dublin, March 19, 2024 /PRNewswire/ — “Pet Insurance Market Size, Share and Trend Analysis Report” by Coverage Type (Accident Only, Accident and Illness), Animal Type (Dog, Cat), and Distribution Channel (Agent, Broker, Direct) Added “Forecast by region and segment, 2024-2030” report. ResearchAndMarkets.com Recruitment.
The global pet insurance market size is $33.57 billion By 2030, registering a CAGR of 16.73% from 2024 to 2030
The major factors driving industry growth include increasing veterinary healthcare costs due to advances in medical technology and treatments. Therefore, pet owners seek insurance to cover these expenses.
According to the American Pet Products Association (APPA), total spending on pets in the United States alone is estimated to be at an all-time high. $100 billion This includes costs such as pet food, supplies, over-the-counter medications, veterinary care, and other services. The upward trend in pet spending reflects the growing importance of pets in people's lives and the willingness of pet owners to invest in their animals' well-being.
Additionally, pet insurance companies offer a wide range of coverage options, including customizable plans to suit different needs and budgets, making insurance more accessible and attractive to pet owners. for example, August 2023, Nationwide has launched cutting-edge pet protection products, allowing pet owners to customize coverage in each category to suit their pet's requirements and financial constraints. The introduction of highly customizable pet insurance plans represents an important trend in the market.
This innovative approach recognizes the diverse needs of pet owners and their animals and provides flexible, personalized solutions. As pet insurance becomes more customized and adaptable, it has the potential to attract a broader audience and drive higher adoption rates. This trend highlights the industry's commitment to meeting individual customer needs and contributes to the overall market growth and evolution.
Additionally, increased regulatory support and legislation championing pet welfare is expected to drive demand for pet insurance, as pet owners seek to comply with legal requirements and provide the best possible care for their pets. Masu. For example, pet insurance is not compulsory in some European countries, but may be required by law in other countries. The National Association of Insurance Commissioners (NAIC) developed the Pet Insurance Model Act to create regulatory guidance for states regarding pet health insurance.
Additionally, some regulations, such as microchipping requirements and pet travel requirements, require certain forms of insurance. For example, the EU pet travel regime requires compliance with certain health and identification measures when traveling with pets. This has directly increased the demand for pet insurance to meet these regulatory obligations.
Pet Insurance Market Report Highlights
- The accident and illness coverage type segment is expected to dominate the market with a share of approximately 84.94% in 2023 and grow at the fastest CAGR of 16.95% from 2024 to 2030. Pet accidents and illnesses are becoming more common and therefore a significant economic burden.As the burden on pet owners increases, the need for pet insurance increases.
- In terms of animal type, the dog segment is expected to account for the largest market share in 2023. Other animal types segment includes small mammals, horses, reptiles, and birds, which are projected to grow at the fastest CAGR from 2024 to 2030.
- By sales channel, the direct sales segment is estimated to account for the highest share in 2023 and grow at the fastest CAGR from 2024 to 2030.
- Europe In 2023, it captured the largest share of the total market at approximately 44.19%. Asia Pacific It is expected to grow at the fastest CAGR of approximately 6.63% from 2024 to 2030
- The increasing number of pet adoptions globally is the major factor driving the market growth. Additionally, pet owners are becoming more aware and concerned about their pets' health, increasing the demand for pet insurance.
Company Profile
- Trupanion Co., Ltd.
- German Family Court (DFV)
- Pet Plan (Allianz)
- Animal Friends Insurance Service Co., Ltd.
- Figo Pet Insurance LLC
- direct line
- National mutual insurance company
- Accept Pet Insurance Agency LLC
- Anicom Insurance
- iPet Insurance Co., Ltd.
- Pumpkin Insurance Service Co., Ltd.
- MetLife Services and Solutions LLC.
Main topics covered:
Chapter 1 Pet Insurance Market: Methodology and Scope
1.1. Market segmentation and scope
1.2. Market definition
1.3. Research method
1.4. Information procurement
1.5. Market formation and verification
Chapter 2 Pet Insurance Market: Overview
2.1. Market outlook
2.2. Segment outlook
2.3. Competitive Insights
Chapter 3 Pet Insurance Market: Variables, Trends, and Scope
3.1. Market system outlook
3.1.1. Parent market outlook
3.1.2. Related/Supplementary Market Outlook
3.2. Market trends
3.2.1. Analysis of market drivers
3.2.1.1. Increasing number of pets and spending
3.2.1.2. Pets are becoming more humanized
3.2.1.3. Rising pet care costs
3.2.1.4. Supportive efforts by government, public and private stakeholders
3.2.2. Market constraint analysis
3.2.2.1. Lack of awareness
3.2.2.2. High insurance premiums
3.2.3. Market opportunity analysis
3.2.4. Analysis of market issues
3.3. Pet insurance market analysis tools
3.3.1. Porter's analysis
3.3.2. PESTEL analysis
3.4. Analysis of new coronavirus infection
3.5. Estimated pet population by major countries
Chapter 4 Pet Insurance Market: Coverage Type Estimation and Trend Analysis
4.1. Segment Dashboard
4.2. Pet Insurance Market: Coverage Type Trend Analysis, 2023 and 2030 (USD Million)
4.3. Accidents and illnesses
4.4. Accidents only
Chapter 5 Pet Insurance Market: Animal Type Estimation and Trend Analysis
5.1. Segment Dashboard
5.2. Pet Insurance Market: Animal Type Trends Analysis, 2023 and 2030 (USD Million)
5.3. Dog
5.4. Cat
5.5. Other animals
Chapter 6 Pet Insurance Market: Sales Channel Estimation and Trend Analysis
6.1. Segment Dashboard
6.2. Pet Insurance Market: Distribution Channel Trends Analysis, 2023 and 2030 (USD Million)
6.3. Agency
6.4. Broker
6.5. Direct
6.6. Bank sales
Chapter 7 Pet Insurance Market: Regional Estimates and Trend Analysis
7.1. Pet Insurance Market Share by Regions, 2023 and 2030, USD Million
Chapter 8 Competitive Environment
8.1. Classification of market participants
8.2. Company market position analysis/heap map analysis
8.3. Estimated Company Market Share Analysis, 2023
8.4. Strategy mapping
8.4.1. Mergers and Acquisitions
8.4.2. Partnerships and Collaboration
8.4.3. Others
For more information about this report, please visit https://www.researchandmarkets.com/r/2e4jmv.
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