Global Pet Insurance Market Size by 2028 | Huge Growth of CAGR 16.26% with $19.56 Billion | Market is Fueled by Rising Number of Pets Globally | Industry Size, Share, Key Players In-depth Analysis by Vantage Market Research

WASHINGTON, May 09, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Pet Insurance Market finds that the increasing pet ownership and pet humanization is expediting market growth. Primarily driven by rising need for financial safety in case of increasing uncertainties, the total Global Pet Insurance Market is estimated to reach USD 19.56 Billion by the year 2028.

The Global Market revenue stood at a value USD 7.92 Billion in the year 2021 and is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 16.26%.

Furthermore, the increase in veterinary care costs is also anticipated to augment the growth of the Global Pet Insurance Market, states Vantage Market Research, in a report, titled “Pet Insurance Market Size, Share & Trends Analysis Report by Coverage Type (Accident & Illness, Accident & Illness, Others), by Animal Type (Dogs, Cats, Others), by Sales Channel (Agency, Broker, Direct, Bancassurance), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.

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Market Dynamics:

Rising Pet Ownership and Pet Humanization to Stimulate Global Pet Insurance Market

The increasing pet ownership and pet humanization is anticipated to augment the growth of the Pet Insurance Market in the years to come. According to research, pets have never been more popular than they are now. Nearly 70% of all homes in the United States have a pet. Households with pets currently outnumber households with children in the United States, with 84.6 million of the formers compared to 52.8 million of the later. Since 1994, pet spending has climbed year after year, with the whole U.S. pet food industry forecast to reach USD 30 Billion in 2022, up from around USD 26 billion in 2017, and the Western European market expected to reach USD 36 Billion in 2022, up from almost USD 27 Billion in 2017. Further, pet ownership is becoming more popular among people of all ages. As baby boomers have grown older and their human children have left home, a generation-wide case of empty-nest syndrome has developed, resulting in a tremendous spike in pet ownership among this group. As seen from the data, this trend is likely to continue and this in turn is expected to drive the demand for Pet Insurance Market in the years to come.

Key Insights & Findings from the Report:

• According to our primary respondents’ research, the Pet Insurance market is predicted to grow at a CAGR of roughly 16.26% during the forecast period.
• The Pet Insurance market was estimated to be worth roughly USD 7.92 Billion in 2021 and is expected to reach USD 19.56 Billion by 2028; based on primary research.
• On the basis of region, Asia Pacific is projected to dominate the worldwide Pet Insurance market.

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Segmentation of the Global Pet Insurance Market:

• Coverage Type
  • Accident & Illness
  • Accident & Illness
  • Others
• Animal Type
  • Dogs
  • Cats
  • Others
• Sales Channel
  • Agency
  • Broker
  • Direct
  • Bancassurance
  • Others
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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Growing Need for Financial Safety to Accelerate Market Growth

The increasing need for financial safety in case of increasing uncertainties is anticipated to augment the growth of the Pet Insurance Market within the estimated period. The demand for high-quality veterinary accidents only is increasing in tandem with the increase in the number of pets, driving up the cost of veterinary accidents only. As a result, Pet Insurance Market is becoming more popular. Blood tests, urinalysis, X-rays, MRIs, lab work, CT scans, ultrasounds, outpatient, specialty, and emergency care procedures, as well as hospitalisation and surgery are all covered by the coverage. Additionally, due to rising medical costs, pet owners can now purchase an extended accident and illness package that includes coverage for more than only accidental road accidents and poisonings, as well as a variety of illnesses. Furthermore, the majority of pets are becoming family members for their owners, causing them to spend more money on their annual check-ups as a result of the growing number of problems associated with cross-breed pets. As a result, the majority of Pet Insurance Market plans include an extra wellness package that saves money on things like annual physical exams, heartworm tests, faecal tests, annual parasite evaluation tests, blood work, and immunizations. As a result, the Pet Insurance Market industry protects pet owners against an increasing number of medical complications.

COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long Term Dynamics
5. Short Term Dynamics

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The report on Pet Insurance Market highlights:

• Assessment of the Market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates and Forecast
• Company Profiles
• Global and Regional Dynamics

Regional Analysis:

Europe Dominated the Global Pet Insurance Market

Europe held the largest shares in 2021. This is due to the increasing pet ownership and awareness in the region. Furthermore, the market’s regional growth is likely to be fueled by rising technological advancements in the diagnostics field in the region. Additionally, the growing adoption of Pet Insurance Market is also projected to drive the growth of the Pet Insurance Market in the region.

List of Prominent Players in the Pet Insurance Market:

• Trupanion Inc.
• Deutsche Familienversicherung AG (DFV)
• Petplan (Allianz)
• Animal Friends Insurance Services Limited
• Figo Pet Insurance
• Direct Line
• Nationwide Mutual Insurance Company
• Embrace Pet Insurance Agency
• Anicom Insurance
• IPET Insurance Co. Ltd.

Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on “Pet Insurance Market Size, Share & Trends Analysis Report by Coverage Type (Accident & Illness, Accident & Illness, Others), by Animal Type (Dogs, Cats, Others), by Sales Channel (Agency, Broker, Direct, Bancassurance), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Research Report here – http://www.vantagemarketresearch.com/press-release/pet-insurance-market-504547

Recent Developments:

March, 2022: Future Generali announced the launch of a health insurance plan for pet dogs. The insurance policy covers pet dogs aged between six months to four years for giant breeds and seven years for small, medium, and large breeds.

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the Pet Insurance Market?
• How will the Pet Insurance Market change in the upcoming six years?
• Which application and product will take a lion’s share of the Pet Insurance Market?
• What is the Pet Insurance market drivers and restrictions?
• What will be the CAGR and size of the Pet Insurance Market throughout the forecast period?             

This report titled “Pet Insurance Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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