Pet Insurance for Dogs and Cats Market market will reach at $ 24.54 billion by 2032, Biggest Innovation with Top Key Players -Petplan UK, Direct Line Group, Royal & Sun Alliance (RSA), Anicom Holding, Trupanion, Agria, Petplan North America, ipet Insuranc

The pet insurance market size was valued at USD 8.35 billion in 2021 and is estimated to expand at a compound annual growth rate (CAGR) of 26.7% from 2022 to 2033. This market will reach at $ 24.54 billion by 2032. Growing pet population, adoption of pet insurance in underpenetrated markets, increasing veterinary care costs, initiatives by key companies, and humanization of pets are some of the key drivers of this market. In 2020, Trupanion reported that over 800,000 pets were insured under the company's policies across key markets in the U.S., Canada, and Australia.

The Pet Insurance for Dogs and Cats research report studies primary and secondary research in order to analyze the data effectively. The market study further also draws attention to crucial industry factors such as global clients, potential customers, and sellers, which instigates positive company growth. In order to gauge the turning point of the businesses, significant market key players are also enlisted in order to deliver readers with in-depth analysis about industry strategies.

The Pet Insurance for Dogs and Cats report is highly structured into a region-wise study. The regional analysis comprehensively done by the researchers highlights key regions and their dominating countries accounting for substantial revenue share in the market. The study helps understand how the market will fare in the respective region, while also mentioning the emerging regions growing with a significant CAGR.

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The report provides a comprehensive analysis of company profiles listed below:

Petplan UK, Direct Line Group, Royal & Sun Alliance (RSA), Anicom Holding, Trupanion, Agria, Petplan North America, ipet Insurance, Nationwide, Crum & Forster, Pethealth, iCatdog, PetSure, Petplan Australia, Petfirst, Petsecure, PICC, Japan Animal Club

Pet Insurance for Dogs and Cats Market Types:

Lifetime Cover Insurance, Non-lifetime Cover Insurance, Accident-only Insurance, Other.

Pet Insurance for Dogs and Cats Market Applications:

Dogs, Cats

Coverage Type Insights
The accident and illness segment dominated the market and accounted for the largest revenue share of 84.0% in 2021. It is also estimated to witness the fastest CAGR in the coming years. The key factors contributing to this growth include high veterinary treatment and diagnostic costs, a rise in the companion animal population, and an increase in awareness about pet insurance. Accident and illness policies are most commonly offered by pet insurance companies. These provide coverage for various conditions such as acute and chronic diseases, medications, diagnostic tests, and more. As accident and Illness policies provide comprehensive coverage to pet owners the segment is expected to grow the fastest in the coming years.

The others segment, on the other hand, comprising of liability insurance policies among others, is projected to see a higher uptake in Europe. This is due to countries such as Germany making it mandatory for pet owners to have dog liability insurance. Luko for instance, offers dog liability insurance in several European countries including France, Germany, and Spain. The policy covers pet owners against physical or material damages caused by pets up to 30 million euros.

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Regional Insights
In 2021, Europe dominated the pet insurance market and held the largest revenue share of over 43.0%. This is owing to the growing adoption of pet insurance, rising pet ownership, and the presence of key companies. According to the Department of Clinical Veterinary Science and the Pet Food Institute, 23.0% of pets in the U.K. and 30.0% of pets in Sweden were covered by pet insurance policies by 2017 and this penetration was anticipated to increase over time. Key market players such as Petplanare headquartered in the U.K. while DFV is headquartered in Germany. These companies continuously implement various strategic initiatives to increase their market share, thus contributing to regional growth.

In North America, the market for pet insurance held the second-largest revenue share as of 2021. However, only 1-2% of the pets in the U.S. are insured thus presenting lucrative growth opportunities. Asia Pacific region is estimated to grow the fastest at a rate of over 18%. This is owing to the emergent trend of pet adoption and the development of the economy in this region. Furthermore, an increase in awareness regarding veterinary health and improving veterinary healthcare infrastructure are other drivers of the market in the region.

Scope of this Report:

This report segments the global Pet Insurance for Dogs and Cats market comprehensively and provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
The report helps stakeholders understand the pulse of the Pet Insurance for Dogs and Cats market and provides them with information on key market drivers, restraints, challenges, and opportunities.
This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement, and acquisitions.

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