Selbyville, Del., June 6, 2022 (GLOBE NEWSWIRE) —
pet insurance market value it is expected to reach USD 14.9 billion by 2030, according to a new research report by Global Market Insights Inc. Increasing number of pet adoption coupled with rising cost of veterinary service is anticipated to drive market expansion .
Rising veterinary costs have fueled the demand for pet insurance. Pet imaging can be expensive, and the high cost associated with imaging discourages many pet owners from opting for imaging solutions. However, most pet insurance plans that cover illness and accidents 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 demand for pet insurance due to increased awareness of pet insurance, a shift from pet ownership to pet breeding, and increased pet adoption around the world.
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The accident and illness segment represented more than USD 7.6 billion in 2021. This is attributed to the various benefits and reimbursements for treatment of allergies, fractures, urinary tract infections, hospitalizations, surgeries, intake of poisons, among others. In addition, the increasing prevalence of zoonotic diseases and chronic diseases such as cancer and diabetes will boost industry statistics.
Some important findings from the pet insurance market report include:
- The rise in awareness of pet insurance is the driving factor behind the pet insurance industry.
- Private providers offer several new pet schemes and maximum coverage to retain consumers that will boost the business landscape.
- The growing number of pet insurance customers and the increase in animal health spending per capita in developing countries will increase trade statistics.
- Market players are focusing on various strategies such as acquisition, business expansion, and novel product launches to consolidate their presence in the market.
- The key players operating in the market are Nationwide, Trupanion, Petfirst, Pethealth, Embrace Pet Insurance Agency, and Crum & Forster.
Explore key industry information spread across 140 pages with 193 market data tables and 16 figures and graphs from the report, “Pet Insurance Market Analysis by Policy Coverage (Accidents, Accidents and Illnesses Only), Animal (Cat, Dog), Provider (Public Private), Industry Analysis Report, Regional Outlook, Application Potential, Share and Forecast of competitive market, 2022 – 2030” in detail along with the table of contents:
The cat segment pet insurance market is anticipated to witness a CAGR of 7.7% over the forecast time period. This is due to the increasing rate of adoption of cats as pets in recent years, coupled with the growing astuteness of owners to care more about the health of their animals. Also, the insurance policies cover various cat diseases which ultimately attract the customer base. In addition, manufacturers are increasingly focusing on the development of cat grooming products to meet the growing demand of pet owners.
The private segment accounted for 94% of the business share in 2021 and will post a significant CAGR through 2030. This is due to the growing number of private insurance providers operating in the pet insurance industry. Private insurance providers offer maximum coverage and several new pet schemes to attract and expand the customer base. Additionally, innovative schemes such as multi-pet insurance policies that include multiple pets under one plan will improve the private service provider’s ability to attract potential customers.
The Asia Pacific pet insurance market is expected to show a CAGR of 7% over the forecast timeframe, driven by growing pet adoption coupled with heightened animal health awareness. Additionally, rising animal health spending per capita in developing countries and growing numbers of pet insurance customers in China and India will drive regional market trends. Rapid economic development, rising standard of living, and technological advancement will drive the growth of the market in the APAC region.
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About Global Market Insights Inc.
Global Market Insights Inc., based in Delaware, USA, is a provider of global market research and consulting services. By offering custom, syndicated research reports, growth consulting, and business intelligence services, Global Market Insights Inc. aims to help clients with insightful insights and actionable market data that aid in strategic decision-making.