Pune, India, Feb. 06, 2023 (GLOBE NEWSWIRE) — The global pet insurance market size is projected to reach USD 11.25 Bn by 2026. The increasing pet adoption in leading countries across the world will have a direct impact on the growth of the market. According to a report published by Fortune Business Insights, titled “Pet Insurance Market Size, Share & Industry Analysis, By Policy Coverage Type (Accident & Illness, Accident Only, Others), By Animal Type (Dog, Cat, Others), By Provider (Public, Private) and Regional Forecast, 2019-2026,” the market was worth USD 6.05 Bn in 2018. Driven by flexibility in product offerings, the market will exhibit a CAGR of 8.0% during the forecast period, 2019-2026.
Key Industry Developments:
September 2019: Franklin Madison announced it plans to initiate pet insurance programs for banks and credit unions. The company partnered with A-rated carrier Crum & Forster Pet Insurance Group, to offer another valuable insurance program to their consumers.
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Pet Insurance Market Report Scope :
|Forecast Period||2019 to 2026|
|Forecast Period 2019 to 2026 CAGR||8.0%|
|2026 Value Projection||USD 11.25 Billion|
|Medical Tape Market Size in 2020||USD 6.05 billion|
|Historical Data for||2015 To 2017|
|No. of Pages||136|
|Segments covered||Policy Coverage Type, Animal Type, Provider And Geography|
One of the key factors driving product demand and, consequently, market expansion is the rising pet adoption rate across a number of nations. For instance, according to The American Society for the Prevention of Cruelty to Animals (ASPCA), 78 million dogs and 85.8 million cats were estimated to be owned in the United States in 2018. Additionally, increasing pet insurance penetration in numerous European nations is a significant factor driving up product demand.
For instance, the U.K. ranked among the top nations in 2017 with a penetration rate of 25% for pet insurance. In addition, Sweden was the first nation to draught the first animal insurance policy in 1924, which was centred at the time on horses and livestock.
Additionally, one of the main factors influencing people to purchase pet insurance and aiding in the market expansion is the rising prevalence of zoonotic diseases among companion animals.
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Increasing Number of Company Mergers and Collaborations to Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. It highlights a few of the leading market drivers and analyzes their impact on the market. Among all factors, the increasing number of company mergers and collaborations have had a positive impact on market growth. In October 2019, Petplan, a leading pet insurance provider, announced that it has been acquired by Warnbug Pincus.
Warnbug is a leading private equity firm that mainly focuses on growth-oriented investing. With this acquisition, the company will look to outperform its counterparts and in doing so, establish a strong presence in the market. The report highlights a few of the other company mergers that have graced the market in recent years and gauges their impact on the market.
Europe to Emerge Dominant; Influx of Start-ups to Aid Growth
The report analyzes the ongoing pet insurance market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in Europe generated the highest market revenue in 2018. Europe is projected to dominate the market in the coming years driven by the increasing number of start-ups in several countries across this region.
The increasing number of government initiatives to promote animal wellness and health, coupled with encouragement for pet adoption, will aid the growth of the market in this region. Besides Europe, the market in North America will exhibit considerable CAGR. As of 2018, the market in North America was worth USD 1.42 billion and this value is likely to increase further in the coming years.
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A few of the leading companies that are operating in the global market include:
- Anicom Holdings
- Nationwide Mutual Insurance Company
- Healthy Paws Pet Insurance, LLC.
- Embrace Pet Insurance Agency, LLC
- Figo Pet Insurance LLC.
- Agria Pet Insurance Ltd
- Pets Best Insurance Services, LLC.
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Pricing Analysis of Top Insurers, by Animal Type
- Pet Adoption Statistics, Across Major Countries
- Key Merger And Acquisition Strategies by Top Players
- New Product Launch
- Global Pet Insurance Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Policy Coverage Type
- Accident & Illness
- Accident Only
- Market Analysis, Insights and Forecast – By Animal Type
- Market Analysis, Insights and Forecast – By Provider
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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