Pet insurance Market size is set to surpass USD 11.6 billion by 2027, according to a new research report by Global Market Insights Inc.
Rising veterinary service cost will boost the market demand
Increasing veterinary costs has driven the demand for pet insurance. Advanced medical procedures such as blood transfusions, CT scans and magnetic resonance imaging are now being used to treat pets. Therefore, life span of pets has increased considerably due to veterinary hospitals treating large number of injured and sick pets. This has led to an increase in medical bills for pets considerably.
Lack of awareness about pet insurance in developing countries may hamper the pet insurance market growth
Lack of awareness regarding pet insurance products and services are comparatively high in the developing regions. The per capita income for developing countries is less in comparison to developed countries. Also, private veterinary practices are rarely seen in developing regions, due to which population does not regard pet insurance as a priority. Moreover, lack of awareness about various zoonotic diseases is another market growth restraining factor.
Accident policies segment to show significant growth
The accidents policy coverage segment is expected to reach revenue of USD 245.2 million in 2027. Accident policies are also referred as basic pet insurance as they provide budget-friendly cover against accidental injury and offer around 80% reimbursement of the total veterinary bill. Furthermore, accident cover policy insures pets in case of accidental injury in a motor vehicle incident, electrocution, burns, bone fractures, fight wounds, snake bite toxicity and other accidents.
Browse key industry insights spread across 140 pages with 194 market data tables & 16 figures & charts from the report, “Pet Insurance Market Size By Policy Coverage (Accident Only, Accident & Illness), By Animal (Cat, Dog), By Provider (Public Private), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Denmark, Norway, Sweden, The Netherlands, Japan, China, India, Australia, Mexico, Brazil, Argentina, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing disease burden in cats will boost the companies to offer various cat insurance
The cat segment held over 12.5% pet insurance market share in 2020. Cats are increasingly being adopted in countries such as U.S., Canada, and China. For instance, according to the American Pet Products Association survey report, there were 94.2 million cats in U.S. and 89.7 million dogs in 2018. The most prevalent diseases in cats are feline immunodeficiency virus (FIV), feline leukemia virus (FelV) and ringworm among others. Therefore, companies offer cat insurance in two types that include lifetime and non-lifetime insurance.
Public companies offer customized insurance coverage for pets
The public segment size valued at USD 412.6 million in 2020. Various public companies such as the New India Insurance, United India Insurance and Oriental Insurance offer customized insurance coverage for pets that. Moreover, most of the private companies offer pet insurance for cats and dogs only due to higher demand. Thus, pet owners that are looking to ensure other animal species turn up to public insurance companies. Public insurance companies usually have a high claim settlement ratio and are trusted by majority of the population, thus leading to advancement in the future.
Growing adoption of insurance of exotic breeds of cats and dogs in Europe
Europe pet insurance market revenue was around USD 3.3 billion in 2020 and is predicted to reach USD 5.1 billion by 2027, propelled by early introduction of pet insurance coupled with high penetration of insurance coverage for companion animals. Also, growing adoption of insurance of exotic breeds of cats and dogs will play a significant role in stimulating the growth of the European market. Furthermore, companies in European region are using web-based applications and software that connects veterinary professionals & pet owners and streamlines the process of availing benefits of pet insurance schemes.