An Incisive, In-depth Analysis on the Pet Insurance Market
This study offers a comprehensive, 360 degree analysis on the Pet Insurance market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Pet Insurance market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Global Pet Insurance Market to Surpass/ Reach ~US$ 15 Bn by 2029
The global pet insurance market is projected to reach ~US$ 15 Bn by the end of 2029. The market was valued at ~US$ 4 Bn in 2019. If these figures hold true, the market will exhibit a CAGR of ~8.5% between 2019 and 2029. Regionally, North America is expected dominate the market. However during the forecast period, Latin America & East Asia will exhibit more lucrative growth opportunities. In terms of policy type, the market can be classified accident, accident & illness. Of these, accident & illness segment will lead the global market owing to the coverage type which includes both accident & illness.
Key Factors Driving the Market
Latin America will Offer Robust Growth Opportunities
Regionally, the global pet insurance market covers North America, Europe, Latin America, East Asia, South Asia, Oceania and Middle East & Africa. Among these regions North America currently leads the market. Factors such as increasing pet ownership, total number of insured pets, increasing disposable income of the middle class population and major concentration of pet insurance companies in U.S. are driving the North America pet insurance market. In addition to this, the demand for pet insurance is expected to uplift the Latin America pet insurance market owing to high adoption rate of pets, rising awareness of pet diseases and willingness to spend more on pet care products.
Rising Awareness among Consumers will Stoke Growth Opportunities
The rising awareness among consumers about pet diseases will drive pet insurance market. In addition to this, the market will benefit from their increasing disposable incomes and consequent willingness to spend on pet care products. Companies are nowadays operating in a dynamic business environment. It is therefore important that the companies keep track of ever evolving preferences of consumers to stay relevant in the market.
By Policy Type
- Accident Only
- Accident & Illness
By End User
- Exotic Pets
How will Growth Unfold?
Pet insurance market is primarily dominated by North America market owing to high number of pet owners and growing awareness among consumers about the pet diseases. Pet health insurance has been in existence worldwide since the early 1900s but was not offered in North America until the 1980s. Partnership with veterinaries and other pet organisations and word of mouth referrals propel the pet insurance industry to grow to a substantial height. There is growing trend observed in U.S. of purchasing accident & illness policy owing to greater medical coverage in terms of accident & health. According to NAPHIA, 98% of policies written in 2017 were for accident and illness insurance while 2% were accident only.
FREQUENTLY ASKED QUESTIONS ABOUT pet insurance market
What drives the pet insurance market?
Rise in number of companion animals, increase in awareness about pet insurance, growth in pet ownership propels the growth of the pet insurance market.
Which factors put market players at risk?
Strict market regulation by the government and higher premium cost of pet insurance put the players at risk of losing market share.
Which region will lead the global sales of pet insurance?
North America dominates the pet insurance market however increasing number of pet ownership and rising awareness of pet diseases fuel the Latin America and East Asia market with ample opportunities.
Which end user segment offers most lucrative growth opportunities?
Cat segment in end user category is expected to have lucrative growth opportunities due to growing preference for cat among female consumers.
Which segment based on policy type will record the highest growth?
Accident & illness policy type is expected to expand at highest CAGR during the forecast owing to its greater policy coverage, both accident & illness.
Pet Insurance Market: Global Industry Analysis 2014-2018 & Opportunity Assessment 2019-2029
A recent market study published by Future Market Insights on the pet insurance market offers global industry analysis for 2014-2018 & opportunity assessment for 2019-2029. The study offers a comprehensive assessment of pet insurance market dynamics. After conducting a thorough research on the historical, as well as current growth parameters, the growth prospects of the market are obtained with maximum precision.
The global pet insurance market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
Chapter 01 - Executive Summary
The executive summary of the pet insurance market includes the market country analysis, opportunity assessment, and recommendations on the global pet insurance market.
Chapter 02 - Market Overview
Readers can find the detailed segmentation and definition of the pet insurance market in this chapter, which will help them understand basic information about the pet insurance market. This section also highlights the inclusions and exclusions, which help the reader understand the scope of the pet insurance market report. The associated industry assessment of the pet insurance market is carried out in this section. The macroeconomic factors affecting growth of the pet insurance market are provided in this section and the impact of these macroeconomic indicators on the pet insurance market is analyzed. The drivers and restraints impacting the growth of the pet insurance market are explained in this chapter. Opportunities and ongoing trends in the pet insurance market are also comprehensively discussed.
Chapter 03 - Global Pet Insurance Market Analysis 2014-2018 and Forecast 2019-2029
This chapter includes detailed analysis of the historical pet insurance market (2014-2018), along with an opportunity analysis for the forecast period (2019-2029). This chapter provides details about the pet insurance market on the basis of policy type, end user, and region. This chapter explains how the pet insurance market is anticipated to grow across North America, Latin America, Europe, East Asia, South Asia, Oceania and the Middle East and Africa.
Chapter 04 - North America Pet Insurance Market Size and Forecast, 2014-2029
This chapter includes a detailed analysis of the growth of the pet insurance market in the North America region, along with a country-wise assessment that includes the U.S. and Canada. This chapter provides details about the North America pet insurance market on the basis of policy type, and end user.
Chapter 05 - Latin America Pet Insurance Market Analysis 2014-2018 & Forecast 2019-2029
This chapter includes a detailed analysis of the growth of the pet insurance market in the Latin America region, along with a country-wise assessment that includes the Brazil, Mexico & Rest of Latin America. This chapter provides details about the Latin America pet insurance market on the basis of policy type, and end user.
Chapter 06 -Europe Pet Insurance Market Analysis 2014-2018 & Forecast 2019-2029
Important growth prospects of the pet insurance market based on product type, end use, price and sales channel for all countries such as Germany, U.K., Spain, France, Italy and Rest of Europe are included in this chapter.
Chapter 07 - East Asia Pet Insurance Market Analysis 2014-2018 & Forecast 2019-2029
This chapter includes a detailed analysis of the growth of the pet insurance market in East Asia region including the important growth prospects of the pet insurance in several countries such as China, Japan, South Kore are included in this chapter.
Chapter 08 - South Asia Pet Insurance Market Analysis 2014-2018 & Forecast 2019-2029
This chapter includes a detailed analysis of the growth of the pet insurance market in the South Asia region, along with a country-wise assessment that includes, India, Thailand, Indonesia, and Rest of South Asia & Pacific.
Chapter 09 - Oceania Pet Insurance Market Analysis 2014-2018 & Forecast 2019-2029
This chapter includes a detailed analysis of the growth of the pet insurance market in the Oceania region, along with a country-wise assessment that includes, Australia and New Zealand.
Chapter 10 - Middle East and Africa Pet Insurance Market Analysis 2014-2018 & Forecast 2019-2029
This chapter offers insights into how the pet insurance market is expected to grow in major countries in the MEA region such as GCC Countries, Northern Africa, South Africa, and Rest of MEA, during the forecast period 2019-2029.
Chapter 11- Competition Assessment
In this chapter, readers can find detailed information about tier analysis and market concentration of the key players in the pet insurance market along with their market presence analysis by region and product portfolio.
Chapter 12 - Competition Deep-Dive
In this chapter, readers can find a comprehensive list of leading companies in the pet insurance market, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Figo Pet Insurance LLC., Embrace Pet Insurance Agency, LLC, Hartville Group, Health for Pet, Hollard, Nationwide, Oneplan, Petfirst Healthcare LLC, Petplan, Protectaplan, Petplan Limited, Trupanion, Inc., Nationwide Mutual Insurance Company., Anicom Holdings Inc, Pethealth Inc., Royal & Sun Alliance Insurance Company of Canada, Inc., Direct Line Insurance Group plc, Petsecure, Healthy Paws, Trupanion, Nationwide, 24PetWatch and others.
Chapter 13 - Disclaimer
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the pet insurance report. This chapter helps readers understand the research methodology followed to obtain various conclusions, as well as important qualitative and quantitative information, on the pet insurance market.
Sources and Primary Research Splits (%)