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 dimension 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 trade progress contains rising veterinary care prices because of developments in medical know-how and coverings. Thus, pet house owners are looking for insurance coverage to assist cowl these bills. According to the American Pet Products Association (APPA), the full pet spending within the U.S. alone was estimated to succeed in a report excessive of over $100 billion in 2023. This contains bills, akin to pet meals, provides, over-the-counter medicines, veterinary care, and different providers. The rising development in pet spending displays the rising significance of pets in folks’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 completely 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 go well with their pet’s necessities and monetary constraints. The introduction of extremely customizable pet insurance policy signifies a major development available in the market. This revolutionary strategy acknowledges the varied wants of pet house owners and their animals, offering a versatile and personalised resolution. As pet insurance coverage turns into extra tailor-made and adaptable, it’s prone to appeal to a broader viewers, fostering elevated adoption charges. This development 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 help 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 is just not necessary, whereas in others, it could be required by legislation. The National Association of Insurance Commissioners (NAIC) has developed a Pet Insurance Model Act to create regulatory steering for states relating to pet medical insurance. Moreover, some laws, akin 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 fulfill these regulatory obligations.
Pet Insurance Market Report Highlights
- The accident & sickness protection kind 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 sicknesses are extra widespread, posing a major monetary pressure on pet house owners, which ends up in a better want for pet insurance coverage
- The dogs phase attributed to the most important market share in 2023 when it comes to animal kind. The different animal kind phase contains small mammals, horses, reptiles, & birds, and is projected to develop on the quickest CAGR from 2024 to 2030
- 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
- 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
- The rising variety of pet adoptions globally is a significant component driving market progress. 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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