The pet insurance market will grow at a CAGR of 11.5% to reach $39.6 billion

Dallas, Texas, September 29, 2022 (GLOBE NEWSWIRE) – Global pet insurance market It is mostly progressing due to increased pet adoption and increased public awareness of pet insurance. In recent years, there has been a marked increase in the acceptance of animals as companions, such as dogs and cats. The most common pets are cats and dogs, both of which are beneficial to people’s physical and emotional health.

The global pet insurance market is worth $7.9 billion in 2022 and is expected to grow at a compound annual growth rate of 11.5% to reach $39.6 billion by 2030.

The growth of global pet adoption, increasing prevalence of various diseases and infections in dogs and cats, and rising costs of pet care are some of the major factors responsible for the market growth. In most homes, and especially in industrialized nations around the world, cats and dogs are some of the most popular pets. According to research, keeping pets nearby reduces stress, anxiety, and symptoms of depression while also improving mood. However, these animals can be prone to developing diabetes, ear infections, upper respiratory infections, and a number of skin diseases. The overall cost of medical care rises as a result of disease prevalence, expensive treatments, and frequent veterinary visits.

Many organizations and companies offer pet insurance plans and policies to reduce stress and out-of-pocket costs. During accidents and illnesses, pet insurance is a beneficial health care policy because it reimburses some of the medical costs. In the coming years, the global pet insurance market is expected to increase as a result of factors such as the rise in the number of companion animals, the increasing tendency of pet ownership, and the increasing awareness of pet health.

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Global Pet Insurance Market Scope:

metrics details
The study period 2020-2030
Market size in 2030 $39.6 billion by 2030
covered part By policy type, end user, by region,
Policy type covered Lifetime Cover: (Accident and Sickness Cover, Accident Cover), Non-Life Cover: (Accident and Sickness Cover, Accident Cover
End user coverage Dog, cat, horse, exotic pet, others
Covered areas North America, Europe, Asia Pacific, Middle East, Africa and South America
Key players at a glance Anicom Holdings, Embrace Pet insurance Agency, Figo Pet Insurance, Crum & Forster Pet Insurance Group, Health for Pet, Hollard, Nationwide, PetFirst Healthcare, Pethealth, Petplan, Trupanion, Agria Pet Insurance and RACQ among others.

With pet accidents and emergencies becoming more and more often, treatment and hospitalization expensive, accident pet health insurance readily available, the accident-only market is expected to grow steadily in terms of CAGR revenue throughout the projection period. Up to a certain limit, this insurance covers the costs of MRI scans, surgeries, and complications from accidents as well as the injuries it covers.

Europe’s pet insurance industry is expected to have the highest percentage in 2021. This is because pet insurance is becoming more popular, more people are adopting pets, and there are more established competitors in the market. Many insurance companies are now creating programs to encourage people to adopt dogs in Europe. These companies offer services including sickness, accident and disease plans. The North American pet insurance market is driven by the expansion of pet ownership, an increase in the number of pets, an increase in disposable income, and an increase in pet insurance awareness.

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For example, Zoetis joined the pet insurance market in April 2020 by founding Pumpkin Insurance Services Inc. , a pet insurance company with offices throughout the United States. For pet owners, the company offers affordable preventative care plans and pet health insurance.

On the other hand, MetLife, Inc. PetFirst Healthcare, LLC, a company that manages companion animal health insurance, in December 2019. Through this acquisition, MetLife was able to expand its product offerings, using the company’s position as a leader in the US collective benefit distribution channel.

Important points from the table of contents:

Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Executive Summary
Chapter 4 Market Outlook
Chapter 5 Pet Insurance Market by Policy Type
Chapter 6 Pet Insurance Market by End User
6.1 Introduction
6.2 Global Pet Insurance Market, By End User 2019
6.3 Dog
6.4 cat
6.5 horse
6.6 exotic pets
6.7 Other
Chapter 7 Pet Insurance Market by Region
7.1 Introduction
7.2 Global Pet Insurance Market, by Region, 2019
7.3 North America
7.3.1 United States
7.3.2 Canada
7.4 Europe
7.4.1 Germany
7.4.2 United Kingdom
7.4.3 France
7.4.4 Rest of Europe
7.5 Asia Pacific
7.5.1 China
7.5.2 India
7.5.3 Rest of Asia Pacific
7.6 Latin America
7.6.1 Brazil
7.6.2 Rest of Latin America
7.7 Middle East and Africa
Chapter 8 Competitive Scene
8.1 Overview
8.2 Strategic Initiatives
8.2.1 Cooperation / Agreement
8.2.2 Product launch
8.2.3 Business Expansion
8.2.4 Business Acquisition
8.2.5 Technological Development
8.2.6 Partnership
8.2.7 Investment
Chapter 9 Company Profiles

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