Pet Insurance Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Japan, China, India, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2014 – 2025
Report ID: GMI4284
Pet Insurance Market size is projected to experience significant growth from 2019 to 2025.
Pet Insurance market will witness considerable growth over the estimation period due to growing awareness regarding pet insurance plan in the developing as well as developed economies. According to the North American Pet Health Insurance Association (NAPHIA), total number of pets insured in Canada and the U.S. reached 2.1 million in 2017. Thus, the rise in awareness among the population will further progress the pet health insurance market in the coming years.
Growing pet adoption rate especially, in developed countries, will positively impact the pet health insurance market in the upcoming years. High growth is attributed to the rising number of companion animals coupled with growing pet ownership. As per the European Pet Food Industry 2018 report, about 80 million households own at least one pet animal in Europe. Also, at least 25% own one cat and nearly 45% own one dog. Aforementioned factors will shape the growth and development of pet insurance market growth in the foreseeable future.
High cost of pet insurance policies coupled with lack of awareness among individuals will restrain the overall growth of pet health insurance market in the estimation period.
Lifetime cover pet insurance segment will show momentous growth over the estimated period. Lifetime pet insurance cover is the most comprehensive pet cover essentially designed to pay for any chronic or recurring condition during the pet’s lifetime. Pet owner can claim almost 90% of the veterinary bill through lifetime cover pet insurance plan. Due to its most comprehensive and continual care for a longer life will provide opportunities for the segmental growth in the coming years.
Dog end-use segment will witness a substantial revenue share of the pet insurance market and is estimated to lead the overall market over the forthcoming years owing to the surging adoption rate of dogs among developed and developing economies. As per the National Pet Ownership Survey conducted in 2017-2018 by the American Pet Products Association (APPA), nearly 78 million dogs are owned by the Americans. Also, it was reported that 44% of households have a dog. Thus, the growing adoption of pet animals is anticipated to upsurge the spending on health care needs of pet animals thus, boosting the segment growth over the forecast period.
U.S. pet insurance market is estimated to witness lucrative growth over the forecast period. High growth is attributed to the growing adoption of companion animals along with healthcare awareness regarding pet animal diseases. As per the American Pet Products Association (APPA), approximately 68% of households have pets in the U.S. Also, presence of major players such as Trupanion, Inc., Nationwide Mutual Insurance Company, etc. will augment market growth. Furthermore, growing penetration rate of pet insurance, costly veterinary care, and improved facilities will further augment the U.S. pet health insurance market growth in the foreseeable period.
India pet insurance market will show momentous growth over the analysis timeframe. Rising pet adoption coupled with growing awareness about animal health will foster pet insurance market business growth. Furthermore, increasing spending capacity of people, rising knowledge about pet care, supportive initiatives by the government, and rising per capita animal health expenditure is expected to fuel the growth of the pet insurance market in the country.
Some of the key players operating in the global pet insurance market Nationwide Mutual Insurance Company, Petplan Limited, Hartville Group Inc., Trupanion, Inc., and Pethealth Inc. among other players. These industry players resorting on various strategic alliances such as collaborations, partnerships, mergers & acquisitions, and new product launches to enhance financial stability and company growth. For instance, in April 2019, NSM Insurance Group acquired Embrace Pet Insurance, a nationwide provider of affordable, personalized, and easy-to-use pet health insurance for cats and dogs. Such acquisitions would complement the NSM insurance group’s pet health insurance division.
Pet Insurance Market by Policy Type, 2014-2025 (USD Million)
- Lifetime Cover Pet Insurance
- Non-lifetime Cover Pet Insurance
- Accident-only Pet Insurance
Pet Insurance Market by End-use, 2014-2025 (USD Million)
- Exotic Pet
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Petplan Limited
- Trupanion, Inc.
- Nationwide Mutual Insurance Company
- Hartville Group Inc.
- Pethealth Inc.
- PetFirst Healthcare LLC
- Royal & Sun Alliance Insurance Company of Canada, Inc.
- NSM Insurance Group (Embrace Pet Insurance Agency, LLC)
- Direct Line Insurance Group plc
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