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| Global Pet Insurance Market Size |
Pet insurance provides financial protection against unforeseen veterinary costs
and can aid in routine care. It is a type of specialty property and casualty
insurance policy that pet owners purchase to cover veterinary expenses and
therapies. The pet insurance industry has witnessed substantial growth in
recent years owing to rising pet adoption rates during the pandemic. Veterinary
costs have increased significantly in the past decade raising the need for such
insurance policies.
The global Pet Insurance Market is estimated to be
valued at US$ 11.05 Mn in 2024 and
is expected to exhibit a CAGR of 6.5% over
the forecast period 2024 to 2031, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
Rising pet adoption rates during the pandemic has been
a key growth driver for the pet insurance market. According to recent studies,
nearly 12 million U.S. households acquired a new pet in 2020 alone. This surge
in pet ownership has increased awareness regarding pet wellness and led more
owners to invest in pet insurance for financial protection against rising vet
bills. It is expected that the market will continue witnessing high growth in
the coming years as millennials and Gen Z increasingly adopt pets and
prioritize their health and wellness. This trend of pet humanization especially
in developed markets is poised to drive further expansion of the pet insurance
industry globally over the forecast period.
Segment Analysis
The global pet insurance market is segmented based on animal type and
distribution channel. Based on animal type, the market is segmented into dog,
cat, and other pets. The dogs segment dominates the market and is expected to
continue its dominance over the forecast period. This is because dogs are more
prone to accidents and injuries and their medical bills tend to be higher
compared to other pets.
Key Takeaways
Global
Pet Insurance Market Size is
expected to witness high growth over the forecast period from 2024 to 2031. The
global Pet Insurance Market is estimated to be valued at US$ 11.05 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period
2024 to 2031.
Regional analysis reveals that North America dominates
the global pet insurance market currently. This is because of higher pet
adoption rates and increasing pet healthcare expenditures in countries like the
US and Canada. Asia Pacific is expected to be the fastest growing region during
the forecast period owing to rising pet ownerships, increasing disposable
incomes, and growing awareness about pet insurance in countries like India,
China, and Japan.
Key players operating in the pet insurance market are Medibank Private Limited,
Petplan, Oneplan Insurance, Dotsure.co.za (Hollard), Healthy Paws Pet Insurance
LLC, Figo Pet Insurance LLC, Embrace Pet Insurance Agency LLC, Anicom Holdings
Inc., Oriental Insurance Company Ltd., MetLife Services and Solutions LLC
(PetFirst Healthcare LLC), and Crum & Forster Pet Insurance Group
(Hartville Pet Insurance Group), among others. Medibank Private Limited and
Petplan capture a significant market share due to their wide distribution
networks and diverse product portfolios.
Get More Insights On This Topic: https://www.newswirestats.com/the-rising-need-for-pet-healthcare-driving-growth-in-the-pet-insurance-market/
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