Global pet insurance market was estimated to be USD 2.6 Billion in 2016 and is expected to flourish at a CAGR of 11.8% during the forecast period. Further, the pet insurance market is expected to reach USD 5.7 Billion by the end of 2024. Rising number of pets across the globe is expected to garner the growth of global pet insurance market.
“Pet Insurance Market: Global Demand, Growth Analysis & Opportunity Outlook 2024”
The global pet insurance market is segmented into policy such as dog insurance, cat insurance, rabbit insurance, horse insurance, exotic pet insurance and others. Among these segments, dog pet insurance segment is expected to occupy the top position in pet insurance market during the forecast period.
Growing acceptance of pet insurance is likely to sustain the market growth in developed nations. Further, growing adoption of dogs is anticipated to impel the growth of the dog pet insurance.
However, cat pet insurance market is anticipated to grow at highest CAGR in overall pet insurance market.
Global Pet Insurance Market is expected to flourish at a CAGR of 11.8% over the forecast period. Moreover, the global pet insurance market is anticipated to garner USD 5,793.5 Million by the end of 2024.
Significant rise in the number of pet and increasing spending on pet are believed to the positively impact the growth of pet insurance market during the forecast period.
North America accounted for the highest percentage of market share in overall pet insurance market in 2016. Further, North America is expected to continue its dominance over the forecast period owing to the heavy number of pet ownership in the region.
U.S. is the major country contributing to the growth of the pet insurance market. Currently, U.S. has the world largest pet population with 69,929,000 pet dogs and 74,059,000 pet cats.
Asia Pacific is expected to witness significant growth over the forecast period. Rising adoption of companion animals coupled with increasing spending on pets is anticipated to garner the growth of the pet insurance market in the region.
Rise in Number of Pet Ownership
Expansion of pet ownership is paving the way for the growth of pet insurance market. Further, increasing concern about the health and welfare of the pet coupled with rising spending on pets has triggered the demand for pet insurance.
Moreover, spending on pet healthcare and welfare increased by 20% in the previous decade. This factor is envisioned to bolster the growth of the pet insurance market.
Increasing Awareness about Pet Insurance
Rising awareness about pet insurance among pet owners is anticipated to drive the growth of the pet insurance market during the forecast period. Moreover, increasing incidences of infections and diseases in pets are expected to be the major factors behind the growth of pet insurance market.
Although, slow adoption rate of pet insurance in developing and undeveloped nations and high cost of pet insurance is likely to inhibit the growth of the global pet insurance market in the near future.
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The report titled “Pet Insurance Market: Global Demand, Growth Analysis & Opportunity Outlook 2024” delivers detailed overview of the global pet Insurance market in terms of market segmentation by policy, by policy type and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global pet Insurance market which includes company profiling of Pethealth Inc., Embrace Pet Insurance Agency, Royal & Sun Alliance (RSA), Agria Pet Insuracne Ltd., Hartville Group, Petfirst Healthcare, Petplan Pet Insurance, Nationwide Pet Insurance, Petsecure Pet Health Insurance and PetSure Pty Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global pet Insurance market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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