Press release
Pet Insurance Market Research & Overall Study Report | 2024-2035
Pet Insurance Market
Market Size, Share & Demand Analysis:
In 2024, the pet insurance market is valued at $9.3 billion, and it's forecasted to surge to $33.8 billion by 2034, growing at a robust CAGR of 13.8%. This impressive trajectory is underpinned by growing pet ownership, rising veterinary costs, and heightened awareness of animal health. The accident and illness segment dominates the market with a 60% share, while wellness plans are gaining traction, holding 25% of the market. The accident-only segment captures the remaining 15%. An estimated 125 million policies were active in 2024, and that number is expected to reach 200 million by 2028, illustrating the increasing demand for comprehensive pet health coverage.
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Key Players In Pet Insurance Market:
► Trupanion, Inc.
► Deutsche Familienversicherung AG (DFV)
► Petplan (Allianz)
► Jab Holding Company
► Direct Line
► Lassie
► Getsafe GmbH
► Waggel Limited
► Feather Insurance
► Napo Limited
► Tesco
► Sainsbury Bank Plc
► Fressnapf Holding SE
► EQT Group
► MetLife Services and Solutions, LLC
► HDFC Ergo
► AliPay
► Nationwide Mutual Insurance Company
► Anicom Insurance
► Others
Market Segmentation:
Pet Insurance Coverage Outlook (Revenue, USD Million, 2018 - 2030)
Pet Insurance Animal Outlook (Revenue, USD Million, 2018 - 2030)
Pet Insurance Sales Channel Outlook (Revenue, USD Million, 2018 - 2030)
Pet Insurance Regional Outlook (Revenue, USD Million, 2018 - 2030)
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Geographic Covered in the Report:
‣ North America (USA and Canada)
‣ Europe (UK, Germany, France and the rest of Europe)
‣ Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
‣ Latin America (Brazil, Mexico, and the rest of Latin America)
‣ Middle East and Africa (GCC and rest of the Middle East and Africa)
Market Dynamics:
Several factors are shaping the growth of the pet insurance market. Firstly, the humanization of pets is leading owners to seek advanced care options. As veterinary treatments become more sophisticated, insurance helps manage high medical bills. Secondly, digital platforms and mobile apps are making it easier for pet owners to browse, compare, and purchase policies. There's also a growing emphasis on preventive care, with insurance plans covering routine services to promote long-term pet health.
On the flip side, challenges remain. Premium costs can be high, deterring some potential customers. Limited awareness and understanding of policy terms can also impede adoption. Furthermore, inconsistent regulations across regions make market expansion complex for insurers.
Recent News & Developments:
Recent trends show the market shifting towards more tech-enabled services. Insurers are rolling out AI-powered platforms to streamline underwriting and claims processes. Wearable devices and telemedicine integration are on the rise, giving pet owners access to remote healthcare consultations and real-time monitoring. Monthly premiums typically range between $20 and $100, depending on the level of coverage. Transparency in policy terms, especially in regulated markets like the UK, is enhancing consumer trust and fostering healthy competition among providers.
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Scope of the Report:
This report offers a deep dive into the pet insurance market, covering historical data from 2018-2023 and forecasts up to 2034. It evaluates growth trends across various segments including type, product, services, technology, end users, and deployment models. It also provides insights into market drivers, challenges, and opportunities, with a regional breakdown across North America, Europe, Asia-Pacific, and Latin America.
Competitive strategies such as product launches, mergers, partnerships, and R&D investments are analyzed to help stakeholders understand market positioning. The report also includes regulatory overviews, SWOT analysis, and PESTLE analysis, making it a comprehensive resource for market participants aiming to navigate and succeed in the growing pet insurance market.
Reason to Buy this Report:
■ Analysis of the impact of technological advancements on the market and the emerging trends shaping the industry in the coming years.
■ Examination of the regulatory and policy changes affecting the market and the implications of these changes for market participants.
■ Overview of the competitive landscape in the pet insurance market, including profiles of the key players, their market share, and strategies for growth.
■ Identification of the major challenges facing the market, such as supply chain disruptions, environmental concerns, and changing consumer preferences, and analysis of how these challenges will affect market growth.
■ Evaluation of the potential of new products and applications in the market, and analysis of the investment opportunities for market participants.
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Global Insight Services LLC
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E-mail: info@globalinsightservices.com
Phone: +1-833-761-1700
Website: https://www.globalinsightservices.com/
About Us:
Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.
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