Burgeoning Pet Ownership Positions Pet Insurance Market to Exceed US$ 45.6 Bn by 2032

NEW YORK, Feb. 25, 2022 /PRNewswire/ -- The global pet insurance market is expected to grow at 16.5% CAGR during the forecast period (2022-2032).  Overall sales in the global pet insurance market are estimated to reach US$ 45.6 Bn by the end of 2032.

According to the analysis, the market will witness an incremental opportunity of US$ 9.9 Bn by 2022. Growing preferences of pet humanization and growing awareness about benefits of pet insurance is projected to stoke the growth in the market.

Besides this, increasing adoption of pet insurance policy among the pet owners to reduce financial risk and to improve the safety for health and well-being of pet will boost the market.

According to survey conducted by Petplan, a U.K. based company, increase in pet ownership was witnessed in 2020. Around 47% surge in the purchase of dogs and cats as pets for the first time was observed during the FQ-20.

Consequently, demand for companionship and proliferation of work-from-home increased, spurring the sales of pet insurance by nearly 5x through 2022 & beyond.

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Further, rising incidence of feline and canine diseases coupled with the out-of-pocket expenditures is projected to aid the growth in the pet insurance market. For instance, according to the North American Pet Health Insurance Association (NAPHIA), around 3.45 million pets were insured in the North America region in 2020.

On account of this significant rise in pet adoption and insurance, the market is poised to expand at a staggering rate during the forecast period. This will create lucrative growth opportunities for the market players in the coming years.

Key Takeaways:

• Based on sales channel, the direct sales segment is estimated to hold the maximum share of 34% in 2022.
• In terms of animal type, the dogs segment is projected to dominate the market with 50% market share.
• The accident and illness coverage type segment are projected to account for the 85% of overall pet insurance sales.
• Asia Pacific is estimated to register the fastest growth rate at 18% CAGR owing to the rising pet adoption in China and India.
• Europe is expected to account for more than 44% of demand share in the pet insurance market backed by growing trend of pet humanization.

Growth Drivers:

• Growing veterinary cost is increasing the adoption of pet insurance, driving the sales in the market during the forecast period.
• Rising awareness regarding canine and feline related diseases is expected to surge the demand for pet insurance.

Restraints:

• Lack of consumer awareness regarding pet insurance policies and high cost of the pet insurance plans in certain underdeveloped regions might hamper growth.
• Unavailability of standardized pet health codes during the time of reimbursement claims will restrict the sales.

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Competitive Landscape:

Leading players in the pet insurance market are adopting business strategies such as mergers & acquisitions, collaborations, and joint ventures to gain maximum revenue. They are also launching new policies to gain a competitive edge in the industry.

For instance,

• June 2020: Vetter Software entered into a partnership agreement with Trupanion. The partnership helped former company's cloud veterinary practice management platform software integrate with Trupanion's software, allowing direct payments to veterinarians during the checkout.
• November 2021: AXIS Insurance, AXIS Capital Holdings Limited partnered with Managing General Underwriter Petplan. Additionally, the Accident and Health unit entered into a partnership with Petplan from the growth perspective.

Key Companies Profiled by Fact.MR

• Trupanion, Inc.
• Deutsche Familienversicherung AG (DFV)
• Petplan (Allianz)
• Animal Friends Insurance Services Limited
• Figo Pet Insurance, LLC
• Direct Line
• PetWatch
• Embrace Pet Insurance Agency, LLC
• Anicom Insurance
• Agria Pet Insurance Co., Ltd.

More valuable Insights on Pet Insurance Market

Fact.MR, in its report, offers a market analysis on the global pet insurance market providing unbiased analysis for the forecast period of 2022 to 2032. This survey also reveals growth projections in the pet insurance market with detailed segmentation, on the basis of:

By Coverage Type:

• Accident Only
• Accident & Illness
• Other Coverage Types

By Animal Type:

• Cats
• Dogs
• Other Animal Types

By Sales Channel Type:

• Pet Insurance via Bancassurance
• Direct Pet Insurance
• Pet Insurance via Broker
• Pet Insurance via Agency
• Pet Insurance via Other Sales Channels

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

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Key Questions covered in the Pet Insurance Market Report

• Which are the significant factors propelling the sales in the global pet insurance market?
• What is the expected CAGR of the global pet insurance market during 2022-2032?
• At what rate did pet insurance market grow during 2017-2021?
• Who are the dominating players in the global pet insurance Market?
• Which is the leading region in the pet insurance market?

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