Pet Insurance Market

Global Pet Insurance Market by Coverage Types (Accident & Illness, Accident only, and Others), Animal Types (Dogs, Cats, and Others), Sales Channels (Agency, Broker, Direct, Bancassurance, and Others), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: HC-3912
  • Author: Growth Market Reports
  • Rating: 4.9
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  • No. Of Pages: 241
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The global pet insurance market size was valued at USD 9.5 billion in the year 2020 and is expected to surpass USD 32.7 billion by 2028 expanding at a CAGR of 16.7% during the forecast period, 2021–2028. The rising pet population, the acceptance of pet insurance in underpenetrated markets, rising veterinary care costs are the primary factors that drive the pet insurance market.

Pet Insurance Market Key Takeaways

Pet insurance is a policy of specialized property and casualty insurance that pet owners purchase to cover unforeseen costs such as veterinarian care, surgical procedures, and injury. Accidents and prescription pet medications are two of the most common causes of pet death. Owners of pets can benefit from pet insurance in a variety of ways. Some insurance cover congenital, hereditary, and chronic illnesses such as cancer, as well as the costs associated with them. CAT scanning, ultrasound imaging, and veterinarian examination costs are all methods of identifying the same. Prescription medication, MRI testing, and non-routine dental therapy are all examples of non-routine dental therapy. Some pets, on the other hand, Regular tooth cleaning, infection, and flea prevention are not covered by insurance policies.

Market Trends, Drivers, Restraints, and Opportunities:

  • Rising number of pet adoption is expected to boost the market in the coming years.
  • Increasing awareness of pet insurance plans around the globe is anticipated to drive the global pet insurance market during the forecast period.
  • Growing demand for pet insurance market policies, as well as a growing need for financial security in case of a surge in uncertainties, are driving the global pet insurance market.
  • Furthermore, the increase in the number of veterinary clinics has a beneficial impact on the market's growth.
  • lack of awareness about pet insurance policies and high premium costs are the key factor expected to hinder the market growth during the forecast period.
  • Incorporation of technology in existing products and service lines, as well as government efforts surrounding pet insurance plans, are anticipated to provide the lucrative opportunities for market expansion.

Scope of the Report

The report on the global pet insurance market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Pet Insurance Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018-2019

Forecast Period

2021-2028

Segmentation

Coverage Types (Accident & Illness, Accident only, and Others), Animal Types (Dogs, Cats, and Others), Sales Channels (Agency, Broker, Direct, Bancassurance, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players covered in the Report

MIMEDX., Smith & Nephew, Organogenesis Inc., Integra LifeSciences, AlloSource, Stryker, Katena Products. Inc., Skye Biologics Holdings, LLC, Surgenex, LLC, Ventris Medical, LLC, VIVEX Biologics, Inc., and LifeCell International Pvt. Ltd.

Global Pet Insurance Market Segment Insights

The accident & illness segment is projected to hold major market share

Based on the coverage types, the market is divided into accident & illness, accident only, and others. The accident & illness segment is expected to account for a key share of the market during the forecast period. Pet insurance providers most typically offer accident and illness covers. These cover a wide range of ailments, including acute and chronic illnesses, treatments, diagnostic tests, and more.

Pet Insurance Market By Coverage Type

The dogs segment is estimated to account for a considerable market share

In terms of animal type, the pet insurance market is segregated into dogs, cats, and others. The dogs segment is projected to account for a considerable share of the market during the forecast period. Growing pet adoption, insurance companies' extension of service offerings, and rising disposable income in major regions are all contributing to this segment's growth.

The direct segment is expected to expand at a rapid pace

Based on the sales channel, the pet insurance market is segmented into the agency, broker, direct, bancassurance, and others. The direct segment is anticipated to account for a significant share of the market during the forecast period.

Pet Insurance Market By Sales Channel

Europe dominates the major market share

On the basis of regions, the global pet insurance market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. In 2020, Europe held the major share of the market. This is due to the expanding popularity of pet insurance, increased pet ownership, and the presence of major corporations. According to the department of clinical veterinary science and the pet food institute, pet insurance coverage covered 23.0% of pets in the United Kingdom and 30.0 percent of pets in Sweden in 2018.

Segments

Segments Covered in the Report:
By Coverage Type
  • Accident & Illness
  • Accident only
  • Others
By Animal Type
  • Dogs
  • Cats
  • Others
By Sales Channel
  • Agency
  • Broker
  • Direct
  • Bancassurance
  • Others
By Regions
  • Asia Pacific
  • North America
  • Europe
  • Latin America
  • Middle East & Africa
By Key Players
  • MIMEDX
  • Smith & Nephew
  • Organogenesis Inc
  • Integra LifeSciences
  • AlloSource
  • Stryker
  • Katena Products. Inc
  • Skye Biologics Holdings, LLC
  • Surgenex, LLC
  • Ventris Medical, LLC
  • VIVEX Biologics, Inc
  • LifeCell International Pvt. Ltd.

Competitive Landscape

Some of the key players in the market are MIMEDX., Smith & Nephew, Organogenesis Inc., Integra LifeSciences, AlloSource, Stryker, Katena Products. Inc., Skye Biologics Holdings, LLC, Surgenex, LLC, Ventris Medical, LLC, VIVEX Biologics, Inc., and LifeCell International Pvt. Ltd.

Pet Insurance Market By Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Pet Insurance Market Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Pet Insurance Market Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Pet Insurance Market Market - Supply Chain
  4.5. Global Pet Insurance Market Market Forecast
     4.5.1. Pet Insurance Market Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Pet Insurance Market Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Pet Insurance Market Market Absolute $ Opportunity
5. Global Pet Insurance Market Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Pet Insurance Market Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Pet Insurance Market Demand Share Forecast, 2019-2026
6. North America Pet Insurance Market Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Pet Insurance Market Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Pet Insurance Market Demand Share Forecast, 2019-2026
7. Latin America Pet Insurance Market Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Pet Insurance Market Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Pet Insurance Market Demand Share Forecast, 2019-2026
8. Europe Pet Insurance Market Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Pet Insurance Market Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Pet Insurance Market Demand Share Forecast, 2019-2026
9. Asia Pacific Pet Insurance Market Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Pet Insurance Market Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Pet Insurance Market Demand Share Forecast, 2019-2026
10. Middle East & Africa Pet Insurance Market Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Pet Insurance Market Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Pet Insurance Market Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Pet Insurance Market Market: Market Share Analysis
  11.2. Pet Insurance Market Distributors and Customers
  11.3. Pet Insurance Market Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. MIMEDX Smith & Nephew Organogenesis Inc Integra LifeSciences AlloSource Stryker  
Segments Covered in the Report:
By Coverage Type
  • Accident & Illness
  • Accident only
  • Others
By Animal Type
  • Dogs
  • Cats
  • Others
By Sales Channel
  • Agency
  • Broker
  • Direct
  • Bancassurance
  • Others
By Regions
  • Asia Pacific
  • North America
  • Europe
  • Latin America
  • Middle East & Africa
By Key Players
  • MIMEDX
  • Smith & Nephew
  • Organogenesis Inc
  • Integra LifeSciences
  • AlloSource
  • Stryker
  • Katena Products. Inc
  • Skye Biologics Holdings, LLC
  • Surgenex, LLC
  • Ventris Medical, LLC
  • VIVEX Biologics, Inc
  • LifeCell International Pvt. Ltd.

Some of the key players in the market are MIMEDX., Smith & Nephew, Organogenesis Inc., Integra LifeSciences, AlloSource, Stryker, Katena Products. Inc., Skye Biologics Holdings, LLC, Surgenex, LLC, Ventris Medical, LLC, VIVEX Biologics, Inc., and LifeCell International Pvt. Ltd.

Pet Insurance Market By Key Players

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