growing segments as well and strategizing to gain a long-term growth.

The research provides a detailed analysis for various regions and countries for the global Pet Insurance Market market. Regions discussed in the study include North America (the U.S., Canada, and Mexico), Europe (the U.K., France, Italy, Germany, and rest of Europe), Asia-Pacific (China, Japan, India, Taiwan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). These insights are valuable in devising strategies of expansion, identifying growth potential, and tapping on opportunities in new regions. AMR also provides customization services for a specific region, country, and segment as per requirements.

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The report provides an extensive analysis of major market players operating in the global Pet Insurance Market market.

The major market players analyzed in the research include

Embrace Pet Insurance Agency, LLC
Figo Pet Insurance LLC.
Hartville Group
Nationwide
Pet Assure Corp.
PetFirst
Ipet Insurance
Pets Best Insurance Services, LLC
Royal & Sun Alliance (RSA)
Trupanion

They have implemented various strategies such as new product launches, mergers and acquisitions, joint ventures, partnerships, expansion, collaborations, and others to gain competitive advantage across the global market.

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