Press release
Pet Insurance Market Size 2022, By Segmentations, Growth, Trends & Forecast to 2030
Pet Insurance Market
Pet insurance is referred to as a type of insurance policy obtained by a pet owner to reduce the total expense of veterinary bills. It is equivalent to the health insurance schemes for humans. The owners are required to pay an out-of-pocket deductible to avail the insurance policy. Most of the pet insurance schemes cover injury or disease treatment, vaccines, dental cleanings, and blood work.
Major expansion propellants and restraints of the marketplace
The primary factors augmenting the outlook of this business sphere are rising trends of pet adoption, surge in veterinary costs, and growing prevalence of long term ailments in domesticated animals. Alongside, increase in per capita income of the masses along with widespread urbanization are positively swaying the industry dynamics.
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Furthermore, increase in the number of pet care centers coupled with the rising adoption of pet insurance policy schemes by animal shelter owners are adding momentum to the market progression. Alongside, rising R&D investments in the field and the emergence of a variety of insurance schemes across the globe are creating an upward trend for the overall market growth.
Additionally, the rising trends of nuclear families is increasing pet adoption rates across the globe. This is turn is creating lucrative opportunities for the marketplace to prosper.
On the contrary, lack of cognizance regarding the availability of pet insurance schemes among the masses and high premium rates are hindering the remuneration scope of this business vertical.
Segmental assessment of the market
Based on policy coverage
accident only
others
accident and illness
The accident and illness segment is slated to amass notable gains over 2022-2030 owing to the widespread surge in pet treatment costs and medication fees.
By animal type
Dogs
Cats
Others
The dogs segment is expected to amplify substantially over the forecast period ascribing to the rising rates of pet dog adoption across the globe.
On the basis of sales channel
agency
broker
others
The agency segment is expected to showcase significant growth trends over the stipulated timeline. This is credited to the rising number of pet insurance agencies offering lucrative reimbursement policies with moderate premium rates.
Expounding the geographical ambit and competitive intelligence of the market
North America, Middle East & Africa, Europe, Latin America, and Asia Pacific are the major regions constituting the geographical ambit of this marketplace. Among these, North America is projected to capture a high revenue share over 2022-2030. This is attributable to the emergence of cost effective pet insurance policies, rise in pet adoption rates, and surging per capita income of the masses.
The prominent players operating in the global pet insurance market are Embrace Pet Insurance Agency LLC, Figo Pet Insurance LLC, Petplan, Hartville Group, Royal & Sun Alliance (RSA), Trupanion, Healthy Paws Pet Insurance LLC, Dotsure.co.za, Animal Friends Insurance, Pets Best Insurance Services, LLC, Ipet Insurance, Direct Line, Nationwide Mutual Insurance Company, Crum & Forster, Oneplan, Nationwide, Animal Friends Insurance Services Limited, Metlife Services and Solutions LLC, Petplan, Deutsche Familienversicherung AG, and Joii Pet Care.
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