Pet Insurance Market Overview
Pet insurance coverage includes the partly or total reimbursement of veterinary treatment cost of the companion animal in case of accident or illness. Pet insurance cater to the insurance of many pets such as dog, cats, horse, rabbit, exotic and other animals.
Market Size and Forecast
Global pet insurance market was estimated to be USD 2.6 Billion in 2016 and is expected to flourish at a CAGR of 11.8% during the forecast period. Further, the pet insurance market is expected to reach USD 5.7 Billion by the end of 2024. Rising number of pets across the globe is expected to garner the growth of global pet insurance market.
In the regional platform, the market of global pet insurance has been dominated by North America. Additionally, North America is expected to continue its dominance over the forecast period due to heavy number of pet ownership in the region. Currently, more than 65% of the Americans have pets in their home. This factor is projected to fuel the growth of North America pet insurance market during the forecast period. U.S. has been one of the major countries contributing towards the growth of pet insurance market. Additionally, U.S. has the world’s largest pet population with 69,929,000 pet dogs and 74,059,000 pet cats. Europe is expected to capture second position in the overall pet insurance market. This can be attributed to the rising adoption of pets in the region. Moreover, European pet care market is growing at a high pace. This factor is anticipated to supplement the growth of pet insurance market in the Europe region. France, Germany and United Kingdom are the biggest market for pet insurance in the region.
Asia Pacific is likely to showcase a lucrative growth during the forecast period due to the increasing number of companion animals and rising awareness about pet insurance. Additionally, increasing disposable income of the middle class population is expected to positively impact the growth of pet insurance market in the region. In the Asia Pacific region, China, Japan and India are the key countries making significant contribution to the growth of Asia Pacific pet insurance market. Latin America is projected to observe high growth rate during the forecast period on the account of high pet ownership in the region.
Our in-depth analysis has segmented global pet insurance market into the following segments:
By Policy Type
Global pet insurance market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Significant rise in the number of pet ownership has been witnessed in recent years. Additionally, this number is expected to increase during the forecast period owing to the various healthcare benefits such as low blood pressure and reduced anxiety. Apart from this, pet owners are getting more concerned about the health of their pets. These factors are expected to propel the growth of the global pet insurance market.
Rise in pet healthcare spending is also believed to be the dynamic factor behind the growth of global pet insurance market. In the previous decade, the spending on the pet healthcare and welfare has increased about 20%. Further, the increasing willingness of the pet owners to spend on their companion animals is likely to drive the growth of the global pet insurance market.
In contrast, the lack of awareness about insurance policies in developing and undeveloped nations is restricting the growth of the global pet insurance. Further, high cost of pet insurance is expected to dampen the growth of pet insurance market across the globe.
Scope and Context
Overview of the Parent Market
The global pet insurance market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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