Pet Insurance Market: Current Analysis and Forecast (2022-2028)

Report Description

REQUEST FREE SAMPLE PDF

The global pet insurance market is expected to grow at a significant rate of around 12% during the forecast period. The veterinary costs associated with treating a sick or injured pet are covered by a pet insurance plan. Owners typically choose pet insurance to reduce the burden of paying for veterinary care. The approaches are presented by different public and confidential suppliers for various pet animals like dogs, cats, horses, and others.

This market is being driven primarily by the rising adoption of pets and the rising incidence of diseases affecting dogs and cats. In addition, the market growth is anticipated to be boosted in the near future by the rising demand for pet insurance to help reduce out-of-pocket expenses for serious medical conditions like cancer and accidental injuries. For instance, according to the North American Pet Health Insurance Association (NAPHIA), in 2020, approximately 3.45 million pets in North America were covered by insurance. This number far exceeded the 2.81 million insured pets in North America in 2019. It is also anticipated that an increase in demand for veterinary healthcare facilities will increase demand for pet insurance. In addition to requiring specialized veterinarians, skilled technicians, and specifically designed diagnostic equipment, veterinary services typically consume a lot of capital. This can drive up the expense of treatment for pet people consequently expanding interest for reasonable pet insurance contracts.

Trupanion Inc., DFV Deutsche Familienversicherung AG, Animal Friends Insurance Services, Limited, Figo Pet Insurance LLC, U.K. Insurance Limited, Nationwide Mutual Insurance Company, Embrace Pet Insurance Agency LLC, Anicom Holdings Inc., MetLife Services and Solutions LLC, Pumpkin Insurance Services Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst animal type, cat’s category to witness fastest CAGR during the forecast period”

Based on animal type, the market is segmented into dogs, cats, and others. Among these, the cats’ category to witness the fastest growth during the forecast period owing to the growing pet adoption, expanding insurance company service offerings, and rising disposable income in key markets are the primary contributors to this share. For instance, according to the European Pet Food Industry Federation (FEDIAF), in 2020, approximately 88.0 million households in the European Union owned at least one pet, 110 million cats, 89 million dogs, 51 million birds, 29 million small mammals, and 9 million reptiles were thought to be kept as pets.

Speak To Analyst

“Amongst coverage type, the accident & illness to hold a significant share in the market in 2020”

On the basis of coverage type, the market is categorized into accident & illness, accident only, and others. Among these, accidents & illness to hold a significant share of the market in 2020. This is mainly due to the majority of pet insurance policies being offered by insurance companies. These policies provide coverage for different conditions like chronic and acute illnesses, diagnostic tests, and medications. It is anticipated that these factors will drive market growth during the forecast period.

“Europe to hold a significant share in the market”

For a better understanding of the market adoption of the pet insurance industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Europe is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the more people buying pet insurance and the rising number of pet owners. For instance, according to the National Institutes of Health (NIH), in the United States, there are an estimated 63.4 million households that own at least one dog and 42.7 million households that own at least one cat

In the Asia Pacific region, the market is expected to grow at the fastest rate. This is owing to the growth of the economy in this region and the emerging trend of pet adoption. The market in the region is also being driven by an increase in awareness of veterinary health and improvements to the infrastructure for veterinary healthcare.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Request For Customization

Customization Options:

The global pet insurance market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team

Research Methodology

Research Methodology for the Pet Insurance Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global pet insurance market were the three major steps undertaken to create and analyze the adoption of pet insurance in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global pet insurance market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

REQUEST FREE SAMPLE PDF

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the pet insurance market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the pet insurance market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as coverage type, animal type, and sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the pet insurance market. Further, we conducted factor analysis using dependent and independent variables such as various coverage types, animal types, and sales channels of pet insurance. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the pet insurance market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global pet insurance market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Speak To Analyst

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the pet insurance market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global pet insurance market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global pet insurance market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of coverage type, animal type, and sales channel in the global pet insurance market.

Request For Customization

The main objective of the Global Pet Insurance Market Study

The current & future market trends of the global pet insurance market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the pet insurance market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of coverage type, animal type, and sales channel.
• Define and analysis of the regulatory framework for the pet insurance
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the pet insurance market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the pet insurance market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team