Pet Insurance Market
Dublin, March 21, 2024 (GLOBE NEWSWIRE) — The “Pet Insurance Market Size, Share & Trends Analysis Report By Coverage Type (Accident-only, Accident & Illness), By Animal Type (Dogs, Cats), By Sales Channel (Agency, Broker, Direct), By Region, And Segment Forecasts, 2024-2030” report has been added to AnalysisAndMarkets.com’s providing.
The world pet insurance coverage market measurement is anticipated to succeed in USD 33.57 billion by 2030, registering a CAGR of 16.73% from 2024 to 2030. The key issue driving the business development consists of rising veterinary care prices on account of developments in medical know-how and coverings. Thus, pet house owners are searching for insurance coverage to assist cowl these bills. According to the American Pet Products Association (APPA), the entire pet spending within the U.S. alone was estimated to succeed in a report excessive of over $100 billion in 2023. This consists of bills, reminiscent of pet meals, provides, over-the-counter medicines, veterinary care, and different companies. The rising pattern in pet spending displays the rising significance of pets in individuals’s lives and the willingness of pet house owners to spend money on the well-being of their animals.
Furthermore, pet insurance coverage suppliers are providing a wider vary of protection choices, together with customizable plans that cater to totally different wants and budgets, making insurance coverage extra accessible and engaging to pet house owners. For occasion, in August 2023, Nationwide launched its most cutting-edge pet safety product, empowering pet house owners to tailor protection in every class to swimsuit their pet’s necessities and monetary constraints. The introduction of extremely customizable pet insurance policy signifies a major pattern out there. This revolutionary strategy acknowledges the varied wants of pet house owners and their animals, offering a versatile and customized answer. As pet insurance coverage turns into extra tailor-made and adaptable, it’s prone to entice a broader viewers, fostering elevated adoption charges. This pattern emphasizes the business’s dedication to assembly individualized buyer wants and contributes to the general development and evolution of the market.
In addition, elevated regulatory assist and laws advocating for pet welfare are anticipated to drive the demand for pet insurance coverage, as house owners search to adjust to authorized necessities and supply the very best care for his or her pets. For instance, in some European nations, pet insurance coverage shouldn’t be obligatory, whereas in others, it might be required by legislation. The National Association of Insurance Commissioners (NAIC) has developed a Pet Insurance Model Act to create regulatory steering for states concerning pet medical insurance. Moreover, some laws, reminiscent of obligatory microchipping or pet journey necessities, have made sure types of insurance coverage a necessity. For instance, the EU Pet Travel Scheme necessitates compliance with particular well being and identification measures when touring with pets. This has instantly elevated the demand for pet insurance coverage to fulfill these regulatory obligations.
Pet Insurance Market Report Highlights
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The accident & sickness protection sort phase dominated the market with a share of about 84.94% in 2023 and is anticipated to develop on the quickest CAGR of 16.95% from 2024 to 2030. Since pet accidents and diseases are extra widespread, posing a major monetary pressure on pet house owners, which leads to the next want for pet insurance coverage
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The dogs phase attributed to the biggest market share in 2023 by way of animal sort. The different animal sort phase consists of small mammals, horses, reptiles, & birds, and is projected to develop on the quickest CAGR from 2024 to 2030
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By gross sales channel, the direct gross sales phase held the very best share in 2023 and is estimated to develop on the quickest CAGR from 2024 to 2030
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Europe held the biggest share of about 44.19% of the general market in 2023. Asia Pacific is anticipated to develop on the quickest CAGR of about 6.63% from 2024 to 2030
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The rising variety of pet adoptions globally is a significant factor driving market development. In addition, there’s a rising consciousness and concern amongst pet house owners about their pets’ well being, resulting in an elevated demand for pet insurance coverage
Key Attributes
|
Report Attribute |
Details |
|
No. of Pages |
125 |
|
Forecast Period |
2023-2030 |
|
Estimated Market Value (USD) in 2023 |
$11.58 Billion |
|
Forecasted Market Value (USD) by 2030 |
$33.57 Billion |
|
Compound Annual Growth Rate |
16.7% |
|
Regions Covered |
Global |
Key Topics Covered
Chapter 1. Pet Insurance Market: Methodology and Scope
Chapter 2. Pet Insurance Market: Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Pet Insurance Market: Variables, Trends, and Scope
3.1. Market Lineage Outlook
3.1.1. Parent Market Outlook
3.1.2. Related/Ancillary Market Outlook
3.2. Market Dynamics
3.2.1. Market Drivers Analysis
3.2.1.1. Increasing Pet Population & Expenditure
3.2.1.2. Increasing Pet Humanization
3.2.1.3. Rising Pet Care Costs
3.2.1.4. Supportive Initiatives by Government, Public & Private Stakeholders
3.2.2. Market Restraints Analysis
3.2.2.1. Lack of Awareness
3.2.2.2. High Cost of Insurance
3.2.3. Market Opportunity Analysis
3.2.4. Market Challenges Analysis
3.3. Pet Insurance Market Analysis Tools
3.3.1. Porter’s Analysis
3.3.2. PESTEL Analysis
3.4. COVID-19 Analysis
3.5. Estimated Pet Population, by Key Countries
Chapter 4. Pet Insurance Market: Coverage Type Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. Pet Insurance Market: Coverage Type Movement Analysis, 2023 & 2030 (USD Million)
4.3. Accident & Illness
4.4. Accident Only
4.5. Others
Chapter 5. Pet Insurance Market: Animal Type Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. Pet Insurance Market: Animal Type Movement Analysis, 2023 & 2030 (USD Million)
5.3. Dogs
5.4. Cats
5.5. Other Animals
Chapter 6. Pet Insurance Market: Sales Channel Estimates & Trend Analysis
6.1. Segment Dashboard
6.2. Pet Insurance Market: Sales Channel Movement Analysis, 2023 & 2030 (USD Million)
6.3. Agency
6.4. Broker
6.5. Direct
6.6. Bancassurance
6.7. Others
Chapter 7. Pet Insurance Market: Regional Estimates & Trend Analysis
7.1. Pet Insurance Market Share, by Region, 2023 & 2030, USD Million
7.2. North America
7.3. Europe
7.4. Asia Pacific
7.5. Latin America
7.6. Middle East and Africa
Chapter 8. Competitive Landscape
8.1. Market Participant Categorization
8.2. Company Market Position Analysis/Heat Map Analysis
8.3. Estimated Company Market Share Analysis, 2023
8.4. Strategy Mapping
8.4.1. Mergers & Acquisitions
8.4.2. Partnerships & Collaborations
8.4.3. Others
8.5. Company Profiles
8.5.1. Trupanion, Inc.
8.5.2. Deutsche Familienversicherung AG (DFV)
8.5.3. Petplan (Allianz)
8.5.4. Animal Friends Insurance Services Limited.
8.5.5. Figo Pet Insurance, LLC
8.5.6. Direct Line
8.5.7. Nationwide Mutual Insurance Company
8.5.8. Embrace Pet Insurance Agency, LLC
8.5.9. Anicom Insurance
8.5.10. ipet Insurance Co. Ltd.
8.5.11. Pumpkin Insurance Services Inc.
8.5.12. MetLife Services and Solutions, LLC
For extra details about this report go to https://www.researchandmarkets.com/r/tpiocp
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