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Pet Insurance Market Analysis
- Report ID: GMI4284
- Published Date: Mar 2023
- Report Format: PDF
Pet Insurance Market Analysis
Based on type of policy coverage, the pet insurance market is segmented as accident only, accident & illness, and others. The accident & illness segment is expected to reach around USD 14.4 billion by 2030. The comprehensive nature and wide coverage of accident & illness policy stimulates its adoption rate among pet owners. Treatments for poison ingestion, broken bones, allergies, swallowed objects, burns, urinary tract infections, laboratory tests, X-rays, surgeries, and hospitalizations are generally covered under this policy. Pet insurance companies are undertaking numerous efforts to increase consumer awareness pertaining to various policies and the benefits associated with pet healthcare insurance. They are using social media and digital marketing as a tool to maximize the customer outreach by sharing information regarding various insurance policies designed for animals.
Based on type of animal, the pet insurance market is segmented into cats, dogs, and others. Dogs segment dominated the overall pet insurance industry in 2021 and is estimated to witness 6.9% CAGR during the forecast period. The large share of this segment can be attributed to the factors such as the large pet dogs population and increasing ownership rate and increasing animal healthcare expenditure. Furthermore, insurance companies offer policy coverage to wider range of dog breeds including cross breed, exotic dogs, sheep dogs, watch dogs, and hunting dogs that are pets.
Based on insurance provider, the pet insurance market is segmented as private and public. In 2021, the private insurance provider held largest share and is expected to grow by 7.2% during the forecast period. The advantages offered by private insurance providers such as shorter wait times, greater individualized attention, and more sophisticated facilities boosts its adoption among pet owners. Moreover, private players offer maximum coverage plans coupled with minimum premium that will further fuel the business expansion.
U.S. pet insurance market is anticipated to expand at a significant pace to reach more than USD 5.67 billion by 2030. The significant market share is owing to several factors including presence of major market players, easy availability of pet insurance, high cost of veterinary services, increasing ownership of dogs and cats, and increasing awareness about pet insurance among pet holders in the US.
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Pet Insurance Market Scope
