Pet Insurance Market size is set to surpass USD 14.9 billion by 2030, according to a new research report by Global Market Insights Inc.
Rising demand for pet insurance policy coupled with increasing veterinary cost for animal healthcare is expected to boost the market forecasts. Furthermore, increasing pet adoption for companionship has led to increased spending on pet care. High disposable income and rising prevalence of zoonotic diseases has further augmented the spending on animal healthcare. Also, various pet insurance policy providers offer innovative novel pet insurance coverage policies to attract and increase customer base, thereby propelling the market revenue.
Increasing costs for veterinary care services will foster the pet insurance market size
Rising veterinary costs has exponentially boosted the demand for pet insurance. The increasing veterinary cost is associated to rising prices for pharmaceutical products and drugs and growing demand for technologically advanced medical equipment and advance medical procedures such as CT scans, magnetic resonance imaging and blood transfusions are being used to treat pets. Rising awareness for pet care and various veterinary hospitals offering treatment for sick and injured pets in rising pets life span. Thus, the increasing awareness for pet healthcare and rising veterinary cost is expected to spur the industry statistics.
Lack of standardized pet health codes for reimbursement will propel the market trends
Standardized health codes are designed to protect public health that are established and enforced by the government. In developed countries such as the United States and Canada, standard diagnosis coding system has evolved significantly for maintaining human medical records. This in return aids in availing the insurance benefits and claiming reimbursement offered by the federal government of the respective countries. However, lack of standardized pet health codes acts as a barrier in claiming reimbursement and thus, hamper the pet insurance market growth.
Accident policies are referred pocket friendly pet insurance that will fuel the market progression
Accidents only segment is set to cross USD 300 million by 2030. Accident plans are the basic pet plans and are pocket friendly for budget-friendly pet owners. The accident plan covers treatment of accidents including examinations, surgeries, medications, and hospitalization. This is expected to increase the demand for accidental policies. Also, the certain accident policies insure pets for accidental swallowing, snake bite toxicity, fight wounds, bone fracture and other accidents. Furthermore, accident policy are observed to offer around 80% reimbursement of the total veterinary bill. Thus, the aforementioned factors are likely to boost the industry landscape.
Browse key industry insights spread across 140 pages with 193 market data tables & 16 figures & charts from the report, “Pet Insurance Market Analysis By Policy Coverage (Accident Only, Accident & Illness), Animal (Cat, Dog), Provider (Public Private), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Increasing disease burden in cats will drive the overall industry outlook
Pet insurance market from cat segment accounted for 12.5% business share in 2021 and is set to register a significant CAGR through 2030 due to increasing cat adoption in developed countries such as U.S., Canada, and China. Moreover, insurance companies offer cats insurance of two types that include lifetime and non-lifetime insurance. Also, various common cat disease are covered in insurance policies such as feline immunodeficiency virus (FIV), heartworm, feline leukemia virus (FelV), ringworm, high-rise syndrome among others. Thus, owing to insurance policy coverage benefits for various disease will accelerate the overall market progression.
Customized insurance coverage offered by public companies will augment the industry scenario
Pet insurance market from public segment exceeded USD 470 million in 2021. Various public insurance companies offer customized pet insurance of pets that will significantly boost the segment revenue. Public insurance companies such as Oriental Insurance, National Insurance and New India Assurance offers insurance policies to various pets such as dogs, cats, horses, pigs, rabbits, and other livestock, whereas some private insurance companies offer insurance policies to dogs and cats only.
Various companies across Europe are using web-based applications and software to connects veterinary professionals & pet owners and streamline the process of availing benefits
Europe pet insurance market is anticipated to surpass USD 6 billion by 2030. Increasing adoption of pets and early introduction of pet insurance will stimulate the regional business landscape. Also increasing number of veterinary professionals and technological advanced veterinary clinics will fuel the market expansion in the region. Rising veterinary cost and various coverage benefits offered by the insurance policy companies will augment the regional market outlook.
Additionally, availability and accessibility of modern pet care facilities and mobile pet grooming services for pets and strategic initiatives taken by the industry players to increase the customer base and adopt insurance policy is expected to spur the European market value.
Implementing inorganic growth strategies to strengthen business revenue
Prominent market players operating in the pet insurance industry include Health for Pet, Nationwide, Trupanion, Petfirst, Pethealth, Embrace Pet Insurance Agency, Crum & Forster and Petplan among others. These industry players focus on strategies such as acquisitions, mergers, new product launch and partnerships to gain more revenue and consolidate the market presence.
For instance, in April 2021, Petline collaborated with Armour Insurance. This collaboration aimed to launch new pet insurance product, Pet Shield Insurance. This strategy enables consumers in British Columbia, Alberta, and Saskatchewan to purchase lifelong protection for their pet. This strategy helped the firm to enhance product offerings as well as strengthen its geographic presence.
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