Global Pet Insurance Market Report 2023: Increasing Number of Pet Adoptions Drives Growth

DUBLIN, April 27, 2023 /PRNewswire/ -- The "Pet Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to  ResearchAndMarkets.com's offering.

The pet insurance market is expected to register a CAGR of 7.1% during the forecast period.

Companies Mentioned

• Anicom Holdings Inc.
• Embrace Pet Insurance Agency LLC
• Figo Pet Insurance LLC
• Hartville Group
• Healthy Paws Pet Insurance LLC
• Dotsure.co.za
• Oneplan
• Metlife Services and Solutions LLC (Petfirst Healthcare LLC)
• Petplan
• The Oriental Insurance Company Ltd
• Medibank Private Limited

Pet Insurance Market Trends

The Dogs Segment is Expected to Show Lucrative Growth Opportunities in the Pet Insurance Market

The past few years have observed a significant rise in the adoption of animals, especially dogs, as they are among the favourite companions of human beings. Dogs are preferred more than any other pet animals globally.

For instance, according to the Pet Ownership Statistics in 2022, 70% of U.S. households (90.5 million homes) owned a pet, of which 69 million have a pet dog.

Increasing pet adoption is also a significant reason for the segment's growth. In the total pet population, dogs accounted for 34.0%, and cats accounted for 20.0% in 2019.? Therefore, with the high number and demand for dogs, there is a corresponding increase in the number of insurances for dogs.

Moreover, the prevalence of several diseases among dogs and the high prices of treatments are the major contributor to the adoption of pet insurance among dogs. Cancer strikes dogs at a rate that is nearly identical to that of humans.

According to the Veterinary Cancer Society in June 2020, cancer is the leading cause of death in 47% of dogs, especially those over the age of 10, globally. Even though cancer is a disease found in ageing animals, some families or breeds of dogs, such as Rottweiler, Bernese Mountain Dog, Bouvier des Flandres, German Shepherd, Great Dane, Labrador Retriever, Bichon Frise, Boxer, and Golden Retriever, have a higher incidence or tendency for developing cancer at a young age.

Therefore, the above-mentioned factors are expected to drive segmental growth in the market during the forecast period.

North America is Expected to Dominate the Pet Insurance Market during the Forecast Period

In the North American region, the United States accounted for the largest market share. High pet ownership, awareness, increasing pet insurance, and technological advancements in the diagnostics field are the major driving factors in the US region. The country's socio-economic conditions are good enough to give economic support to the market on the production and at the end-user level.

According to the 2021-2022 National Pet Owners Survey conducted by American Pet Products Association (APPA), pet ownership increased from 67 % to 70% of households in the United States. Millennials were also discovered to be the greatest cohort of pet owners, accounting for 32%, followed by Boomers (27%) and Gen X (24%). 

There are approximately 3.9 million dogs and 3.4 million cats among them. Thus, the rise in the adoption of pet animals is expected to increase the spending on the healthcare needs of these animals, which, in turn, is expected to boost the growth of the market over the forecast period.

According to the American Pet Products Association (APPA) 2021-2022, there is an increase in expenditure on the pet industry in the United States. Pet industry expenditures in the United States totaled USD 103 billion, up 6.7% from USD 97.1 billion in 2019. APPA estimates that expenditures in 2021 will reach USD 109.6 billion. Thus, the rise in pet expenditure increases the demand for care products such as insurance.

In addition, the companies are engaging themselves in merger, acquisition and launch activities in order to expand their business. For instance, in June 2022, JAB Holding Company acquired Fairfax Financial Holdings Limited including all of their worldwide operations.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Number of Pet Adoption
4.2.2 Rising Awareness Regarding Pet Insurance
4.3 Market Restraints
4.3.1 Lack of Standardized Pet Health Codes for Reimbursement
4.3.2 Low Adoption in Emerging Countries
4.4 Porter's Five Force Analysis

5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Policy
5.1.1 Illnesses and Accidents
5.1.2 Chronic Conditions
5.1.3 Other Policies
5.2 By Animal
5.2.1 Dog
5.2.2 Cat
5.2.3 Other Animals
5.3 By Provider
5.3.1 Public
5.3.2 Private
5.4 By Geography

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/b9qk50

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