Pet Insurance Market Size, Share, Growth and Trends Report 2022-2027 – InsuranceNewsNet


Pet Insurance Market Size, Share, Growth and Trends Report 2022-2027

The global pet insurance market to reach US$12.6 billion by 2027, posting a CAGR of 12.5% ​​over the period 2022-2027.

SHERIDAN, WYOMING, UNITED STATES, November 11, 2022 / — According to the latest report from IMARC Grouptitled “Pet Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, The global pet insurance market size reached US$6.2 billion in 2021. In the meantime, IMARC Group expects the market to reach US$12.6 billion by 2027, posting a CAGR of 12.5% ​​over the period 2022-2027. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists, and anyone planning to enter the market in any form.

Note: We regularly track the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.

Market Overview:

Pet insurance is a policy purchased by pet owners that reimburses veterinary bills and treatment expenses. It generally covers poisonings, hospitalizations, surgeries, emergencies, illnesses and injuries due to accidents. It includes the monthly premium expenses according to the species, age, breed and state of health of the animal. It helps provide easy access to top-notch healthcare services, veterinary professionals and reduce overall pet healthcare expenses. These days, the major players cover routine care services, like general checkups, regular preventative care, teeth cleaning and deworming right up to vaccinations.

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Pet Insurance Market Trends and Drivers:

The increase in the number of pet owners and the growing concerns of pet owners regarding the health of their pets are among the major factors driving the demand for pet insurance in the world. The emerging trend of pet humanization, in which pet parents treat their pets as family members, is also driving the growth of the market. Additionally, the increasing prevalence of chronic diseases in companion animals, such as cancer, obesity, and diabetes, and inflation in healthcare service costs are positively influencing the market. Additionally, pet owners are increasingly aware of pet insurance policies that cover the cost of treatment for accidental injuries, including burns, broken bones and x-rays, which contributes to the market growth. Apart from this, major players are introducing multi-pet insurance policies which cover many pets in one plan. These players also offer customization of pet insurance policies to meet the requirements of buyers. Also, they are focusing on integrating insurance fraud detection systems to detect suspicious events committed by insurance adjuster, agent and consumer for unauthorized gain while selling, purchasing and underwriting insurance.

Moreover, the launch of activity monitors to monitor the exercise levels and weight of pets offers lucrative growth opportunities for major players operating in the industry. Additionally, the growing number of pet insurance apps that are integrated with artificial intelligence (AI), internet of things (IoT) and big data to digitize the claims process and claims management. fonts gives impetus to the growth of the market. There is an increase in the adoption of cloud-based services that have facilitated real-time consultations with experienced industry experts and help provide insightful recommendations to pet owners. Additionally, government agencies in many countries are undertaking initiatives regarding the regulation of pet insurance. This, coupled with the increasing number of veterinary diagnostic centers and the growing need for financial security in case of contingent liabilities and uncertain situations, creates a positive outlook for the market.

Competitive Analysis and Segmentation of the Pet Insurance Market 2022-2027:

IMARC Group provides an analysis of key trends in each sub-segment of the Global Pet Insurance Market report, along with growth forecasts at global and regional levels from 2022 to 2027. Our report has categorized the market based on policy, animal and supplier.

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of key players.

Agria Pet Insurance Ltd.
Anicom Holdings Inc.
Direct Line Insurance Group plc
Embrace Pet Insurance Agency LLC
Figo Pet Insurance LLC
Hartville Group
Healthy Paws Pet Insurance LLC
Medibank Private Limited
MetLife Services and Solutions LLC
National Mutual
Animal Health Inc.
Plan of animals (Allianz Insurance plc)
The Oriental Insurance Company Ltd.

Breakdown by policy:
• Illnesses and accidents
• Chronic conditions
• Others

Breakdown by animal:
• Dog
• Cat
• Others

Breakdown by supplier:
• Audience
• Private

Breakdown by region:
North America
Asia Pacific
Latin America
Middle East and Africa

Main highlights of the report:
• Market performance (2016-2021)
• Market Outlook (2022-2027)
• Market trends
Market drivers and success factors
• Impact of COVID-19
• Value chain analysis
• Complete mapping of the competitive landscape

Request customization and browse the full report with table of contents and list of figures:

Frequently Asked Questions (FAQ):

1. What is the size of the pet insurance market?

Answer: According to IMARC Groupthe market was valued at US$6.2 billion in 2021.

2. What is the estimated growth scenario of Pet Insurance Market by 2027?

Answer: By 2027, the pet insurance market is expected to reach a value of US$12.6 billion.

3. What is the key factor contributing to the growth of the pet insurance market?

Answer: The pet insurance market is primarily driven by the policy, the animal and the provider.

4. Who are the major players in the pet insurance market?

Answer: Agria Pet Insurance Ltd., Anicom Holdings Inc., Direct Line Insurance Group, Embrace Pet Insurance Agency LLC, Figo Pet Insurance LLC, Hartville Group, Healthy Paws Pet Insurance LLC, Medibank Private Limited, MetLife Services and Solutions LLC, National Mutual, Animal Health Inc., Plan of animals (Allianz Insurance plc), The Oriental Insurance Company Ltd. and Trupanion.

As the novel coronavirus (COVID-19) crisis engulfs the world, we continuously monitor changes in markets, as well as industry consumer behaviors around the world and our estimates on the latest market trends and forecasts are made. after considering the impact of this pandemic.

If you want the latest primary and secondary data (2022-2027) with cost module, business strategy, distribution channel, etc. Click request a free sample report, the published report will be emailed to you in PDF format within 24-48 hours of receipt. full payment.

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About Us

IMARC Group is a leading market research company providing management strategies and market research worldwide. We partner with clients across all industries and geographies to identify their most important opportunities, address their most critical challenges and transform their businesses.

IMARC’s information products include major business, scientific, economic and technological developments for business leaders in pharmaceutical, industrial and high-tech organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverages, travel and tourism, nanotechnology and new processing methods are at the top of the list. company expertise.

Elena Anderson IMARC Services Private Limited
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