NEW YORK, July 28, 2023 /PRNewswire/ — The pet insurance market measurement is estimated to develop by USD 19,852.9 million between 2022 and 2027 accelerating at a CAGR of 31.41% in the course of the forecast interval in keeping with a recent market examine by Technavio. North America is estimated to contribute 61% to the expansion of the worldwide market throughout the forecast interval. North America affords the most important variety of pet and animal insurance coverage providers on the earth. There is a rising consciousness amongst pet house owners concerning the availability of several types of pet insurance coverage providers, reminiscent of accidents alone or accidents and sicknesses, which is one of many main elements driving the market on this area. Also, rising acceptance of such providers by pet house owners because of the comfort of pet insurance coverage providers additionally contributes to the expansion of the area. For extra insights on the historic interval (2017 to 2021) and forecast market measurement (2023 to 2027) – Request a sample report
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Global competitiveness and key competitor positions
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Market presence throughout a number of geographical footprints – Strong/Active/Niche/Trivial – buy the report!
Pet Insurance Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based mostly by sort (dogs, cats, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa).
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The dogs section reveals important progress in the course of the forecast interval. In recent years, it has been noticed a major improve in adoptions of animals, particularly dogs, as they’re the favourite companions of people. With the rising adoption fee, there’s a corresponding rise within the variety of insurance coverage for dogs. The foremost purpose for introducing pet insurance coverage is the prevalence of varied illnesses in dogs and the excessive cost of remedy. Furthermore, a report printed by the British Insurers Association in 2020 discovered that 4.8 million pets, together with 2.8 million dogs, are insured within the UK. This is an indication of the widespread acceptance of pet insurance coverage, because the cost of canine sickness is so excessive. Hence, such elements are anticipated to drive the expansion of the section in the course of the forecast interval.
Insights in the marketplace contribution of varied segments, together with nation and area sensible historic knowledge (2017 to 2021), and forecast market measurement (2023 to 2027) – Download a Sample Report
Pet Insurance Market – Market Dynamics
Key Driver –
Pet humanization and the standing related to proudly owning pets is a key issue driving the market progress. People with a number of pets spend money on pet care providers and insurance coverage to scale back stress, improve exercise and enhance their social lives. In addition, proudly owning a pet affords bodily and psychological well being advantages reminiscent of decrease blood strain and elevated bodily exercise.
Leading Trend –
The rising deal with providing high-end, premium providers is a significant development available in the market. Consumers deal with their pets like household, so that they see pet insurance coverage as a luxurious and are keen to pay extra for it. The development to humanize pets can be on the rise, particularly amongst childless and single-parent populations. Hence, the rising desire for premium pet care providers is anticipated to drive market progress in the course of the forecast interval.
Significant Challenge –
Low adoption in growing international locations is a major problem proscribing market progress. Several international locations have strict legal guidelines concerning pet security and well being. However, APAC international locations such as India, Sri Lanka, China, Indonesia, and the Philippines do not have such stringent pet security rules. This is due to the lack of organizations and authorities to regulate these points. Therefore, the above-mentioned elements are anticipated to restrain the market progress in the course of the forecast interval.
Insights on Market Drivers, developments, & Challenges, historic interval(2017 to 2021) and forecast interval(2023 to 2027)- Request a sample report!
What are the important thing knowledge coated on this Pet Insurance Market report?
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CAGR of the market in the course of the forecast interval
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Detailed info on elements that may drive the expansion of the pet insurance coverage market between 2023 and 2027
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Precise estimation of the pet insurance coverage market measurement and its contribution to the market in deal with the mum or dad market
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Accurate predictions about upcoming developments and adjustments in client habits
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Growth of the pet insurance coverage market throughout North America, Europe, APAC, South America, and Middle East and Africa
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An intensive evaluation of the market’s aggressive panorama and detailed details about distributors
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Comprehensive evaluation of things that may problem the expansion of pet insurance coverage market distributors
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Pet Insurance Market Scope |
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Report Coverage |
Details |
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Base yr |
2022 |
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Historic interval |
2017-2021 |
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Forecast interval |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 31.41% |
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Market progress 2023-2027 |
USD 19,852.9 million |
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Market construction |
Fragmented |
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YoY progress 2022-2023 (%) |
29.94 |
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Regional evaluation |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 61% |
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Key international locations |
US, China, UK, France, and Germany |
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Competitive panorama |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key corporations profiled |
Agria Pet Insurance Ltd., Allianz SE, Anicom Holdings Inc., Dotsure Ltd., Embrace Pet Insurance Agency LLC, Healthy Paws Pet Insurance LLC, Hollard Insurance Group, Independence Pet Group, Intact Financial Corp., JAB Holding Co. Sarl, Metlife Inc., Nationwide Mutual Insurance Co., NSM Insurance Group, Oneplan, Petofy, Petplan Iberica S.L., Porto Seguro Companhia de Seguros Gerais, The Oriental Insurance Company Ltd., The Progressive Corp., and Trupanion Inc. |
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Market dynamics |
Parent market evaluation, Market progress inducers and obstacles, Fast-growing and slow-growing section evaluation, COVID-19 impression and restoration evaluation and future client dynamics, Market situation evaluation for forecast interval. |
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Customization purview |
If our report has not included the info that you’re searching for, you possibly can attain out to our analysts and get segments custom-made. |
Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Insurance Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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Technavio is a number one world know-how analysis and advisory firm. Their analysis and evaluation focuses on rising market developments and gives actionable insights to assist businesses establish market alternatives and develop efficient methods to optimize their market positions. With over 500 specialised analysts, Technavio’s report library consists of greater than 17,000 experiences and counting, protecting 800 applied sciences, spanning throughout 50 international locations. Their shopper base consists of enterprises of all sizes, together with greater than 100 Fortune 500 corporations. This rising shopper base depends on Technavio’s complete protection, in depth analysis, and actionable market insights to establish alternatives in present and potential markets and assess their aggressive positions inside altering market situations.
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SOURCE Technavio
