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 international pet insurance coverage market measurement is predicted to succeed in USD 33.57 billion by 2030, registering a CAGR of 16.73% from 2024 to 2030. The key issue driving the trade progress consists of rising veterinary care prices on account of developments in medical expertise and coverings. Thus, pet homeowners are looking 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 document excessive of over $100 billion in 2023. This consists of bills, corresponding to pet meals, provides, over-the-counter drugs, veterinary care, and different providers. The rising pattern in pet spending displays the rising significance of pets in individuals’s lives and the willingness of pet homeowners to put money into 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 completely different wants and budgets, making insurance coverage extra accessible and enticing to pet homeowners. For occasion, in August 2023, Nationwide launched its most cutting-edge pet safety product, empowering pet homeowners to tailor protection in every class to swimsuit their pet’s necessities and monetary constraints. The introduction of extremely customizable pet insurance coverage signifies a major pattern out there. This modern method acknowledges the varied wants of pet homeowners and their animals, offering a versatile and customized answer. As pet insurance coverage turns into extra tailor-made and adaptable, it’s more likely to appeal to a broader viewers, fostering elevated adoption charges. This pattern emphasizes the trade’s dedication to assembly individualized buyer wants and contributes to the general progress 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 homeowners search to adjust to authorized necessities and supply the absolute best care for his or her pets. For instance, in some European international locations, pet insurance coverage just isn’t necessary, 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 steerage for states concerning pet medical insurance. Moreover, some rules, corresponding to necessary 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 immediately elevated the demand for pet insurance coverage to satisfy these regulatory obligations.
Pet Insurance Market Report Highlights
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The accident & sickness protection kind section 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 sicknesses are extra widespread, posing a major monetary pressure on pet homeowners, which leads to a better want for pet insurance coverage
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The dogs section attributed to the most important market share in 2023 when it comes to animal kind. The different animal kind section 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 section held the best share in 2023 and is estimated to develop on the quickest CAGR from 2024 to 2030
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Europe held the most important 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 progress. In addition, there’s a rising consciousness and concern amongst pet homeowners 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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