Global Sales of Pet Insurance Market Is Projected to Accelerate At A Healthy CAGR Of 16.50% By 2030| Growth Plus Reports

The global Pet Insurance market testing was valued at ~US$ 8.1 billion in 2021. The market is expected to witness a CAGR of 16.50% from 2022 to 2030.

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. The challenges brought on by the pandemic also led to awareness among pet parents to reduce financial risk by getting a pet insurance policy. According to a survey conducted by Petplan- a market leader in the U.K., there was a boom in pet ownership during 2020. Dogs were the most popular pets followed by cats. About 47% of the respondents bought pets for the first time and overall around 26% of pet owners in the U.K. bought a pet amidst the COVID-19 pandemic.

The growing prevalence of feline and dog-related diseases and rising pet adoption are major drivers for this market. Furthermore, the growing demand for pet insurance to assist in limiting the out-of-pocket expenditure on serious medical issues, such as accidental injuries and cancer is anticipated to boost the market growth in the near future. There is also an increase in demand for veterinary healthcare facilities, which is estimated to contribute to the demand for pet insurance. This can drive up the cost of treatment for pet owners thus increasing demand for suitable pet insurance policies.

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Key Players

• Trupanion, Inc.
• Deutsche Familienversicherung AG
• Figo Pet Insurance, LLC
• Animal Friends Insurance Services Limited
• Direct Line
• Embrace Pet Insurance Agency, LLC
• Anicom Insurance
• MetLife Services and Solutions, LLC
• Pumpkin Insurance Services Inc.
• Embrace Pet Insurance Agency, LLC
• BPetplan (Allianz)
• ipet Insurance Co., Ltd.

Pet Insurance Market by Coverage Type

• Accident & Illness
• Accident Only

By Animal

• Canine
• Feline

Key Reasons to Purchase:

(1) To gain insightful analyses of the market and have a comprehensive understanding of the global market and its commercial landscape.

(2) Assess the production processes, major issues, and solutions to mitigate the development risk.

(3) To understand the most affecting driving and restraining forces in the Pet Insurance Market and its impact in the global market.

(4) Learn about the market strategies that are being adopted by leading respective organizations.

(5) To understand the outlook and prospects for the market.

Key Questions Answered in the Report Include:

(1) This report gives all the information about the industry analysis, revenue, and overview, of this market.

(2) What will be the rate of increase in market size and growth rate by the end of the forecast period?

(3) What are the major global Pet Insurance Market trends influencing the development of the market?

(4) What are the vital results of SWOT analysis of the major players operating in the Pet Insurance Market?

(5) What are the potential growth opportunities and threats faced by Major competitors in the market?

TOC of Pet Insurance Market

1 Scope of the Report
1.1 Market Ecosystem
1.2 Geographic Scope
1.3 Timeline Under Consideration
1.4 Market Research Methodology
1.5 Research Process and Data Source
1.6 Economic Indicators
1.7 Currency Considered

2 Pet Insurance Market Executive Summary

2.1 World Market Overview
2.1.1 Global Market Size 2022-2030
2.1.2 Market Size CAGR by Region 2020 VS 2028
2.2 Pet Insurance Market Segment by Type
2.2.1 Type 1
2.2.2 Type 2

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Manan Sethi
Director, Market Insights
Email: enquire@growthplusreports.com
Phone no: +91 96545 76783
Web: https://growthplusreports.com/

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