Pet Insurance Market Growth Opportunities, Key Driving Factors, Market Scenario and Forecast to 2030

The global pet insurance market size is anticipated to reach US$ 38.8 Bn. By the end of 2030, A report by Future Industry Insights (FMI) predicts that the market will grow steadily between 2022 and 2030 at a CAGR of 11%. The paper claims that the growing number of pet owners, more knowledge of pet insurance, and related health advantages of pet ownership will fuel market expansion.

The research provides a thorough analysis of the industry, highlighting the major trends, opportunities, and development drivers. It offers the most precise analysis of the market via the use of original research techniques.

It includes in-depth insights into the pet insurance market.

Some of these are:

The estimated value of the market at US$ 7.8 Bn in 2022. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.

Regionally, North America dominates the pet insurance market globally.

Latin America emerges as one of key markets owing to high pet ownership in the region.

Dogs and Cats segment hold the highest value share in pet insurance market.

‘Accident illness’ coverage option comes out as the most preferred type of pet insurance among pet owners

Key players are likely to focus on new service offerings to stay relevant in developed markets.

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Growth in Pet ownership and Selling Techniques of Companies to Create Opportunity for Expansion

Rise in number of companion animals, increase in awareness about pet insurance, growth in pet ownership propels the growth of the pet insurance market. The Pet health insurers offer different plan options or tiers with varying policy limits which also attracts pet owners towards pet insurance.

However, high cost of pet insurance policies, lack of awareness among consumers, and government regulation limits the growth of the market. Marketing strategies adopted the insurance companies include online marketing, veterinary clinics, pet stores, shelters and animal support and rescue organizations or word of mouth referrals which also fuel the pet insurance market for further growth. Furthermore, largely untapped market with extremely low penetration rates is expected to provide numerous opportunities for the pet insurance market.

Accident Illness Policy Coverage Fuels Demand for Pet Insurance

Pet insurance which is becoming a norm of most of the developed countries. Pet insurance market is gaining traction by the accident illness insurance policy as it provides both accident and illness coverage. Rapidly increasing consumer’s awareness on pet’s diseases, rising veterinary costs and marketing efforts of industry operators have caused consumer acceptance in the pet insurance market.

Who is winning?

Some of the leading players operating in the pet insurance market are Figo Pet Insurance LLC., Embrace Pet Insurance Agency LLC, Hartville Group, Health for Pet, Hollard, Oneplan, Petfirst Healthcare LLC, Protectaplan, Petplan Limited, Trupanion, Inc., Nationwide Mutual Insurance Company., Anicom Holdings Inc, Pethealth Inc., Royal Sun Alliance Insurance Company of Canada, Inc., Direct Line Insurance Group plc, Pet secure, Healthy Paws, 24PetWatch etc.

As a result of increasing competition, companies are focusing on expanding their product portfolio. In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.

In March 2019, CareCredit, LLC, a healthcare financing company of Synchrony Financial, had acquired a Idaho based pet insurance company Pets Bestto to expand its current product/service offering

In Dec 2019, MetLife Inc. had acquired Jeffersonville-based company PetFirst to enter into pet insurance market

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Key Segments of Pet Insurance Industry Survey

Pet Insurance Market by Policy Type:

Accident

Accident Illness

Embedded Wellness

Pet Insurance Market by End User:

Pet Insurance for Dogs

Pet Insurance for Cats

Pet Insurance for Horses

Pet Insurance for Exotic Pets