Pet Insurance Market Is Expected to Grow With a 16.5% CAGR by 2032

The global pet insurance market, which was valued at US$ 8.5 billion in 2021, is anticipated to grow at a constant CAGR of 16.5% throughout the projected period. By 2032, this industry's market size might reach US$45.6 billion based on the expected growth rate.

This market is anticipated to reach a market worth of US$ 9.9 billion by the end of 2022.The market is primarily driven by factors such as the increase in pet ownership, the adoption of pet insurance in underserved markets, rising veterinary care expenses, initiatives by major corporations, and the humanization of pets. The decision to get a pet was triggered by work-from-home conditions, the desire for companionship, and a desire to spend more time at home because of lockdown and movement restrictions.

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Key Takeaways from the Market Study:

• Global pet insurance market revenue to reach US$ 9.9 Bn by the end of 2022
• Europe to hold a revenue share of over 44% of the pet insurance market by 2022
• Asia Pacific region is projected to grow at the fastest rate of over 18% during the forecast period, 2022-2032.
• It is estimated that the accident and illness segment will hold the largest revenue share in 2022 at 85%.
• In 2022, the dogs segment will account for more than 50% of the market's revenue.
• Direct sales dominated the market in 2021, projected to hold 34% of market revenue by 2022.

Competitive Landscape:

There is a high level of fragmentation and competitiveness in the pet insurance market. To capture a larger share of the market, players implement various strategic initiatives, such as launching new policies, forming partnerships and collaborations, and expanding regionally.

Vetter Software, which provides technology solutions for the animal healthcare industry, signed a partnership agreement with Trupanion in June 2020. As part of this partnership, Vetter Software's cloud veterinary practice management platform software integrated with Trupanion's software, enabling direct payments to veterinarians at the time of checkout.

Through its specialty insurance business segment, AXIS Insurance, AXIS Capital Holdings Limited entered the market by partnering with Managing General Underwriter Petplan in November 2021. Its Accident and Health unit partnered with Petplan in support of its growth objectives.

Key Segments Covered in the Pet Insurance Industry Survey:

· By Coverage Type
Accident Only
Accident & Illness
Other Coverage Types

· By Animal Type
Cats
Dogs
Other Animal Types

· By Sales Channel Type
Bancassurance
Direct
Broker
Agency
Other Sales Channels

· By Region
North America
Latin America
Europe
APAC
MEA

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COVID-19 Impact on Pet Insurance Market

As a result of the COVID-19 pandemic, pet owners, veterinarians, veterinary hospitals, and animal health companies faced several challenges, as the imposition of lockdowns prevented frequent visits to brick and mortar insurance providers. Nevertheless, the industry was quick to respond to the pandemic by deploying supportive measures to ensure access to veterinary care and other services.

The pandemic also caused pet parents to realize the importance of getting a pet insurance policy to reduce financial risk.A survey conducted by Petplan, a U.K. market leader, found that pet ownership increased during 2020. The most popular pet was the dog, followed by the cat. About 47% of respondents purchased a pet for the first time, and overall only about 26% of pet owners in the U.K. bought pets during the COVID-19 pandemic. Getting a pet was primarily motivated by work-from-home conditions, the desire for companionship, and more time spent at home because of lockdown and movement restrictions. From 2022 to 2032, pet insurance demand is forecast to surge nearly 5x.

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This release was published on openPR.