In the U.S. marketplace, consumers are focusing more on taking care of pets and providing the needful things to avoid any major illness and injury.
Looping into the environment and lifestyle of consumer U.S. holds an increasing demand of pet, however, the consumer is keeping an eye on the benefits of pet insurance plans.
According to the pet insurance market statistics, previously in 2018, the global pet insurance market size is valued at USD xx million and estimated to project the value of USD xx million in 2025 with a CAGR of xx% during the forecast period.
Rise in maximum number of companion animals, increase in awareness about pet insurance, and growth in pet ownership propels the growth of the pet insurance market share.
However, high cost of pet insurance policies, government regulation, and lack of awareness among consumers limits the growth of the market. Market with an extremely low penetration rates is expected to provide several opportunities for the global pet insurance market.
Geographically, Europe is accounted as one of a leading position in the global pet insurance market due to high rate of penetration of pet insurance, improved facilities, and aware pet owners in the region. Australian pet insurance industry demands the high growth rate in the market.
The pet insurance market is dominated by key players such as Petplan Limited, Trupanion, Inc., Nationwide Mutual Insurance Company., Hartville Group Inc., Pethealth Inc., PetFirst Healthcare LLC, Royal & Sun Alliance Insurance Company of Canada, Inc., Embrace Pet Insurance Agency, LLC, Direct Line Insurance Group plc, and Petsecure.
The pet insurance market analysis is segmented on the basis of end user, region, and policy type. On the basis of end user segment, the market is categorized by dog, cat, horse, exotic pet, and others.
Based on policy type, the market is classified into Lifetime Cover, and Non-Lifetime cover. Based on the region, it is analyzed across North America, Asia-Pacific, Europe, and LAMEA.
Pet insurance is to cover the unforeseen veterinary care costs, including surgical procedures, accidental injuries, and prescribed veterinary medicines. Pet insurance industry analysis also holds the services of heartworm testing, spaying/neutering, and vaccinations.
The coverage provided by pet insurance are treatment, diagnostic tests, and surgeries.
Key Segments of the Global Pet Insurance Market 2018-2025:
By End User
- Exotic Pet
By Policy Type
- Lifetime Cover
- Illness Cover
- Accident Cover
- Non-Lifetime Cover
- Illness Cover
- Accident Cover
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
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