(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Nov 26, 2021, 06:58 /Comserve / -- Pet Insurance Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Pet Insurance market is expected to register a CAGR of 7.1% during the forecast period.
As per the American Veterinary Medical Association 2020, there was a survey conducted for practice owners wherein it was concluded that an increasing number of veterinary practices are using telemedicine, and precautionary lockdown measures are being carried out with only critical cases being attended to. However, COVID-19 is having a slightly negative impact on the pet insurance market as the diagnosis and treatment procedures are witnessing decreasing rates.
The factors that are driving the market growth include an increasing number of pet adoption and rising awareness regarding pet insurance. According to the People's Dispensary for Sick Animals, in the United Kingdom (UK), the pet dog and cat population in 2013 was found to be 7.8 million and 9.5 million, respectively, which increased to 9.9 million and 10.9 million, respectively, in 2019.
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In addition, as per the report ''Pets in Australia: A national survey of pets and people'' in 2019, the expenditure on pets has increased tremendously owing to the increasing pet adoption. The report estimated that people spend over AUD 13 billion per year to keep the pets fed, healthy, and well-accessorized, with food and veterinary services continuing to account for half of all ongoing expenditure. Out of this, nearly 2.6 billion were spent on veterinary services in the country. Therefore, the rise in disposable income is another major factor influencing animal health expenditure. Apart from the per capita animal health expenditure, industries across the world are also spending more in the field of veterinary disease diagnosis and treatment.
Moreover, the adoption of pet health insurance is exploding in popularity because of a strong economy, improved consumer awareness, high disposable income, and easier claims processing across the world. The pet health insurance coverage is expected to reimburse the diagnostic testing and imaging (e.g. X-rays, ultrasound, and MRI), and it covers every accident and illness under one policy. Some of the most common diagnostic tests covered by pet insurance are radiographs, ultrasounds, CT scans, and MRIs.
According to the North American Pet Health Insurance Association (NAPHIA), in 2019, the adoption rates of pet health insurance in the United States was observed to be about 2.3% among dogs compared to 1.7% in 2017 and 0.4% in cats compared to 0.3% in the year 2017. This indicates the rising adoption of pet health insurance among pet owners, which is expected to positively impact the market. There are also many players operating worldwide, and many of these players market multiple white label or co-branded products with the help of pet insurance. Furthermore, there is also an increase in the entry of new players, including Figo Pet Insurance, 4Paws Insurance, and Toto Pet Insurance. Thus, the rise in adoption of pet animals and increasing awareness for pet insurance is expected boost the growth of the Pet Insurance market over the forecast period.
Key Market Trends
Dogs Segment is Expected to Show Lucrative Growth Opportunity in the Global Pet Insurance Market
The past few years have observed a significant rise in the adoption of animals, especially dogs, as they are among the favorite companions of human beings. According to“The Fédération Cynologique Internationale”, the approximate total number of dogs (PURE-BRED OR NOT) registered in 2019 is found to be 9,950,000 as compared to 9,000,000 in 2017.Therefore, with the high number and demand for dogs, there is a corresponding increase in the number of insurances for dogs.
Moreover, the prevalence of several diseases among dogs coupled with high prices of treatments are the major contributor to the adoption of pet insurance among dogs. Dogs get cancer almost at the same rate at which humans get, while cats get affected by cancer in fewer numbers. According to the Veterinary Cancer Society, cancer is the leading cause of death in 47% of dogs, especially those that are over the age of 10, globally. Even though in most cases, cancer is a disease found in aging animals, however, some families or breeds of dogs, such as Rottweiler, Bernese Mountain Dog, and Bouvier des Flandres, German Shepherd, Great Dane, Labrador Retriever, Bichon Frise, Boxer, and Golden Retriever have a higher incidence or tendency for developing cancer at a young age.
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As per a report published by Association of British Insurers in 2019, reported that 4.8 million pets in the United Kingdom are insured, of which 2.8 million are dogs. This data indicates that there is a huge adoption of pet insurance among dogs due to huge burden of diseases among dogs. All these afore mentioned factors are expected to propel market growth.
North America Dominates the Global Pet Insurance Market
In the North American region, the United States accounted for the largest market share. High pet ownership, awareness, increasing pet insurance, and technological advancements in the diagnostics field are the major driving factors in the US region. The country's socio-economic conditions are good enough to give economic support to the market on the production and at the end-user level. In the United States, 67% of US households, or about 85 million families, own a pet, according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA). According to the American Pet Products Association's 2017-2018 National Pet Owners Survey, the total number of dogs owned was 89.7 million and cats were 94.2 million in the United States. In 2018, the data published by APPA stated that the total pet healthcare expenditure was USD 75.38 billion by 2019, while the expenditure in 2017 was USD 69.51 billion.
Moreover, in October 2019, Embrace entered into a partnership with PawSupport for a 24/7 Pet Help Line for assistance through online chat, email, and video chat. This strategy is expected to rovide new services to policyholders. This strategy enabled company to expand their operations, thereby strengthening their market presence. Hence, owing to all these market development strategies currently happening in this region is expected to propel market growth.
The global pet insurance market is competitive and consists of a number of major players. Companies like Anicom Holdings Inc, Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC, Hartville Group, Healthy Paws Pet Insurance, LLC, Hollard, Oneplan, Petfirst Healthcare LLC, Petplan, The Oriental Insurance Company Ltd, among others, hold the substantial market share in the market
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