Pet Insurance Market to hit USD 16 Billion by 2032, says Global… – GlobeNewswire
Selbyville, Delaware, Jan. 11, 2023 (GLOBE NEWSWIRE) —
The pet insurance market value is set to reach USD 16 billion by 2032, according to a new research report by Global Market Insights Inc.
Increase companion animal adoption during the lockdown phase of the COVID-19 pandemic as a prominent reason driving demand for animal insurance policies. However , low per capita income, the limited number of private veterinary practices, and the lack of zoonotic disease awareness may restrict industry growth to some extent over the forecast period.
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Rising instances of fractures & other accidental injuries to fuel demand for accident only pet insurance plan
Dog insurance industry from the accident only policy coverage segment was valued at over UNITED STATES DOLLAR 200 million in 2022. This policy insures pets in the event of motor vehicle incidents, burns, bone fractures, electrocution, snake bite toxicity, and other accidental injuries. It also provides budget-friendly coverage against accidental injuries and nearly 80% reimbursement of total veterinary bills. Upsurge in demand for pet health insurance policies will therefore boost the reliance of pet owners on accident-only coverage.
Increasing adoption of exotic animals to drive requirement for pet health insurance
Pet insurance market revenue from the horses and others segment is projected to depict over 7% CAGR till 2032. Other animals also include rabbits, birds, and exotic pets. Bird-keeping has gained considerable momentum in the wake of the coronavirus outbreak, resulting in increased sales of bird products. Despite headwinds in product prices and availability, the avian pet sector continues to grow during the pandemic. According to data from the Born Free Foundation, in 2020, over 4, 000 exotic animals were kept as animals in Britain, contributing to pet insurance adoption.
Browse key industry insights spread across 149 pages with 203 market data tables & 14 figures & charts from the report, “ Pet Insurance Market Size By Policy Coverage (Accident Only, Accident & Illness), By Animal (Cat, Dog), By Provider (Public, Private), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023-2032” in detail along with the table of contents:
Minimum premiums and other pricing benefits create lucrative prospects for private insurers
Private service provider segment held over 94% of the market share in 2022, as a result of the maximum coverage as well as the need for minimum premiums. The growing dependence on digital marketing and the implementation of competitive pricing strategies will support the growth of personal insurance providers. Private insurance providers are also raising more awareness about pet insurance. With the development of innovative insurance schemes, the demand for pet health policies from private insurers will grow.
Rise in pet ownership to boost dog insurance industry development inside LATAM
Latin America pet insurance market is poised to exhibit more than 5% CAGR from 2023 to 2032, on account of the particular rise in pet ownership in Brazil. Based on data from the World Population Review, the country has the second-highest population of dogs in the world after the U. S., with approximately 35 million domestic dogs. Furthermore, the high accessibility and availability of mobile pet grooming services and modern pet care facilities will accelerate the demand for pet insurance nationwide.
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Mergers and acquisitions to remain a key strategy for pet insurance industry participants
The competitive landscape of the pet insurance market comprises companies such as Anicom Holding Inc, Embrace Family pet Insurance Agency LLC, Nationwide, Hartville Group, Oneplan, Hollard, Petfirst Healthcare LLC, Pet Health, Petplan, ProtectaPet, Royal & Sun Alliance, and Trupanion, among others.
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About Global Marketplace Insights
Global Market Insights Inc., headquartered in Delaware, U. S., is a global market research and consulting service provider, offering syndicated plus custom research reports along with growth consulting services. Our own business intelligence and industry research reports offer clients along with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.