Global Pet Insurance Market
Global Pet Insurance Market was valued at US$ 8,250.30 Mn in 2021, estimated to reach US$ 25,430.20 Mn in 2027, with a CAGR of 12.63% from 2022-2027.
Pet insurance is a policy purchased by the pet owner that pays in part or in full for the veterinary treatment of the insured pet's illness or injury. Some policies also cover pet death or loss if the pet is lost or stolen. Furthermore, rising medical costs in veterinary medicine, as well as the use of expensive medical techniques and drugs, are driving up demand for pet insurance.
Market Drivers
Growing and increased demand for pet insurance market policies, as well as a greater need for financial security in the event of a surge in uncertainties, drive the global pet insurance market forward. Furthermore, the increased number of veterinary clinics has a positive impact on market growth. On the contrary, implementation of technologies in existing products and service lines, as well as government initiatives regarding pet insurance policies, are expected to provide lucrative opportunities for market expansion during the forecast period.
The major factors driving the market's growth are a significant increase in the number of animals available for adoption and an increase in animal adoption. According to an American Veterinary Medical Association (AVMA) survey published in November 2021, both dog and cat populations have increased in recent years, as have the percentages of households owning dogs or cats. In 2021, there were approximately 83.7 million dogs, or 1.46 dogs per household, up from 76.8 million in 2016. According to the Pet Food Manufacturers Association, as of 2021, 3.2 million households in the United Kingdom had acquired a pet since the COVID-19 outbreak began.
Market Restraints
However, a lack of awareness about pet insurance policies, as well as high premium costs, are impeding global pet insurance market growth. Also, Lack of Standardized Pet Health Codes for Reimbursement and Low Adoption in Emerging Countries may hinder the market growth.
Market Segmentation
The global pet insurance market is segmented into Policy such as Accident and Illness, Chronic Conditions, and Others. By Animal, market is segmented into Dogs, cats, and Others. Further, market is segmented into Provider such as Public & Private.
Regional Analysis
The global pet insurance market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The United States held the largest market share in the North American region. The major driving factors in the US region are high pet ownership, increased pet insurance, and technological advancements in the diagnostics field. The country's socioeconomic conditions are adequate to provide economic support to the market at both the production and end-user levels.
Key Players
Anicom Holdings Inc., Embrace Pet Insurance Agency LLC, Figo Pet Insurance LLC, Hartville Group, Healthy Paws Pet Insurance LLC, Dotsure.co.za, Oneplan, Metlife Services and Solutions LLC (Petfirst Healthcare LLC), Petplan, The Oriental Insurance Company Ltd, etc.
Market Taxonomy
By Policy
• Accident and Illness
• Chronic Conditions
• Others
By Animal
• Dogs
• Cats
• Others
By Provider
• Public
• Private
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
Global Pet Insurance Market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Pet Insurance Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact due to recent Energy Crisis
4.2.5 Cumulative Impact due to nearing economic downturn
4.2.6 Post covid-19 world Supply & Demand conditions
4.2.7 Cumulative Impact of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Pet Insurance Market, By Policy
5.1 Y-o-Y Growth Comparison, By Policy
5.2 Global Pet Insurance Market Share Analysis, By Policy
5.3 Global Pet Insurance Market Size and Forecast, By Policy
5.3.1. Accident and Illness
5.3.2. Chronic Conditions
5.3.3. Others
6 Global Pet Insurance Market, By Animal Type
6.1 Y-o-Y Growth Comparison, By Animal Type
6.2 Global Pet Insurance Market Share Analysis, By Animal Type
6.3 Global Pet Insurance Market Size and Forecast, By Animal Type
6.3.1 Dog
6.3.2. Cat
6.3.3. Others
7 Global Pet Insurance Market, By Provider
7.1 Y-o-Y Growth Comparison, By Provider
7.2 Global Pet Insurance Market Share Analysis, By Provider
7.3 Global Pet Insurance Market Size and Forecast, By Provider
7.3.1. Public
7.3.2. Private
8 Global Pet Insurance Market, By Region
8.1 Global Pet Insurance Market Share Analysis, By Region
8.2 Global Pet Insurance Market Size and Forecast, By Region
8.3 Global Pet Insurance Market Trends and Forecast, By Region
9 North America Pet Insurance Market Analysis and Forecast (2022-2027)
9.1 Introduction
9.2 North America Pet Insurance Market Share Analysis, By Policy
9.3 North America Pet Insurance Market Size and Forecast, By Animal Type
9.4 North America Pet Insurance Market Size and Forecast, By Provider
9.5 North America Pet Insurance Market Size and Forecast, By Country
9.5.1 U.S.
9.5.2 Canada
9.5.3 Mexico
10 Europe Pet Insurance Market Analysis and Forecast (2022-2027)
10.1 Introduction
10.2 Europe Pet Insurance Market Share Analysis, By Policy
10.3 Europe Pet Insurance Market Size and Forecast, By Animal Type
10.4 Europe Pet Insurance Market Size and Forecast, By Provider
10.5 Europe Pet Insurance Market Size and Forecast, By Country
10.5.1 Germany
10.5.2 France
10.5.3 UK
10.5.4. Rest of Europe
11 Asia Pacific Pet Insurance Market Analysis and Forecast (2022-2027)
11.1 Introduction
11.2 Asia Pacific Pet Insurance Market Share Analysis, By Policy
11.3 Asia Pacific Pet Insurance Market Size and Forecast, By Animal Type
11.4 Asia Pacific Pet Insurance Market Size and Forecast, By Provider
11.5 Asia Pacific Pet Insurance Market Size and Forecast, By Country
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4. Rest of Asia Pacific
12 Latin America Pet Insurance Market Analysis and Forecast (2022-2027)
12.1 Introduction
12.2 Latin America Pet Insurance Market Share Analysis, By Policy
12.3 Latin America Pet Insurance Market Size and Forecast, By Animal Type
12.4 Latin America Pet Insurance Market Size and Forecast, By Provider
12.5 Latin America Pet Insurance Market Size and Forecast, Country
12.5.1. Brazil
12.5.2. Rest of Latin America
13 Middle East Pet Insurance Market Analysis and Forecast (2022-2027)
13.1 Introduction
13.2 Middle East Pet Insurance Market Share Analysis, By Policy
13.3 Middle East Pet Insurance Market Size and Forecast, By Animal Type
13.4 Middle East Pet Insurance Market Size and Forecast, By Provider
13.5 Middle East Pet Insurance Market Size and Forecast, By Country
13.6.1. Saudi Arabia
13.5.2. UAE
13.5.3. Egypt
13.5.4. Kuwait
13.5.5. South Africa
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 Anicom Holdings Inc
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2. Embrace Pet Insurance Agency LLC
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3. Figo Pet Insurance LLC
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 Hartville Group
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 Healthy Paws Pet Insurance LLC
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 Dotsure.co.za
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 Oneplan
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
15.8 Metlife Services and Solutions LLC (Petfirst Healthcare LLC),
15.8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies
15.9 Petplan
15.9.1 Overview
15.9.2 Offerings
15.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies
15.10 The Oriental Insurance Company Ltd
15.10.1 Overview
15.10.2 Offerings
15.10.3 Key Financials
15.10.4 Business Segment & Geographic Overview
15.10.5 Key Market Developments
15.10.6 Key Strategies
