Pet Insurance Market to hit USD 14.9 Billion by 2030, says Global Market Insights Inc. – GlobeNewswire
Selbyville, Delaware, June 06, 2022 (GLOBE NEWSWIRE) —
The pet insurance market value is expected to reach USD 14.9 billion by 2030, according to a new research report by Global Market Insights Inc. Increasing number of pet adoption coupled with rising veterinary service cost is projected to fuel the market expansion.
Increasing veterinary costs has propelled the demand for pet insurance. Imaging diagnostics for pets can be expensive and high cost associated to imaging diagnostics discourages several pet owners from opting for imaging solutions. However, most pet insurance plans that cover illnesses and accidents reimburse the cost of MRIs, CT scans, and radiographs. Pet owners with insurance are more likely to opt for imaging diagnostic solutions owing to reduced cost of diagnostics. There has been a surge in demand for pet insurance due to increased awareness regarding pet insurance, a shift from pet ownership to pet parenting, and increased pet adoption across the globe.
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The accident and illness segment accounted for over USD 7.6 billion in 2021. This is attributed to the various benefits and reimbursement for treatments for allergies, fractures, urinary tract infections, hospitalizations, surgeries, poison ingestion among others. Furthermore, increasing prevalence of zoonotic disease and chronic conditions such as cancer and diabetes will spur the industry statistics.
Some major findings of the pet insurance market report include:
- Increasing awareness regarding pet insurance is the driving factors of pet insurance industry.
- Private providers offer various novel pet schemes and maximum coverage to retain consumers that will fuel the business landscape.
- Growing number of pet insurance clients and increasing per capita animal health expenditure in developing countries will augment the business statistics.
- Market players are focusing on various strategies such as acquisition, business expansion and novel product launches to consolidate their market presence.
- Key players operating in the market are Nationwide, Trupanion, Petfirst, Pethealth, Embrace Pet Insurance Agency and Crum & Forster.
Browse key industry insights spread across 140 pages with 193 market data tables & 16 figures & charts from the report, “Pet Insurance Market Analysis By Policy Coverage (Accident Only, Accident & Illness), Animal (Cat, Dog), Provider (Public Private), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Pet insurance market from cat segment is anticipated to witness 7.7% CAGR during the forecast timeframe. This is owing to the rising adoption rate of cats as companion animals in the last few years coupled with growing wiliness of owners to care more for their animal’s health. Also, insurance policies cover various cat disease that ultimately attracts the customer base. Moreover, increasing focus of manufacturers on development of grooming products for cats to meet the growing demand of pet owners.
Private segment accounted for 94% business share in 2021 is set to register a significant CAGR through 2030. This is due to increasing number of private insurance providers operating in pet insurance industry. Private insurance providers offer maximum coverage and various novel pet schemes to attract and expand customer base. Also, innovative schemes such as multi-pet insurance policies that include multiple pets in a single plan will enhance the private service provider to attract potential customers.
Asia Pacific Pet insurance market is expected to exhibit a CAGR of 7% during the projected timeframe driven by the rising pet adoption along with increasing awareness about animal health. Furthermore, growing per capita animal health expenditure in developing countries and rising number of pet insurance clients in China and India will propel the regional market trends. Rapid economic development, rising living standards and advancement in technology will fuel the market growth in the APAC region.
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.