New York, United States, April 01, 2024 (GLOBE NEWSWIRE) — The Global Pet Insurance Market to Grow from USD 9.34 Billion in 2023 to USD 39.53 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 15.52% during the forecast period.
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To help pet owners with unexpected expenses for their pets’ medical care, surgeries, accidents and prescription medications, pet insurance is a special type of property and liability insurance. This insurance gives pet owners a variety of benefits, which is useful considering the rising cost of veterinary treatment. One of the main business drivers, the consistent and remarkable increase in veterinary bills, is propelling the global pet insurance market. Due to advances in veterinary technology, pet owners have to pay more for increasingly effective and sophisticated medicines. Pet owners are more willing to invest financially in the well-being of their animals, and insurance acts as a safety net, allowing them to do so without worrying about having to cover huge veterinary bills.
Browse key industry information spread over 200 pages with 110 market data tables and figures and charts from the report on the “Global Animal Insurance Market Size, Action and Analysis of the Impact of COVID-19, By Type of Coverage (Accident Only, Accident and Illness, and Other), By Type of Animal (Dogs, Cats, and Other), By Distribution Channel (Agency, Broker, Direct and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2023 – 2033”.
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The accident and disease segment is expected to hold the largest share of the global pet insurance market during the forecast period.
The Pet Insurance market is classified by material into accident only, accident and illness, and others. Among these, the accident and disease segment is expected to hold the largest share of the global pet insurance market during the forecast period. This development is attributed to several important factors, including the increasing cost of veterinary treatment and diagnostics, the increase in the population of companion animals, and the growing awareness of the benefits of insurance for animals.
The dog segment is expected to hold the largest share of the global pet insurance market during the forecast period.
On the basis of animal type, the global pet insurance market is segmented into dogs, cats and others. Among these, the dog segment is expected to hold the largest share of the global pet insurance market during the forecast period. This proportion is influenced by a number of key factors, including the increase in disposable income in key areas, the growing adoption of pets, and the expanding service offering of insurance providers.
The direct selling segment is expected to hold the largest share of the global pet insurance market during the expected period.
On the basis of distribution channel, the global pet insurance market is segmented into agency, broker, direct and others. Among these, the direct selling segment is expected to hold the largest share of the global pet insurance market during the forecast period. The prominent use of direct sales tactics by major pet insurance providers has been one of the primary drivers.
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North America is expected to hold the largest share of the global pet insurance market over the forecast period.
North America is expected to hold the largest share of the global pet insurance market over the forecast period. The industry is expected to expand due to increased pet ownership and increased market competitiveness due to new insurance products.
Throughout the forecast period, Asia Pacific is expected to develop at the fastest rate. Growing urbanization, rising disposable incomes and changing lifestyles are all contributing factors to the increase in pet ownership in countries such as Australia, China and Japan. The demand for pet insurance is increasing as people’s awareness of the health and well-being of their dogs grows.
Competitive Analysis:
The report offers tailored analysis of the key organizations/companies involved in the global market with a comparative assessment based primarily on their product offering, business overviews, geographical presence, business strategies, market share of segment and SWOT analysis. The report also provides an elaborate analysis focused on the companies’ current news and developments, which includes product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances and others. This allows the evaluation of the overall competition in the market. Major vendors in the Global Pet Insurance Market include Agria Pet Insurance Ltd., Anicom Holdings Inc., Direct Line Insurance Group plc, dotsure.co.za, Embrace Pet Insurance Agency LLC, Figo Pet Insurance LLC, PTZ Insurance Agency , Ltd., Healthy Paws Pet Insurance LLC, Medibank Private Limited, MetLife Services and Solutions LLC, Nationwide Mutual Insurance Company, Pethealth Inc., Petplan (Allianz Insurance plc), The Oriental Insurance Company Ltd., Trupanion and others.
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Recent developments
- In January 2024, Odie Pet Insurance, a business focused on lowering the cost and increasing the affordability of pet insurance, and Five Sigma, a leader in cloud-based claims management software, have collaborated.
- In November 2023, Fetch and Best Friends Animal Society, a national non-profit organization dedicated to stopping the killing of dogs and cats in American shelters by 2025, hired in November 2023.
Market segment
This study forecasts revenue at the global, regional and country levels from 2020 to 2033. Spherical Insights has segmented the Global Pet Insurance Market based on the segments below:
Global Pet Insurance Market, By Type of Coverage
- Accident only
- Accident and Illness
- Others
Global Animal Insurance Market, By Animal Type
Global Pet Insurance Market, By Distribution Channel
Global Pet Insurance Market, By Region
- North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- U.A.E
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East and Africa
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