Global Pet Insurance Market is valued at approximately USD xx billion in 2021 and is anticipated to grow with a healthy growth rate of more than 7.1% over the forecast period 2022-2029. Pet Insurance is a policy that is purchased by the pet owner to cover the costs of expensive veterinary bills of pets. The Pet Insurance market is expanding because of factors such increasing number of pets adoptions and rising awareness regarding pet insurance. This market is dominated by Anicom Holdings Inc., Embrace Healthy Paws Pet Insurance, LLC, Pet Insurance Agency LLC, Hartville Group, Dotsure.co.za, Figo Pet Insurance LLC, and Oneplan.
An increase in pet adoptions is driving the market for pet insurance, and growing concerns of pet owners are driving this market. Many people adopt pets as companions. Most of the time, cats or dogs are the preferred animals to keep as pets. According to 2021-2022 National Pet Owner Survey conducted by the American Pet Products Association (APPA), pet ownership increased from her 67% to 70% of US households. Millennials represent the largest cohort of pet owners at 32%, followed by Baby Boomers (27%) and Generation X (24%). And according to a 2020 report published by dosomething.org, about 7.6 million pets enter US shelters each year. Among them are about 3.9 million dogs and about 3.4 million cats. The rising disease in pet animals is also propelling the growth of this market. As well as many dogs and cats suffer from ticks and fleas cause harmful effects on health. The rate of cancer disease in pets is similar to disease caused by humans. According to the Veterinary Cancer Society reports, June 2020, cancer is the leading cause of death in 47% of dogs worldwide, especially in dogs over the age of 10. In addition, the prevalence of several diseases among dogs and the high prices of treatments is expected to increase the opportunity for this significant market. However, the lack of standardized pet health codes for reimbursement and low adoption in emerging countries stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Pet Insurance Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the dominance of branded products and the region's increasing disease and illness among animals. Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising pet adoption, an increase in disease and illness in animals, and active participation of government and nonprofit organizations in the market space. According to China's State Council in 2020, about 73.55 million households had pets, of which 46.1% have dogs and 30.7% have cats in 2019, the proportion of pet dogs was 34.0% and for cats was 20.0%. The increasing adoption of pets is also a major reason for the growth of this segment.
Major market players included in this report are:
Embrace Pet Insurance Agency LLC
Anicom Holdings Inc.
Healthy Paws Pet Insurance LLC
Figo Pet Insurance LLC
The Oriental Insurance Company Ltd
Metlife Services and Solutions LLC (Petfirst Healthcare LLC)
Recent Developments in the Market:
In December 2021, Chewy Inc., a leading online website widely known for pet owners and partners, and Trupanion Inc. Japan, is an leader brand in in pet health insurance industry, will expand their special suite of pet health insurance and wellness plans announced a partnership to provide more than 20 million Chewy customers.
In September 2021, AI-powered insurer Lemonade introduced a new pet health insurance policy for puppies and kittens (Lemonade Pets).
Global Pet Insurance Market Report Scope:
Historical Data: 2019-2020-2021
Base Year for Estimation: 2021
Forecast period: 2022-2029
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Policy, Animal, Provider, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Illness and Accident
Rest of the World