December 27, 2019
According to the research report titled ‘Pet Insurance Market Size by Policy Coverage (Accident Only, Accident & Illness), By Animal (Cat, Dog), By Provider (Public, Private) Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global pet insurance market is expected to cross USD 10 billion by the year 2025.
Growing inclination towards adopting exotic animals is the major factor driving the pet insurance market growth. Rising consumer awareness regarding additional benefits from insurance policies are leading to surging need for illness & accidents coverage policies. This factor, coupled with high veterinary costs are augmenting the demand for low cost insurance plans which will in turn aid the market expansion.
Lack of awareness regarding various pet insurance plans especially in emerging economies are, however, hindering the market growth. Moreover, scarcity of standardized pet health services will further impede the pet insurance market expansion.
In terms of type of coverage, accident & illness segment is expected to grow by 8.5% during the estimated timeframe. Accident & illness policies cover several chronic disorders among pets that could be expensive if treated without the insurance. Moreover, these policies offer reimbursement for treatments of poison ingestion, urinary tract infection, swallowed objects, broken bones, and burns among others.
Based on animal type, dog coverage policies segment will dominate the pet insurance industry due to rising adoption of dogs. On the other hand, some market players define insurance policies even for birds, rabbits, horses, and other pets and the segment is projected to reach USD 739.9 million by the year 2025, owing to growing adoption of exotic animals in countries such as Brazil, Canada, and U.S.
As per type of provider, private insurance provider segment is presumed to hold 93.8% share of pet insurance market during the analysis period. Increasing number of private industry players, along with introduction of unique pet insurance plans are stimulating the growth of the segment.
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Considering geographical landscape, the report cites that U.S. pet insurance industry will register substantial growth of 12% during the forecast period. Increasing consumer awareness regarding several pet insurance benefits, high presence of key industry players, and rising concerns over health of pets are driving the pet insurance market growth across the country.
The prominent companies operating in pet insurance market are PetHealth, Petfirst Healthcare LLC, Oneplan, Nationwide, Hollard, Health for Pet, Hartville Group, Figo Pet Insurance LLC, Embrace Pet Insurance Agency LLC, and Anicom Holdings, Inc. among others.
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