NEWS RELEASE
Published April 7, 2023
According to the latest report by IMARC Group, entitled, “Pet Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, Offers an extensive analysis of the market, which makes up insights on the family pet insurance coverage market share. The worldwide family pet 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 costs. It likewise assists cover the cost of unanticipated medical expenditures, persistent disease treatments, and serious injuries brought on by mishaps. It lowers the monetary concern for damages or injuries to 3rd parties and after-death payments and assists in pet look after numerous genetic conditions, oral care, and behavioral concerns. As it likewise integrates fringe benefits, such as discount rates on family pet food and access to veterinary telemedicine services, the need for family pet 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 family pets represent among the significant elements favorably affecting the marketplace. In addition, the increasing awareness about the appropriate upkeep and health of family pets, in addition to the increasing expenses of animal health care and the growing developments in animal treatment procedures, are producing a beneficial market. Apart from this, the increasing variety of non-government companies (NGOs) saving animals that are victims of cruelty and abuse and supplying shelter, meals, and health care to them is adding to the marketplace development. Furthermore, essential market gamers are presenting low costs insurance coverage strategies and likewise covering expenditures for physical and material damages brought on by family pets, 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 taken a look at in addition to the profiles of the essential 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 service provider.
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 offer it to you as a part of the personalization.
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