Pet Insurance Market by Policy Coverage Type (Accidents & Illnesses, Only Accidents, Others), by Animal Type (Dog, Cat, Others), by Provider (Private, Public), by Region (North America, Europe, Asia-pacific, South America, Middle East and Africa): Global Forecasts 2017 To 2027

Date : Jul 2021

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Report ID : 17

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Category : Consumer Goods

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Report Format:  PDF EXCEL PPT WORD

Market Overview:

The Global Pet Insurance Market was valued US$ 4.3 Billion in 2020 is expected to reach US$ 7.7 Billion by 2027, with a growing CAGR of 8.6% during the forecast period (2021-2027).

Pets are one of the most lovable members of the family. Pets are adopted for various reasons like for security of property or companionship. Hence, it becomes the duty of pet owner to take care of pet with respect to health. In case of pets, especially dogs' face similar health issues as that of human and require proper time to time check-ups and vaccinations. In order to lessen the cost burden of owners, pet insurance is considered. Pet insurance is the policy that covers all healthcare or veterinary expenditure of pet animals. This policy coverage is similar to that of human insurance. The most common policy coverages considered is accidents and illness. This covers entire veterinary procedures of pets. Moreover, the increase in healthcare expenditure, adoption rate of pets and awareness regarding insurance policies defines the growth of pet insurance market. Other factors like increase in per capita income, governments regulations affect the growth of pet insurance market. Pet insurance policies provides the reimbursement of cost expelled in diagnostics tests like X-rays, MRI and ultrasound tests and this provides cost benefits to the owner of the pet.

Pet Insurance Market

The Global Pet Insurance Segmentation:

By Policy Coverage Type

  • Accidents & Illnesses
  • Only Accidents
  •  Others

By Animal Type

  • Dog
  • Cat
  • Others

By Provider

  • Private
  • Public

By Geographical Region

  • North America
  •  Europe
  •  Asia-pacific
  • South America
  •  Middle East and Africa

Pet Insurance Market Company Profiles and Competitive Intelligence:

Based on Policy coverage type, accident and illness policy segment accounted for the maximum share in 2020 and expected to increase during the forecast period

Based on policy coverage type, pet insurances are broadly classified into accidents & illness, only accidents, and others. Accidents & illness held maximum market share in pet insurance market. Majority of common illness and accidents are covered in this policy and this policy is considered to be favourable for pet animals and helps to pull the market revenue.

Based on animal type, dog segment is witnessing the fastest growth during the forecast period.

Based on animal types, pet insurance is broadly segmented into dogs, cats, and others animals. Dog is the most common pet owned by the population across globe. According to the data of 2019, “The Federation Cynologique Internationale” the total number of dogs kept as pet is more than 9,950,000. Therefore, there is high demand for insurance for dogs across the globe. The cost of treatment associated with dogs are comparatively higher, this factor contributes to the acceptance of pet insurance among dogs. The severity of diseases associated with dogs are somewhat similar to that of humans, which need immediate treatment and involve high-cost treatment. Hence, these insurance help to lessen the cost burden for owners.

Based on provider type, private policy provider segment expected to showcase the highest growth during the forecast period.

Based on provider types, pet insurance market is segmented into private and public providers. Development of innovative pet insurance schemes, in order to increase the adoption rate and awareness related to availability of healthcare expenditure available for pets, helps to fuel the private segment and increase share during forecast period. Private insurance companies offers maximum coverage with less premium so that one can afford to pay and this triggers the growth in pet insurance industry revenue.

Based on geographical region, North America accounted for majority of market share due to increase in pet adoption rate in this region.

On the basis of regions, North America is expected to hold maximum market share during the forecast period. The number of pet adopters are high in this region, thus tends to increase growth of market. According to American Society for Prevention of Cruelty to Animals suggests that, more than 3.2 million shelter animals are adopted in every year. Out of which, 1.5 million are dogs. Thus, there is huge pet adoption in this region which stimulate the industry value. Another factor which affected the growth of industry is increasing population with concern for pet healthcare, act as a driver for market growth.

Company Profiles and Competitive Intelligence: Petplan Limited, Trupanion, Inc., Nationwide Mutual Insurance Company., Hartville Group Inc., Pethealth Inc., Petfirst Healthcare LLC, Royal & Sun Alliance Insurance Company of Canada, Inc., Embrace Pet Insurance Agency, LLC, Direct Line Insurance Group Plc, and Petsecure are some of the key players operating in the pet insurance industry.

The report also provides in-depth analysis of pet insurance market dynamics such as drivers, restraints opportunities and challenges

Drivers

  • Increase in Veterinary Service Cost.
  • Companies Offering Innovative Pet Insurance Schemes and Proper Policy Coverage.
  • Increase in Pet Adoption Rate.

Restraints

  • High Cost Associated with Pets Healthcare Insurance.
  • Lack of Consumer Awareness in Underdeveloped Countries.

Opportunities

  • Increase in Pet Adoption and Awareness Regarding Pet Healthcare Expenditure.

Challenges

  • Lack of Awareness about Pet Insurance in Asia-Pacific Region.
  • Lack of Proper Standardize Pet Health Codes for Cost Reimbursement.

COVID-19 Impact on the Pet Insurance Market Analysis:

Covid-19 has highly affected the industries in terms of growth, economy, health and mental wellbeing of every individual. In this challenging situation, every industry is trying to give best services in terms of quality and safety.  Various pet associated companies are taking extraordinary care of pets during pandemic times. Many veterinary hospitals and clinics remain to be close due to lockdown and restriction on movement. Insurance companies are trying to innovate and modify the policy coverages and policies depending upon the incidences of health conditions. Companies are focussing on providing solutions to the pet owners and spreading awareness regarding the cost reimbursement available in the market. However, due to lockdown in many countries, the industry impacted negatively during this time.

The report also provides in-depth analysis of key trends in Pet Insurance market:

  • Due to Covid-19, the pent insurance market was affected badly because the diagnosis and veterinary centres were closed due to lockdown.
  • Increase pet adoptions and emergence of new innovative insurance policy coverages Leds to increase in growth of pet insurance market.

The report also provides in-depth analysis of recent news developments and investments:

  1. In March 2021, Ullico announced partnership with PetPartners in order to offer quality insurance for pets and cost of treatment. This partnership allows the policy holder to choose the licensed veterinarian of their choice.
  2. In October 2019, Embrace signed a partnership agreement with PawSupport for Pet Help Line to provide services through online mails, chat, and a video chat. This move will provide new services to policyholders. This will help the company to expand their business.

The unique insights provided by pet insurance market report also includes the following:

  • In-depth value chain analysis
  • Opportunity mapping
  • Sector snapshot
  • Key Players Positioning Matrix
  • Regulatory scenario
  • Strategies Adopted-Benchmarking Heat Map
  • Market trends
  • Covid-19 impact analysis
  • Product comparison
  • Pre & Post COVID 19 impacts on Pet Insurance Market
  • Competitive Landscape

Frequently Asked Questions (FAQs)

How big the global pet insurance market?

The global pet insurance market was valued at US $ 4.3 Bn in 2020 and is anticipated to reach US$ 7.7 Bn by 2027.

What is the estimated market growth rate of pet insurance industry?

The pet insurance market is estimated to grow at a compound annual growth rate (CAGR) of 8.6% during 2021-2027.

What is the share of North America in pet insurance market?

In the base year 2020, North America accounted for more than 35% share in the pet insurance market.

Who are the key players in the pet insurance industry?

Few Key Players Include, But Not Limit Up To: Petplan Limited, Trupanion, Inc., Nationwide Mutual Insurance Company., Hartville Group Inc., Pethealth Inc., Petfirst Healthcare LLC, Royal & Sun Alliance Insurance Company of Canada, Inc., Embrace Pet Insurance Agency, LLC, direct Line Insurance Group Plc, and Petsecure.

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Table of Contents Pet Insurance Market

  1. Introduction
    1. Product Outline
    2. What Is Pet Insurance
    3. Different Types of Pet Insurance
    4. Supply Chain Analysis
    5. Covid -19 Impact
    6. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Threats
    7. Opportunity Mapping
    8. Critical Success Factors
    9. Consumer Preferences
  2. Regulatory Landscape for Pet Insurance
    1. Regulations and Standards
  3. Pet Insurance by Policy Coverage
    1. Accidents & Illness
    2. Only Accidents
    3. Others
  4. Pet Insurance Market by Animals
    1. Dogs
    2. Cats
    3. Others
  5. Pet Insurance Market by Provider
    1. Private
    2. Public
  6. Regional Analysis
    1. North America
      1. US
      2. Canada
    2. Europe
      1. Germany
      2. UK
      3. France 
      4. Spain
      5. Netherlands
      6. Rest of Europe
    3. Asia Pacific
      1. China
      2. India
      3. Japan
      4. Australia
      5. Rest of Asia Pacific
    4. Middle East and Africa
    5. South America
  7. Key Strategic Insights
  8. Key Market Trends / Recent Developments
  9. Competitive Scenario
    1. Mergers and Acquisitions
    2. Investments
    3. Joint Ventures
    4. New Launches
    5. Ranking of Key Players
  10. KEY GLOBAL PLAYERS
    1. Petplan limited
    2. Trupanion, Inc.
    3. Nationwide Mutual Insurance Company.
    4. Hartville Group Inc.
    5. Pethealth inc.
    6. Petfirst healthcare LLC
    7. Royal & Sun Alliance Insurance Company of Canada, Inc.

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