Increasing companion animal population, adoption of advance technology and rising animal health concerns had driven UK Pet Insurance Market: Ken Research

Focus On Growing Awareness and Increasing Companion Animal Population Are Major Factor Contributing Towards Development of Construction Chemical Market in UK.

Increasing Companion Animal Population: The major reason for the growth in pet insurance market is because of the increase in companion animal population. The reason behind this is the increase in the prevalence of mental illnesses in humans such as clinical depression, anxiety-related issues, personality disorder, and psychotic disorder and one of the popular treatments for mental illness is animal-assisted therapy, as animals can provide patients with emotional support.

Increasing use of Technology:  Telehealth adoption has rapidly increased during the pandemic because people were avoiding in-person veterinary examinations due fear of spreading the virus. Furthermore, technologies like smart monitoring can monitor pets' behavior, analyze it and help owners to make the proper adjustments. Thus, IOT pet tracking devices can also help insurers observe pets eating habits, activity levels and movement around house. Pet insurers are also increasingly utilizing innovative technology to offer activity tracking for pets. For instance, Whistle's and Pit Pat's pet use tracker devices to provide services such as health monitoring, fitness tracking, location alerts, and diet suggestions.

Rising Animal Health Concerns: As the pet population is increasing in UK, so the health-related concern of pet is also increasing. Nowadays pets are suffering from lots of diseases like liver disease, arthritis and gall bladder disorder etc. and the costs of vets is very high. For avoiding these types of extra expenditure pet owners are stared to taking pet insurance cover for their pet life which is making pet insurance more popular in UK. Furthermore, for the prevention of obesity people are making their animals to participate in sports such as horse racing which also increases the probability of pet injuries and accidents, further boosting the pet insurance market.  By watching this trend, the pet insurance companies have also started covering sophisticated medical care for pets like heart surgery, joint replacement, and chemotherapy which has also become a major reason for the growth in UK pet insurance market.

Analysts at Ken Research in their latest publication "UK Pet Insurance Market Outlook to 2027F - Driven by Rising Companion Animal, High veterinary costs and Technology advancement" by Ken Research observed that UK Pet Insurance market is in the growing phase, growing at CAGR of 5.3% between 2017-2022P owning to the increasing companion animal population, adoption of advance technology, rising animal health concerns, high veterinary cost and growing At-home diagnostic. It is expected that UK Pet Insurance market will continue to grow, at a CAGR of 4.8% for the 2022P-2027F forecasted period.

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Key Segments Covered

UK Pet Insurance Market:

By Product Type, 2022P & 2027F: 

Life Insurance
Non-Life Insurance

By Insurance Type, 2022P & 2027F: 

Cover for Life
Maximum Benefit
Accident Only (12 months)

By Mode of Distribution, 2022P & 2027F: 

Direct (Online)
Others (Broker, Agency, Advertisements etc.)

By Age of Animals, 2022p & 2027F:

Below 6
6 and Above

By Type of Animal (Premium collected), 2022P & 2027F:

Dog
Cat
Others (Rabbit, Horses, Reptile, Birds.)

By Number of Animals, 2022P & 2027F:

Dog
Cat
Others (Rabbit and other Exotic pets.)

Key Target Audience

Private Insurance Providers
Public Insurance Providers
Insurance Agency
Bancassurance
Brokers
Direct Sales
Related Government Agencies
New Entrants

Time Period Captured in the Report:

Historical Period: 2017-2022P

Base Year: 2022P

Forecast Period: 2022P - 2027F

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Companies Covered:

Petplan
Direct line
More th>n
Agria
Many Pets

Key Topics Covered in the Report:

Country Overview of UK
UK Pet Insurance Market Overview
Business Cycle and Genesis of UK Pet Insurance Market
Ecosystem of UK Pet Insurance Market
End-to-end process of UK Pet Insurance
UK Pet Insurance Market Size, 2017-2027F
Market Segmentation of UK Pet Insurance Market
Industry Analysis of UK Pet Insurance Market
SWOT Analysis of UK Pet Insurance Market
Porter's Five Forces Analysis
Growth Drivers of UK Pet Insurance Market
Challenges in the UK Pet Insurance Market
Trends and Developments in UK Pet Insurance Market
Impact of Covid in UK Pet Insurance Market
End User Analysis
Cross Comparison of Major Players in UK Pet Insurance Market (Inception, Ownership, Presence, Headquarter, Number of Employees, No. of Subscribers, Awards & Certificates, Partners, Parent Company, Market Share, Claims Processed, Technology, Future plans, Recent Development, strategic initiatives)
Future Outlook of UK Pet Insurance Market
Analyst Recommendation

For more insights on the market intelligence, refer to the link below: -

https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/uk-pet-insurance-market-outlook-to-2027/596240-93.html

Related Reports by Ken Research: -

https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/spain-pet-insurance-market-outlook-to-2027/596248-93.html

https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/sweden-pet-insurance-market-outlook-2027/596254-93.html

Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India

Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.