The latest report by IMARC Group, entitled, “Pet Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The worldwide animal insurance coverage market size reached US$ 7.1 Billion in 2022. Looking forward, IMARC Group anticipates the marketplace to reach US$ 14.2 Billion by 2028, displaying a development rate (CAGR) of 12.1% throughout 2023-2028.
Pet insurance coverage describes a health care policy that covers the expenditures of veterinary center expenses. It likewise assists cover the cost of unanticipated medical expenditures, persistent health problem treatments, and serious injuries triggered by mishaps. It minimizes the monetary problem for damages or injuries to 3rd parties and after-death settlements and helps with pet take care of numerous genetic conditions, oral care, and behavioral problems. As it likewise integrates fringe benefits, such as discount rates on animal food and access to veterinary telemedicine services, the need for animal insurance coverage is increasing around the world.
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Pet Insurance Market Trends and Drivers:
The increasing variety of extended families and increasing adoption of animals represent among the significant aspects favorably affecting the marketplace. In addition, the increasing awareness about the correct upkeep and health of animals, together with the increasing expenses of animal health care and the growing developments in animal treatment procedures, are producing a favorable market. Apart from this, the increasing variety of non-government companies (NGOs) saving animals that are victims of cruelty and abuse and offering shelter, meals, and health care to them is adding to the marketplace development. Furthermore, crucial market gamers are presenting low costs insurance coverage strategies and likewise covering expenditures for physical and material damages triggered by animals, which is promoting the marketplace development worldwide.
Pet Insurance Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has actually likewise been analyzed together with the profiles of the crucial gamers.
- Agria Pet Insurance Ltd.
- Anicom Holdings Inc.
- Direct Line Insurance Group plc
- co.za
- Embrace Pet Insurance Agency LLC
- Figo Pet Insurance LLC
- Hartville Group
- Healthy Paws Pet Insurance LLC
- Medibank Private Limited
- MetLife Services and Solutions LLC
- Nationwide Mutual Insurance Company
- Pethealth Inc.
- Petplan (Allianz Insurance plc)
- The Oriental Insurance Company Ltd.
The report has segmented the marketplace based upon policy, animal and company.
Breakup by Policy:
- Illnesses and Accidents
- Chronic Conditions
- Others
Breakup by Animal:
Breakup by Provider:
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you require particular details that is not presently within the scope of the report, we will supply it to you as a part of the modification.
About Us
IMARC Group is a leading marketing research business that uses management method and marketing research worldwide. We partner with customers in all sectors and areas to determine their highest-value opportunities, resolve their most important obstacles, and change their businesses.
IMARC’s details items consist of significant market, clinical, financial and technological advancements for business leaders in pharmaceutical, commercial, and high innovation companies. Market projections and market analysis for biotechnology, advanced products, pharmaceuticals, food and drink, travel and tourist, nanotechnology and unique processing techniques are at the top of the business’s know-how.
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