Selbyville, Delaware, February 23, 2021 (GLOBE NEWSWIRE) –
According to the latest report “Pet insurance market by policy coverage (accidents, accidents and diseases only), animals (cat, dog), service provider (public-private), regional overview, price trends, competitive market share and forecast 2027”, Global Market Insights, Inc., market assessment of pet insurance will exceed $ 11.6 billion by 2027.
Market growth will be driven by an increasing number of pet adoptions and increased awareness of pet insurance. According to the American Society for the Prevention of Cruelty to Animals (ASPCA), approximately 6.5 million companion animals enter animal shelters in the United States each year. There are about 3.3 million dogs among them. Similarly, according to the National Pet Owners Survey conducted by the American Pet Products Association (APPA), nearly 70 million families own a dog as a pet. The survey also found that total pet spending was approximately $ 69.4 billion in 2017. Thus, increasing pet acceptance in developed countries will spur market expansion.
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The segment of accidents and diseases in the pet insurance market amounted to 6.6 billion USD in 2020. The policy, among other things, provides compensation for the treatment of ingestion of toxins, allergies, urinary tract infections, surgery, hospitalization and broken bones. Therefore, the comprehensive nature of such policies is a major growth factor that attracts a large number of pet owners, thereby boosting market value. Furthermore, the increasing prevalence of chronic conditions such as diabetes and cancer will further increase segment growth over the projected time frame.
The pet insurance market for the dog segment is expected to have a growth rate of 7.5% by 2027, driven by the high health care costs associated with dogs compared to other pets. For example, the cost of one surgical visit is estimated at $ 426 per dog. Insurance companies also offer policy coverage for a wider range of dog breeds, including crossbreds, sheep and exotic pets. Therefore, pet owners opt for such a dog coverage policy to reduce costs, thus complementing market demand.
The private segment dominated more than 94% of the pet insurance market share in 2020. An increasing number of private insurance providers operating in the industry will act as a high-performance performance factor to expand the segment. Also, private providers are offering a variety of new pet schemes to retain consumers that will boost revenue in the segment. In addition, multi-pet insurance policies that include multiple pets in one plan attract a large number of customers. Such factors adopted by private players will allow them to keep maximum revenue in the market.
The Asia-Pacific pet insurance market is projected to achieve a CAGR of 8.1% by 2027 due to increasing pet adoption, along with growing animal health awareness. In addition, a growing number of clients insuring pets and increasing per capita animal health expenditures in developing countries such as China and India will support regional growth.
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Several significant companies operating in the market include Health for Pet, Nationwide, Trupanion, Petfirst, Pethealth, Embrace Pet Insurance Agency, Crum & Forster and Petplan. Industry players focus on a variety of strategies such as acquisitions, business expansion and new product launches to strengthen their market presence.
Content (ToC) of the report:
Chapter 3 Insight into the pet insurance market
3.1 Industry segmentation
3.2 Industrial landscape, 2016 – 2027
3.3 Industrial impact forces
3.3.1 Growth drivers
3.3.2 Pitfalls and challenges in industry
3.4 Analysis of growth potential
3.4.1 Policy coverage
3.5 Porter analysis
3.6 Price analysis of the 10 best insurers per animal
3.6.1 Price according to a popular breed of cat
3.6.2 Costs by popular dog breed
3.7 Common condition / disease
3.8 Competitive landscape
3.8.1 Enterprise matrix analysis
3.9 PESTEL analysis
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Global Market Insights, Inc., headquartered in Delaware, USA, is a global provider of market research and consulting services, offering syndicated and customized research reports, in addition to growth consulting services. Our business intelligence and industry research reports offer clients insightful insights and market data that are effective, specially designed and presented to help make strategic decisions. These comprehensive reports are designed through a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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