Global Pet Insurance Market Report, Insights and Trends, Positive and Negative Factors, Areas to Focus on, Potential Markets, Key Developments, Segments and Verticals, and Forecast 2020 – 2029
“Global Pet Insurance Market Drivers, Restraints, Opportunities, Trends, Insurance Types and Applications, End Users, Market Size and Compound Annual Growth Rate and Industry Forecast till 2029” – an upcoming report tracked by MarketResearch.biz research team. The report is dedicated to the prevalence of indications or conditions among pet populations globally, adoption rate of pets such as dogs, cats, horses, etc. It also offers in-depth analysis and details such as global market value, region-wise and major country-wise revenue details, key players functioning in the market, their revenue, initiatives, and investments for R&D and launches, etc. Additionally, the report includes other important information such as present consumer trends, secondary and primary driving factors and restraints, future opportunities, and challenges to the market. The report includes historical and current scenario and revenue details and analysis regarding forecast about the revenues for the next 10 years. It provides detailed profiles of major existing companies in the market including date of establishment, on-board CEO, company headquarters and location, revenues, employee strength, technological advancements and developments, joint ventures, acquisitions & mergers, and competitive analysis. To enable deep study and provide detailed information in accordance with aforementioned factors related to the global market, the report is bifurcated based on insurance type, animal type, sales channel, and region/ country.
Pet Insurance: Overview
Pet Insurance is a recently introduced concept across the globe for some decades. Pet insurance policies offer cover for the veterinary expenses that are incurred for hospital stay and treatment of companion animals who are sick or have endured an injury. Certain plans also cover death of the insured pet.
Pet Insurance Market: Drivers and Restraints
Rising number of pet adoptions and increasing prevalence of animal-related diseases and disorders and concerns among pet owners regarding pet health and the possibility of disease transmission to human beings are some of the major factors driving market growth.
- According to Centers for Disease Control and Prevention, National Center for Emerging and Zoonotic Infectious Diseases (NCEZID), there are several diseases that can get transmitted from companion animals to humans including Campylobacteriosis (Campylobacter), Hookworm, Dog Tapeworm, Roundworm, Rabies, Brucellosis, Capnocytophaga spp., Cryptosporidiosis (Cryptosporidium spp.), Echinococcosis (Echinococcus spp.), Ehrlichiosis (Ehrlichia spp.), Giardiasis (Giardia spp.), Leptospirosis (Leptospira spp.), Lyme Disease (Borrelia burgdorferi), Pasteurellosis (Pasteurella spp.), Plague (Yersinia pestis), Ringworm (Microsporum canis), among many other illnesses.
Moreover, inclining demand and adoption of pet insurance plans to help pet-owners avail out-of-pocket expenses incurred due to critical medical indication or conditions of the pets including Canine influenza, external parasites, cancer, heart strokes, and injuries due to mishaps or accidents is additional major factor anticipated to propel market growth.
Veterinary healthcare expenses are higher as compared to human healthcare spending as these services are highly expensive and need highly qualified veterans, skilled lab-technicians, and specifically-designed diagnostic devices. In 2016–2017 for instance, according to APPA, the total expenditure in the US pet market increased by approximately 4.1% between 2016 and 2017. In addition, pet care expenses increased by nearly 7% that is from nearly US$ 16 Bn in 2016 to US$ 17.1 Bn in 2017.
Segment Insights: Pet Insurance Market
By Product Insights:
Among the available insurance types, the lifetime accident and illness pet insurance segment is estimated to record the largest share in terms of value in the target market Key factors driving the segment growth include highly expensive veterinary diagnostics and treatments, rising pet population, rising concerns regarding pet health and human health, increasing need for regular health checkup and treatment of chronic diseases and disorders and rising awareness regarding pet insurance plans. Lifetime insurance plans are comprehensive coverage plans for companion animals or pets, and the contractual insurance policies cover illness and accidental injuries, surgery cost, and hospitalization costs.
The accident only segment is estimated to record a substantially high share in terms of value in the global market. Major factors expected to propel the segment growth are increasing incidence of companion animal road accidents, or mishaps due to various reasons. Some of the players offering accident-only insurance plans include Real Insurance, Embrace, Bupa, Pet Plus Us, Healthy Paws and AKC pet Insurance among others. Moreover, insurance plan providers are focusing on increasing customer base by targeting pet-owners on E-commerce websites as sales channels. In 2018 for instance, a US-based pet insurance company – Healthy Paws, in collaboration with a dog walker and sitter network company – Rover.com – in order to target audience and expand its market footprint.
By Sales Channel Insights:
The agency segment is expected to record the largest revenue share in the global market, due to the most preferred sales channel by a large customer base. The bancassurance segment is projected to witness considerably high CAGR over the 10-year forecast period. This is due to a large number of well-developed banks that offer pet insurance coverage including German American Bank, M & S Bank, Tesco Bank, Midwest Heritage Bank, and First Citizen Bank, among others.
Region Insights: Pet Insurance Market
The Europe pet insurance market is estimated to record significantly high revenue share in the target market owing to increasing number of pets insured in countries in the region, in 2017 for instance, according to the report published by the Pet Food Institute (PFI) & Department of Clinical Veterinary Science (DCVS), in the UK, nearly 23% and around 30% of Sweden-based companion animals were covered with some type of pet insurance. On the other hand, only a percentage of pets in the US were insured. In addition, robust presence of key insurance providers and favorable insurance policies and initiatives by the government associated with pet healthcare are factors further propelling market growth in Europe. Furthermore, constant enhancements in pet insurance plans in terms of value-added services such as ‘vet direct-pay’ by a US-based insurance provider – Trupanion, are making efforts in revolutionizing the pet medical insurance offerings for dogs and cats, by removing reimbursement policies model. Europe pet insurance industry is projected to grow at a rapid pace due to strict rules and regulations regarding pet insurance in countries such as Sweden in the region. North America (NA) market is estimated to account for the second-largest share in terms of value in the market. Factors such as rising number of pet populations and increasing awareness regarding availability of pet insurance plans are anticipated to support revenue growth of the NA market. Furthermore, high adoption of pets, concerns regarding pet health, higher spending capacity in pet healthcare, are augmenting market growth in NA market. Moreover, since a large number of companion animals are yet to be insured in North America, there are immense growth opportunities for major players in the global market. North American Pet Health Insurance Association (NAPHIA), the US, includes a large number of members of around 20 brands of pet insurers marketed in the country. Furthermore, growing North America pet insurance market is expected to have a positive impact on the insurance actuary in the country. As per the 2018 report by the Casualty Actuarial Society (CAS), demand for pet insurance actuary in the US is projected to rise significantly and create new revenue opportunities for actuarial companies.
The Asia Pacific (APAC) market is projected to be an emerging market and witness the highest growth rate over the 10-year forecast period, due to rising trend of pet adoption and constant development of economies in APAC. In addition, increasing awareness and concerns regarding pet health and need for pet insurance for payment of expenses are additional factors propelling the APAC market growth. For instance, as per the International Monetary Fund (IMF) 2019, per-capita income in the Asia Pacific was around US$ 7.4 Thousand in the same year and this is projected to reach a value of US$ nearly 10.2 Thousand in 2024. Furthermore, growing geographical expansions by major pet insurance companies and banks in the region is projected to support market growth. In 2018 for instance, Singapore-based CIMB Bank was the first bank to offer pet insurance.
Global Pet Insurance Market Segmentation:
Market Segmentation by Insurance Type:
- Accident and Illness
- Accident only
Market Segmentation by Animal Type:
Market Segmentation by Sales Channel:
- Direct Writing
Market Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Petplan Limited
- Trupanion, Inc.
- Nationwide Mutual Insurance Company
- Hartville Group, Inc.
- Pethealth, Inc.
- PetFirst Healthcare LLC
- Royal & Sun Alliance Insurance Company of Canada, Inc.
- Embrace Pet Insurance Agency, LLC.
- Direct Line Group
- PetSure (Australia) Pty Ltd
- ipet Insurance
- Japan Animal Club
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