Global Pet Insurance Market By
Policy (Dog Insurance, Cat Insurance, Rabbit Insurance, Horse Insurance, Exotic
Pet Insurance) By Policy Type (Lifetime Cover, Accident Cover, Illness cover,
Non-Lifetime Cover, Accident Cover) and Region - Global Forecast to 2024
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.
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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.
Market Segmentation
Our
in-depth analysis has segmented global pet insurance market into the following
segments:
By Policy
·
Dog
Insurance
·
Cat
Insurance
·
Rabbit
Insurance
·
Horse
Insurance
·
Exotic
Pet Insurance
·
Others
By Policy Type
·
Lifetime
Cover
o Accident Cover
o Illness Cover
·
Non-Lifetime
Cover
o Accident Cover
o Illness Cover
By Region
Global pet
insurance market is further classified on the basis of region as follows:
·
North
America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity
Analysis
·
Latin
America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth &
Opportunity Analysis
·
Europe
(U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands &
Luxembourg, Rest of Europe) Market size, Y-O-Y growth & Opportunity
Analysis
·
Asia-Pacific
(China, India, Japan, Singapore, Australia, New Zealand, South Korea & Rest
of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
·
Middle
East and North Africa (GCC, North Africa, South Africa & Rest of Middle
East and Africa) Market Size and Y-O-Y Growth Analysis
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.
Key Players
·
Pethealth
Inc.
o Company Overview
o Key Product Offerings
o Business Strategy
o SWOT Analysis
o Financials
·
Embrace
Pet Insurance Agency
·
Royal
& Sun Alliance (RSA)
·
Agria
Pet Insuracne Ltd.
·
Hartville
Group
·
Petfirst
Healthcare
·
Petplan
Pet Insurance
·
Nationwide
Pet Insurance
·
Petsecure
Pet Health Insurance
·
PetSure
Pty Ltd.
Scope and Context
Overview
of the Parent Market
Analyst
View
Segmentation
The global
pet insurance market is segmented as follows:
·
By
Policy Market Size & Y-O-Y Growth Analysis
·
By
Policy Type Channel Market Size & Y-O-Y Growth Analysis
·
By
Region Market Size & Y-O-Y Growth Analysis
Market Dynamics
Supply
& Demand Risk
Competitive
Landscape
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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