Pet Insurance Global Market to Reach $11.18 Billion by 2026 at a CAGR of 13.9%

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Sep 09, 2022, 14:30 ET

DUBLIN, Sept. 9, 2022 /PRNewswire/ -- The "Pet Insurance Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global pet insurance market is expected to grow from $5.91 billion in 2021 to $6.94 billion in 2022 at a compound annual growth rate (CAGR) of 12.34%. The pet insurance market is expected to reach $11.18 billion in 2026 at a CAGR of 13.90%.

The pet insurance market consists of sales of pet insurance by entities (organizations, sole traders, and partnerships) that is bought by a pet owner which helps them to bring down the overall costs of expensive veterinary bills in case of accidents or health issues. It can helps reduce the financial risk of unexpected veterinary costs.

The main types of policy coverage in pet insurance market are accident and illness and accident only. The accident and illness policy coverage are used to cover veterinary expenses incurred for the treatment of a pet who has endured an injury or is sick. Some pet insurance plans also cover death or loss of the pet that is insured. Pet insurance is available for animals such as dog and cat and are provide by public and private bodies.

North America was the largest region in the pet insurance market in 2021. The regions covered in the pet insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The increasing number of pet adoptions is expected to continue during the forecast period driving pet insurance market. During the COVID-19 pandemic demand for adopting or fostering pets, rose worldwide, from Canada to India. Adopting pets help people by providing health benefits such as from lowering blood pressure to reducing stress, anxiety.

For instance, according to PetPoint, between March and September 2020, U.S. homes number for foster pets increased by 8%. Similarly, according to Household, Income and Labour Dynamics in Australia (HILDA) Survey, published in 2020, two-thirds of Australians have at least one pet which accounted for 62% of surveyed people.

The reports also indicate that around 72% of Australian pet owners have at least one dog and 37% have a least one cat. Thus increasing number of pet adoption will boost the growth of pet insurance market.

Advancements and awareness in pet insurance has been a major trend in this market. Digital solution providers are looking to collaborate with insurers to enhance the customer experience for insureds through value-added services.

Figo Pet Insurance, for example, offers the Figo Pet Cloud, a cloud-based service that allows for real-time pet GPS monitoring, medical records management, mobile claims submission, social pet profiles, a pet-friendly business directory, vaccination and appointment alerts via a smartphone app. Pet insurers should use a specialized digital marketing strategy to develop trust and connect with millennial customers.

ScopeMarkets Covered:

1) By Policy Coverage: Accident And Illness; Accident Only
2) By Animal Type: Dog; Cat
3) By Provider: Public; Private

Key Topics Covered:

1. Executive Summary

2. Pet Insurance Market Characteristics

3. Pet Insurance Market Trends And Strategies

4. Impact Of COVID-19 On Pet Insurance

5. Pet Insurance Market Size And Growth

6. Pet Insurance Market Segmentation

7. Pet Insurance Market Regional And Country Analysis

8. Asia-Pacific Pet Insurance Market

9. China Pet Insurance Market

10. India Pet Insurance Market

11. Japan Pet Insurance Market

12. Australia Pet Insurance Market

13. Indonesia Pet Insurance Market

14. South Korea Pet Insurance Market

15. Western Europe Pet Insurance Market

16. UK Pet Insurance Market

17. Germany Pet Insurance Market

18. France Pet Insurance Market

19. Eastern Europe Pet Insurance Market

20. Russia Pet Insurance Market

21. North America Pet Insurance Market

22. USA Pet Insurance Market

23. South America Pet Insurance Market

24. Brazil Pet Insurance Market

25. Middle East Pet Insurance Market

26. Africa Pet Insurance Market

27. Pet Insurance Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Pet Insurance Market

29. Pet Insurance Market Future Outlook and Potential Analysis

30. Appendix

Companies Mentioned