Pet Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | < 8.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Pet Insurance Market Analysis
Pet insurance is defined as an insurance that can be paid partly or totally for the veterinary treatment of the insured pet. Pet insurance services involve policy coverage for pet accidents, injuries and for pet illnesses. Also, various pet insurance providers are offering innovative insurance coverage policies for multiple pets to attract large customer base. Furthermore, with increasing healthcare cost for pets, the pet owners are readily adopting pet health insurance, thereby fostering the market growth. Standard diagnosis coding system has highly evolved for maintaining human medical records in developed nations such as Italy, England, United States and Canada. This simplifies the overall process of claiming reimbursement and availing the insurance benefits that are offered by federal governments of respected countries.
In order to lessen the cost burden of owners, pet insurance is considered. Pet insurance is the policy that covers all healthcare or veterinary expenditure of pet animals. This policy coverage is similar to that of human insurance. The most common policy coverages considered is accidents and illness. This covers entire veterinary procedures of pets. Moreover, the increase in healthcare expenditure, adoption rate of pets and awareness regarding insurance policies defines the growth of pet insurance market. Other factors like increase in per capita income, governments regulations affect the growth of pet insurance market. Pet insurance policies provides the reimbursement of cost expelled in diagnostics tests like X-rays, MRI and ultrasound tests and this provides cost benefits to the owner of the pet.
Accidents & illness held maximum market share in pet insurance market. Majority of common illness and accidents are covered in this policy and this policy is considered to be favourable for pet animals and helps to grow the Global pet Insurance Market
Growing social acceptance of pets has stimulated pet adoption. Pet acceptance is also perceived to assist in low blood pressure, depression and loneliness, thus creating growth opportunity for the market during the forecast timeframe. Development of innovative pet insurance schemes, in order to increase the adoption rate and awareness related to availability of healthcare expenditure available for pets, helps to fuel the private segment and increase share during forecast period. Private insurance companies offers maximum coverage with less premium so that one can afford to pay and this triggers the growth in pet insurance industry.
The Global Pet Insurance Market was negatively impacted by COVID-19 in 2020. The coronavirus pandemic has shown an impact on the proper functioning of various industries in various regions. It affected Global Pet Insurance Market, Pet Insurance Market, Insurance Market very badly. Many veterinary hospitals and clinics remaine close due to lockdown and restriction on movement. Insurance companies are trying to innovate and modify the policy coverages and policies depending upon the incidences of health conditions. Companies are focussing on providing solutions to the pet owners and spreading awareness regarding the cost reimbursement available in the market. Also, Various companies are taking steps to ensure that pet gets extraordinary care during the COVID-19 outbreak. Also, the companies are innovating multiple solution for their pet owners to enhance their policy process.
Pet Insurance Market Trends
This section covers the major market trends shaping the Pet Insurance Market according to our research experts:
Increasing Pet Healthcare Act as a Driver for Pet Insurance Market Growth
The global animal health market has seen a dramatic increase in size in recent years. The animal health industry is comprised of many different sectors and focuses on both companion animals and food animals.
Given the large number of animals in the United States, it is no wonder that it represents the largest single animal health market globally. There are many major pharmaceutical companies that work in animal health, some even cater to both human and animal health needs. Recorded in 2020, Zoetis, an animal health company, and Boehringer Ingelheim, a human and animal health company, held the largest percentage of the Global Animal Health Market. Within those companies there are many kinds of products being developed, while the largest animal health market segment are pharmaceuticals. 2018 has been the biggest year on record for the industry. This highly dramatic increase in animal Personal Care and Healthcare market is witnessing the growth in Pet Insurance Market globally and expected to grow till the forecast period.
In United Kingdom, Country's animal healthcare industry is showcasing robust growth in the past few years in terms of usage of advanced technologies including genomics, biotech, and artificial intelligence (AI). Various strategic developments are shaping the country's animal healthcare in a positive direction. This can be well-understood from the acquisition of Simplyhealth by Premier Vet Alliance (PVA) in November 2020. Under this acquisition PVA, a Global Pet Healthcare plans provider will migrate Simplyhealth's 2,000 practices to its pet health plan portal. Moreover, the veterinary and companion animal spending in UK increased by 50% yearly. Hence, all such developments attract a large customer base and promote the availability of advanced solutions in the field. Also, it has been seen that cost of treatment associated with dogs are comparatively higher, this factor contributes to the acceptance of pet insurance among dogs. The severity of diseases associated with dogs are somewhat similar to that of humans, which need immediate treatment and involve high-cost treatment. Hence, these insurance help to lessen the cost burden for owners.
North America Accounted for Majority of Market Share due to Increase in Pet Adoption Rate
North America is expected to hold maximum market share during the forecast period. The number of pet adopters are high in this region, thus tends to increase growth of market. According to American Society for Prevention of Cruelty to Animals suggests that, accounted as on year 2020, more than 3.2 million shelter animals are adopted in every year. Out of which, 1.5 million are dogs. Thus, there is huge pet adoption in this region which stimulate the industry value.
In the United States,70% of United States Households accounting more than 84.9 million families, own atleast one pet, according to the 2020-2021 National Pet Owners Survey conducted by the American Pet Products Association (APPA). 95% of American pet owners consider their pets to be family members. Freshwater aquarium fish are the most popular pet, with 139.3 million of them nationwide. Generation X and Millennials make up more than two thirds of all pet owners in the United States. According to the American Pet Products Association's accounted as per data on Year 2020-21, National Pet Owners Survey, the total number of dogs owned was 63.5 million and cats were 42.7 million and others summing up the Total pet Population to by 84.9 Million Households in the United States.
According to the European Pet Food Industry statistics, there were around 85 million pet owning homes in Europe in the year 2019. This number involves various pet insurance policy coverage, thereby augmenting the market value.
Pet Insurance Industry Overview
The Global Pet Insurance Market is very competitive and highly fragmented across the different regions with continuous demands and adoption of pets led by North America with the fastest growing market of Asia-Pacific and highest number of Pet adoption recorded by United States Households. Companies are involved in various strategies, such as launch of new policies, mergers & acquisitions, and regional expansion, to capture a larger share of the market. The Global Pet Insurance Market is competitive and consists of a number of major players like Petfirst, 24Pet Watch, One Plan Pet insurance, Anicom Holdings Inc, Embrace Pet Insurance , Figo Pet Insurance, Hartville Group, Healthy Paws Pet Insurance, Hollard, The Oriental Insurance, among others, hold the substantial market share in the market.
Pet Insurance Market Leaders
-
Pet First
-
24 watch Pet
-
Figo
-
HartVille
-
One Plan
*Disclaimer: Major Players sorted in no particular order
Pet Insurance Market News
In 2021, MetLife expands pet insurance benefits to include virtual vet visits. Through MetLife's new pet insurance benefit, employers will be able to provide employee pet parents with access to veterinary telehealth services, roll over benefits, family plans for coverage of more than one pet and grief counseling. Additionally, employees switching from one insurance provider to MetLife will not be denied if their dog or cat has a preexisting condition, an exclusive perk of the employee benefit.
In 2021, Wagmo raises 12.5 Million USD to offer Pet Insurance and a lot more. Wagmo offers the same basic [pet insurance coverage as the usual pet insurance, but also offers a wellness service. The Wellness Program reimburses pet parents for the more basic stuff, like vaccinations, grooming, regular vet visits, fecal tests, and bloodwork. Wagmo offers the wellness plan without an insurance plan. That means that users can onboard to the platform with what they need first, and upgrade to an insurance plan later on.
Pet Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definitions
1.2 Scope of Study
2. RESEARCH METHODOLOGY
3. EXCEUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Number of Pet Adoption
4.2.2 Rising Awareness Regarding Pet Insurance
4.3 Market Restraints/ Challenges
4.3.1 Lack of Standardised Pet Health Codes for Reimbursement
4.3.2 Low Adoption in Emerging Countries
4.4 Insights on Technological Landscape
4.5 Insights on Regulatory Landscape Shaping the Ecosystem
4.6 Porters Five Forces Analysis
4.6.1 Threat of New Entrant
4.6.2 Bargaining Power of Buyer/ Consumer
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Product
4.6.5 Intensity of Competitive Rivalry
4.7 Impact of Covid-19 on the market
5. MARKET SEGMENTATION
5.1 By Policy
5.1.1 Illness and Accidents
5.1.2 Chronic Conditions
5.1.3 Others
5.2 By Provider
5.2.1 Public
5.2.2 Private
5.3 Geography
5.3.1 North America
5.3.2 Latin America
5.3.3 Europe
5.3.4 Asia-Pacific
5.3.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 PetFirst
6.2.2 ASPCA
6.2.3 24PetWatch
6.2.4 Anicom Holdings Inc.
6.2.5 Embrace Pet Insurance Agency, LLC
6.2.6 Figo Pet Insurance LLC.
6.2.7 HartVille
6.2.8 Healthy Paws Pet Insurance, LLC
6.2.9 Hollard
6.2.10 Oneplan*
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER & ABOUT US
Pet Insurance Industry Segmentation
The Global Pet Insurance Market is one of the most widely demanded Global Pet Insurance Market as the people are keen to adopt the pets. A complete background analysis of the Global Pet Insurance Market, which includes an assessment of the economy, market overview, market size estimation for key segments, and emerging trends in the market, market dynamics, and key company profiles are covered in the report. The Global Pet Insurance Market is Segmented by Policy (Illness and Accident, Chronic Condition, Others), Provider (Private, Public), Geography (North America, Latin America, Europe, Asia-Pacific, Middle East and Africa). The market sizing and forecasts have been done on the basis of value (USD million).
Pet Insurance Market Research FAQs
What is the current Global Pet Insurance Market size?
The Global Pet Insurance Market is projected to register a CAGR of less than 8% during the forecast period (2024-2029)
Who are the key players in Global Pet Insurance Market?
Pet First, 24 watch Pet, Figo, HartVille and One Plan are the major companies operating in the Global Pet Insurance Market.
Which is the fastest growing region in Global Pet Insurance Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Pet Insurance Market?
In 2024, the North America accounts for the largest market share in Global Pet Insurance Market.
What years does this Global Pet Insurance Market cover?
The report covers the Global Pet Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Global Pet Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Pet Insurance Industry Report
Statistics for the 2024 Pet Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Pet Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
