SAN FRANCISCO, Sept. 17, 2019 /PRNewswire/ -- The global pet insurance market size is expected to reach USD 14.9 billion by 2028, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 16.3%. Rapidly growing consumer awareness and product acceptance has benefited the market. According to Department of Clinical Veterinary Science (CVS) and Pet Food Institute (PFI), 30.0% of the pets in Sweden and almost 23.0% of the pets in the U.K. are covered by these insurance policies. However, less than 1.0% of the pets in the U.S. are insured.
Key suggestions from the report:
- Agency held the dominant share of the sales channel segment as of 2018, owing to large customer base
- Bancassurance is anticipated to exhibit lucrative growth over the forecast period. The key driver includes large and established bank network across the globe
- Dog insurance segment was the dominant application in 2018. Increase in the number of dog owners across the globe is the key driver for this segment
- The cat's segment is anticipated to grow at an exponential rate throughout the forecast period. Cats are increasingly being adopted in Canada and preferred over dogs
- On basis of product, accident and illness insurance had the largest share as of 2018. The key drivers of the segment are high veterinary treatment & diagnostic costs, rise of companion animal population, and increase in awareness about pet insurance
- The key drivers of the segment include increasing health issues in animals and high treatment costs
- In 2018, Europe held a dominant share of the regional segment.
- North America held the second largest revenue share as of 2018. The key drivers of the pet insurance market are a rise in companion animal population and increase in awareness
- Some key players are Petplan Limited; Trupanion, Inc.; Nationwide Mutual Insurance Company; Hartville Group, Inc.; Pethealth, Inc.; PetFirst Healthcare LLC; Royal & Sun Alliance Insurance Company of Canada, Inc.; and Embrace Pet Insurance Agency, LLC
Read 120 page research report with ToC on "Pet Insurance Market Size, Share & Trends Analysis Report By Product (Accident and Illness, Accident Only), By Animal Type (Dogs, Cats), By Sales Channel (Broker, Agency), By Region, And Segment Forecasts, 2019 - 2028" at: https://www.grandviewresearch.com/industry-analysis/pet-insurance-market
Industry operators or players in pet insurance primarily compete with consumers who choose to self-fund pet medications and veterinary costs. However, with increasing availability of advanced technology and growing usage of veterinary services, costs are expected to increase. This increase in costs and with marketing efforts by players, the adoption of pet insurance has increased.
The market is growing as veterinary care is expensive and many owners cannot afford it; however, with insurance, they can claim around 90.0% of veterinary bills. Besides, rise in number of pet injuries and prevalence of diseases is also aiding growth. As per veterinary records, 2017, almost one in every three pets need urgent veterinary care every year. Furthermore, new strategies being undertaken by players are expected to aid further growth. For instance, MoreThan, a pet insurance company, in 2019, formed a partnership with PitPat, the dog activity monitor manufacturer, offering cash rewards of up to USD 112 to owners who exercised their pets regularly.
Grand View Research has segmented the pet insurance market on the basis of the product, animal type, sales channel and region:
- Pet Insurance Product Outlook (Revenue, USD Million, 2014 - 2028)
- Accident and Illness
- Accident Only
- Pet Insurance Animal Type Outlook (Revenue, USD Million, 2014 - 2028)
- Pet Insurance Sales Channel Outlook (Revenue, USD Million, 2014 - 2028)
- Direct Writing
- Pet insurance Regional Outlook (Revenue, USD Million, 2014 - 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
Find more research reports on Animal Health Industry, by Grand View Research:
- Companion Animal Health Market – Rise in the number of government initiatives to promote veterinary care products is anticipated to drive the growth during the forecast period. Introduction of initiatives, such as One Health Initiative to improve healthcare standards for animals, has further boosted growth prospects.
- Veterinary Diagnostics Market – The growth of this market can be attributed to factors such as increased animal healthcare expenditure, rising incidence of zoonotic diseases, and growing number of veterinary practitioners as well as disposable income in the developing regions.
- Pet Obesity Management Market – Rising need to curb pet obesity, as obesity increases the risk of other chronic conditions, such as osteoarthritis and diabetes, is expected to provide growth platform to the market.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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