Pet Insurance Market to Grow with a CAGR of 14.22% Globally through 2028
The global pet insurance market is experiencing robust
growth due to rising pet ownership. It offers financial protection for pet
medical expenses, attracting more consumers and expanding its market share..
According to TechSci Research report, “Global Pet
Insurance Market - Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Pet Insurance Market stood at USD 8.9
billion in 2022 and is anticipated to grow with a CAGR of 14.22% in the
forecast period, 2024-2028.
The
Global Pet Insurance Market is driven by increasing pet ownership, heightened
awareness of insurance benefits, rising pet healthcare costs, advances in
veterinary medicine, and expanded coverage options. Key trends include
customized plans, telemedicine integration, wellness packages, growing
competition, education initiatives, and ecosystem integration. Challenges
encompass low awareness, affordability concerns, pre-existing condition
exclusions, complex claims, and regulatory variations. Despite challenges, the
market thrives as pet owners prioritize comprehensive healthcare for their
beloved animals. The industry's continuous growth and innovation ensure pets
receive quality care while offering financial security to owners worldwide.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Pet
Insurance Market”
The Global Pet Insurance Market is propelled by
several pivotal drivers that collectively contribute to its significant growth
and evolution. Firstly, the escalating trend of pet ownership across the globe
plays a crucial role. Pets, particularly dogs and cats, are increasingly
regarded as integral family members, fostering a deeper emotional connection
between owners and their furry companions. This heightened bond leads to a growing
willingness among pet owners to invest in comprehensive healthcare, making pet
insurance a compelling option to ensure their pets receive the best possible
medical attention.
Secondly, there is a marked increase in awareness
among pet owners regarding the benefits of pet insurance. As veterinary
treatments become more advanced and comprehensive, so does the cost associated
with ensuring pets receive the best possible care. This awareness prompts pet
owners to seek financial protection through insurance, viewing it as a
responsible and proactive approach to managing the potential expenses
associated with unforeseen accidents, illnesses, or routine healthcare needs.
The third driver is the soaring healthcare costs for
pets. As veterinary medicine progresses, a wider array of sophisticated
treatments, surgeries, and diagnostic procedures become available, mirroring
the advancements in human healthcare. While these medical breakthroughs enhance
the quality of care for pets, they also contribute to an increase in the
overall cost of veterinary services. Pet insurance serves as a vital financial
safeguard, mitigating the impact of these rising costs and ensuring that pet owners
can afford the best available treatments for their beloved animals.
Advancements in veterinary medicine represent the
fourth driver, influencing the growth of the pet insurance market. The parallel
progress of medical treatments for animals and humans means that pets can now
access specialized and advanced healthcare previously unavailable. From complex
surgeries to specialized therapies, the range of available treatments has
expanded, necessitating financial solutions like pet insurance to accommodate
these sophisticated healthcare options.
Fifthly, the global pet insurance market is driven by
the expansion of coverage options. Insurance providers are adapting to the
diverse needs of pet owners by offering more flexible and tailored coverage
plans. Whether it's breed-specific coverage, wellness packages, or
comprehensive accident and illness plans, the variety of options allows pet
owners to choose plans that align with the unique health profiles and
requirements of their pets.
These drivers collectively contribute to the growth
and vitality of the global pet insurance market. They signify a broader
cultural shift towards recognizing and prioritizing the well-being of pets as
essential members of the family. As pet ownership continues to rise, the demand
for comprehensive and customizable insurance plans is expected to grow, further
shaping the trajectory of the pet insurance industry on a global scale. The
intersection of heightened awareness, evolving healthcare needs, and advancements
in veterinary science positions pet insurance as a crucial component of
responsible and proactive pet ownership.
Major companies operating in Global Pet Insurance Market
are:
- Trupanion, Inc.
- Deutsche Familienversicherung AG (DFV)
- Petplan (Allianz)
- Animal Friends Insurance Services
Limited
- Figo Pet Insurance, LLC
- Nationwide Mutual Insurance Company
- Embrace Pet Insurance Agency, LLC
- Anicom Insurance
- ipet Insurance Co., Ltd.
- MetLife Services and Solutions, LLC
Download
Free Sample Report
Customers can also request for 10% free customization
on this report.
“The Global Pet Insurance Market is on an upward trajectory,
driven by increasing pet ownership, heightened awareness of insurance benefits,
rising pet healthcare costs, advances in veterinary medicine, and expanded
coverage options. Pet owners view insurance as a means to provide comprehensive
healthcare for their beloved animals while managing the potential financial
burdens of accidents, illnesses, or routine healthcare needs. This industry's
growth is further fueled by a diverse array of customizable coverage plans and
innovative options. Challenges such as low awareness, affordability concerns,
and regulatory variations exist but have not deterred the market's overall
expansion, reflecting the growing significance of pets in households worldwide.”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Pet Insurance Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast, Segmented By Coverage Type (Accident &
Illness, Chronic Condition, Others), By Animal (Dogs, Cats, Others), By Sales
Channel (Agency, Broker, Others), By Region, By Competition, 2018-2028”, has evaluated
the future growth potential of Global Pet Insurance Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Pet Insurance Market.
Contact
Mr. Ken Mathews
Techsci Research LLC
420 Lexington Avenue, Suite 300,
New York, United States- 10170
Tel: +1-332-258-6602
Email: [email protected]
Website: www.techsciresearch.com