Pet Insurance Market Size Is To Reach $31.13 Billion By 2030 At A CAGR Of 16.3%

Austin, March 17, 2023 (GLOBE NEWSWIRE) -- According to The New Market Research Report 'Pet Insurance Market Analysis by Policy Coverage (Accident and Illness, Accident Only, and Others), by Animal Type (Dogs, Cats, and Others), by Sales Channel (Broker, Agency, and Others), and By Region - Global and Regional Industry Overview, Size, Share, Growth, Insights, Market Intelligence, Historical Data, and Forecasts 2023 – 2030' Published by Beyond Market Insights.

Pet insurance is a pet owner-owned insurance policy that helps to minimize the overall costs of huge veterinary bills. Owner-owned pet insurance offers a policy that helps to reduce the overall costs of excessive veterinary expenses. The total cost of an insured owner's treatment for an injured animal is covered by pet insurance. It applies in cases of the animal's loss, death, or abduction. The pet insurance market is expanding due to efforts made by current providers to inform customers about rising veterinarian costs and the many benefits of pet medical insurance plans. The global pet insurance industry is expected to develop due to increasing consumer demand for pet insurance to lower out-of-pocket expenses for major conditions, including cancer and unintentional injuries. Numerous barriers and challenges will prevent the market's growth. Throughout the forecast period, the pet insurance market's growth could be hampered by risks to pet insurance providers, entry obstacles, and fierce competition. Technological advancements and unexplored market potential provide significant growth prospects.

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The Pet Insurance Market Has Been Growing Steadily in Recent Years, Driven by Rising Pet Ownership and Increasing Awareness of The Benefits of Pet Insurance. Here Are Some Key Insights, Opportunities, Challenges, And Growth Factors in The Pet Insurance Market:

Key Insights:

• The global pet insurance market size was valued at USD 9.3 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 16.30% from 2022 to 2030.
• The North American region dominated the pet insurance market in 2022, accounting for over 60% of the market share.
• The dog segment holds the largest market share in terms of pet type, followed by cats and other pets.
• Accident and illness coverage is the most popular type of pet insurance coverage, accounting for over 80% of the market share.
• The majority of pet insurance policies are sold through direct-to-consumer channels.

Opportunities:

• Increasing pet ownership and humanization of pets are expected to drive demand for pet insurance.
• The rise of digital platforms and e-commerce channels is creating new opportunities for pet insurance companies to reach customers.
• The growing prevalence of chronic diseases in pets is creating a need for comprehensive and specialized coverage.
• Emerging markets, such as Asia-Pacific, present significant growth opportunities for pet insurance companies.

Challenges:

• Limited consumer awareness of pet insurance and its benefits is a major challenge for pet insurance companies.
• The high cost of pet insurance premiums may discourage some pet owners from purchasing coverage.
• The lack of standardization in pet insurance policies and coverage options can make it difficult for consumers to compare policies.

Growth Factors:

• Technological advancements, such as artificial intelligence and data analytics, are enabling pet insurance companies to improve their risk assessment and pricing models.
• Partnerships with veterinary clinics and pet retailers can help pet insurance companies increase their distribution and reach.

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The global pet insurance market is segregated based on policy coverage, animal type, and sales channel. Based on policy coverage, the market is divided into accident & illness, accident only, and others. Among these, the accident & illness segment led the market in 2022 and is expected to maintain its dominance throughout the forecast period. Based on animal type, the market is classified into dogs, cats, and others. In 2022, the dog category dominated the global market. Based on sales channels, the market is classified into broker, agency, and others. The agency segment dominated the market in 2022.

The global pet insurance market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.
Europe is anticipated to have a dominating position in the global market for pet insurance in 2022. It is driven due to a growth in pet ownership, the usage of pet insurance, and the presence of significant corporations. By 2017, 23.0% of pets in the UK and 30.0% of pets in Sweden had pet insurance coverage, which was anticipated that this penetration would increase over time. Significant market players like Petplanare are in the United Kingdom, while DFV's headquarters are in Germany. These companies frequently implemented strategic initiatives to increase their market share and foster regional growth.

Recent Development:

• December 2021: Due to a partnership between Trupanion and Chewy, more than 20 million Chewy customers will have access to a unique portfolio of pet wellness and health insurance solutions. Clients will have the option of wellness programs, preventive treatment, and all-inclusive insurance coverage for illnesses, accidents, and chronic conditions owing to this strategic cooperation. This partnership expanded the variety of healthcare products and services.

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Key Companies & Market Share Insights

Some of the prominent players in the pet insurance market include:

About

beyond market insights is a market research and consulting Company. The company delivers syndicated research reports, customized research reports, and consulting services. BMI record is used by well-known academic institutions and Wealth 300 organizations to understand worldwide and regional business conditions. Our record landscapes thousands of statistics and in-depth analyses on 46 industries in 25 key countries globally. We help clients make knowledgeable business decisions. We deliver market intellect studies ensuring related and fact-based research across a range of businesses including chemicals, healthcare, materials, energy, and technology.

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