DUBLIN, April 27, 2023 /PRNewswire/ — The report “Pet Insurance Market – Growth, Trends, Impact of COVID-19, and Forecast (2023-2028)” has been added to from ResearchAndMarkets.com offer.
The pet insurance market is expected to register a CAGR of 7.1% during the forecast period.
- Anicom Holdings Inc.
- Embrace the LLC Pet Insurance Agency
- Figo Pet Insurance LLC
- Hartville Group
- Healthy Paws Pet Insurance LLC
- Single plan
- Metlife Services and Solutions LLC (Petfirst Healthcare LLC)
- Plan of animals
- The Oriental Insurance Company Ltd
- Medibank Private Limited
Pet Insurance Market Trends
The dog segment is expected to present lucrative growth opportunities in the pet insurance market
Recent years have seen a significant increase in the adoption of animals, especially dogs, as they are among the favorite companions of human beings. Dogs are preferred more than any other pet in the world.
For example, according to the Pet Ownership Statistics in 2022, 70% of US households (90.5 million households) owned a pet, of which 69 million have a pet dog.
The growing adoption of pets is also a significant reason for the growth of the segment. Of the total pet population, dogs accounted for 34.0% and cats for 20.0% in 2019.? Therefore, with the high number and demand for dogs, there is a corresponding increase in the number of dog insurances.
Moreover, the prevalence of several diseases in dogs and the high prices of treatments are major contributors to the adoption of pet insurance among dogs. Cancer strikes dogs at almost the same rate as humans.
According to the Veterinary Cancer Society of June 2020, cancer is the leading cause of death in 47% of dogs, especially those over the age of 10, worldwide. Although cancer is a disease found in aging animals, certain families or breeds of dogs, such as the Rottweiler, Bernese Mountain Dog, Bouvier des Flandres, German Shepherd, Great Dane, Labrador Retriever, bichon frize, boxer and golden retriever, have a higher incidence or tendency to develop cancer at a young age.
Hence, the above mentioned factors are expected to drive the segmental growth of the market over the forecast period.
North America is expected to dominate the pet insurance market over the forecast period
In the North American region, United States accounted for the largest market share. The high number of pet owners, awareness, increase in pet insurance, and technological advancements in diagnostics are the major driving factors in the United States region. The socio-economic conditions of the country are good enough to economically support the market at the production and end-user level.
According to the 2021-2022 National Pet Ownership Survey conducted by the American Pet Products Association (APPA), pet ownership has increased from 67% to 70% of households in United States. Millennials were also found to be the largest cohort of pet owners, accounting for 32%, followed by Baby Boomers (27%) and Gen Xers (24%).
There are about 3.9 million dogs and 3.4 million cats among them. Thus, the increase in the adoption of pets is expected to increase the expenditure on the healthcare needs of these animals, which, in turn, is expected to drive the growth of the market over the forecast period.
According to the American Pet Products Association (APPA) 2021-2022, there is an increase in pet industry spending in United States. Pet industry spending in United States totaled $103 billionup 6.7% compared to $97.1 billion in 2019. APPA estimates that expenditure in 2021 will reach $109.6 billion. Thus, the increase in pet expenses increases the demand for care products such as insurance.
Also, companies engage in merger, acquisition and launch activities to expand their business. For example, in June 2022JAB Holding Company acquired Fairfax Financial Holdings Limited, including all of its global operations.
Main topics covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increased number of pet adoptions
4.2.2 Rising Awareness of Pet Insurance
4.3 Market Constraints
4.3.1 Lack of Standard Pet Health Codes for Reimbursement
4.3.2 Low adoption in emerging countries
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION (Market Size by Value – USD Million)
5.1 By Policy
5.1.1 Illnesses and accidents
5.1.2 Chronic conditions
5.1.3 Other policies
5.2 Per animal
5.2.3 Other animals
5.3 By supplier
5.4 By geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information on this report visit https://www.researchandmarkets.com/r/b9qk50
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