Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Pet Insurance Market–Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, March 16, 2021 (GLOBE NEWSWIRE) -- The Global Pet Insurance Market is expected to grow at a CAGR of around 7.2% from 2020 to 2027 and reach the market value of over US$ 11,155.9 Mn by 2027.
The global pet insurance market is estimated to experience significant growth over the forecast period especially in untapped and developing economies across the globe. The increasing pet adoptions and simultaneous raising awareness about their care and treatment are propelling the market growth.
The pet insurance policy covers death due to accident, illness contracted while the policy is in effect, treatment expenses, an accident while in transit (via rail, air, or road), loss/ theft of the pet, incapacitation, accidental poisoning, and third party liability. Moreover, some of the general exclusions under the pet insurance scheme include willful or malicious injury to the pet, injury or illness arising out of neglect or unskillful handling of the pet, loss or injury due to war, foreign hostility, revolution, rebellion, and military upheaval among others, death due to rabies, distemper, viral hepatitis, viral enteritis, and leptospirosis among others and illness that has been contracted before taking the policy.
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The global pet insurance market is studied across various segments including policy type, policy coverage, provider, and geography. Based on policy type, the market is divided across cat insurance, dog insurance, horse insurance, rabbit insurance, exotic pet insurance, and other insurance. On the basis of policy coverage, the market is divided across lifetime cover (accidental cover, accident & illness cover), non-lifetime cover (accidental cover, accident & illness cover), and others. Additionally, the insurance provider includes public and private organizations.
On the basis of policy type, the dog Insurance segment is leading with maximum revenue share in the global pet insurance market. The increasing adoption of dogs across the globe is the major factor driving the segmental market value. The increased risk of chronic and new health issues among dogs is attracting dog owners to invest in policy coverage for their dogs. Moreover, the exotic pet segment is likely to experience the fastest growth over the forecast period from 2020 to 2027. The increasing availability and ease of purchase of exotic pets are supporting the fastest growth during the estimated period.
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In 2019, North America accounted for the maximum revenue share in the pet insurance market, and the region is also anticipated to exhibit the fastest growth over the forecast period from 2020 to 2027. The US has a potential revenue share (%) in the regional market as more than 50% of the US population have a pet animal.
Asia Pacific is projected to exhibit the fastest growth with a major CAGR (%) during the forecast period from 2020 to 2027. The growing number of pet owners seeking pet insurance in the region owing to the increasing cases of chronic diseases among dogs is bolstering the regional market growth. According to Indian Veterinary Research Institute (IVRI), canine cancer cases got doubled from 94 cases to 209 cases in the period between 2006-07 and 2016-17.
Some of the leading competitors in the pet insurance market include Agria Pet Insurance, Embrace Pet Insurance Agency, Hartville Group, Nationwide Pet Insurance, Pet first Healthcare, Pethealth Inc., Petplan Pet Insurance, Petsecure Pet Health Insurance, PetSure Pty Ltd., and Royal & Sun Alliance (RSA). The major players are advancing their offerings and benefits to the pet owners in their policies in recent years.
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Some of the key observations regarding the pet Insurance industry include:
- Walmart, an American multinational retail corporation has teamed up on Nationwide Pet Rx Express in February 2021. The strategic collaboration will allow Nationwide’s clients to fill their pet prescription medications at Walmart’s 4,700 pharmacies.
- PetDesk has announced the Pet Insurance Guide in 2021. It’s a tool for pet parents to quickly request and purchase pet insurance policies from the PetDesk application. The app is now active for its users with the pet insurance guide that offers a new way for pet owners to easily find and compare pet insurance policies.
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