Selbyville, Delaware, June 6, 2022 (GLOBE NEWSWIRE) —
Pet insurance market value is expected to reach $14.9 billion by 2030, according to a new research report from Global Market Insights Inc. Rising numbers of pet adoptions coupled with rising costs for veterinary services are expected to fuel the market expansion.
Rising veterinary costs have propelled the demand for pet insurance. Imaging diagnostics for pets can be expensive and the high cost associated with imaging diagnostics discourages many pet owners from opting for imaging solutions. However, most pet insurance plans that cover illness and accident reimburse the cost of MRIs, CT scans and X-rays. Pet owners with insurance are more likely to opt for diagnostic imaging solutions due to the reduced cost of diagnostics. There has been an increase in the demand for pet insurance due to increased awareness of pet insurance, the shift from pet ownership to pet parenting pets and the increase in pet adoption around the world.
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The accident and illness segment accounted for more than $7.6 billion in 2021. This is attributed to various benefits and reimbursements for treatments for allergies, fractures, urinary tract infections, hospitalizations, surgeries, ingestion of poison, among others. Additionally, the growing prevalence of zoonotic diseases and chronic conditions such as cancer and diabetes will boost industry statistics.
Some of the key findings of the Pet Insurance Market report include:
- Increased awareness of pet insurance is driving the pet insurance industry.
- Private providers are offering various new pet programs and maximum coverage to retain consumers which will fuel the commercial landscape.
- The growing number of pet insurance customers and rising animal health spending per capita in developing countries will increase business statistics.
- Market players are focusing on various strategies such as acquisition, business expansion, and new product launches to consolidate their presence in the market.
- Major players operating in the market are Nationwide, Trupanion, Petfirst, Pethealth, Embrace Pet Insurance Agency, and Crum & Forster.
Browse key industry information spread over 140 pages with 193 market data tables and 16 report figures and graphs, “Pet Insurance Market Analysis by Policy Coverage (Accident Only, Accident and Illness), Animal (Cat, Dog), Provider (Public Private), Industry Analysis Report, Regional Outlook, Potential Application, Competitive Market Share and Forecast, 2022-2030in detail with the table of contents:
The cat segment pet insurance market is expected to grow at a CAGR of 7.7% during the forecast period. This is due to the increasing rate of adoption of cats as pets over the past few years, coupled with owners’ growing desire to care more about their pet’s health. In addition, insurance policies cover various cat diseases that ultimately attract customers. Additionally, manufacturers are increasingly focusing on the development of cat grooming products to meet the growing demand from pet owners.
The private segment accounted for 94% of business share in 2021 and is expected to register a significant CAGR through 2030. This is due to the increasing number of private insurance providers operating in the pet insurance industry. Private insurers are offering maximum coverage and various new pet plans to attract and expand the customer base. Additionally, innovative programs such as multi-pet insurance policies that include multiple pets in one plan will allow the private service provider to attract potential customers.
Asia-Pacific Pet Insurance Market is Expected to Grow at a CAGR of 7% Over the Forecasted Period, Driven by Growing Pet Adoption and Heightened Animal Health Awareness . Additionally, growing animal health expenditure per capita in developing countries and growing number of pet insurance customers in China and India will propel the regional market trends. Rapid economic development, rising living standards and technological advancements will fuel the growth of the market in the APAC region.
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and advisory services. Offering syndicated and custom research reports, growth advisory and business intelligence services, Global Market Insights Inc. aims to help clients with penetrating insights and actionable market data that facilitates strategic decision-making.