Pet Insurance Market Overview
The pet insurance market is expected to register a CAGR of 7.1% during the forecast period (2021-2026). The factors that are driving the market growth include an increasing number of pet adoption, rising disposable incomes, and rising awareness regarding pet insurance. According to the People’s Dispensary for Sick Animals, in the United Kingdom (UK), the pet dog and cat population in 2013 was found to be 7.8 million and 9.5 million, respectively, which increased to 9.9 million and 10.9 million, respectively, in 2019. The pet health insurance coverage is expected to reimburse the diagnostic testing and imaging (e.g. X-rays, ultrasound, and MRI), and it covers every accident and illness under one policy. Some of the most common diagnostic tests covered by pet insurance are radiographs, ultrasounds, CT scans, and MRIs.
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Pet Insurance Market – Geographical Overview
North America dominates the global pet insurance market
In the North American region, the United States accounted for the largest market share. High pet ownership, awareness, increasing pet insurance, and technological advancements in the diagnostics field are the major driving factors in the US region. In the United States, 67% of US households, or about 85 million families, own a pet, according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA). In 2018, the data published by APPA stated that the total pet healthcare expenditure was USD 75.38 billion by 2019, while the expenditure in 2017 was USD 69.51 billion.
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Key Highlights of the Pet Insurance Market
- The global pet insurance market is competitive and consists of a number of major players. Many players are operating worldwide, and many of these players market multiple white-label or co-branded products with the help of pet insurance. Furthermore, there is also an increase in the entry of new players, including Figo Pet Insurance, 4Paws Insurance, and Toto Pet Insurance.
- According to the American Pet Products Association’s 2017-2018 National Pet Owners Survey, the total number of dogs owned was 89.7 million and cats were 94.2 million in the United States.
- The prevalence of several diseases among dogs coupled with high prices of treatments are the major contributor to the adoption of pet insurance among dogs. Dogs get cancer almost at the same rate at which humans get, while cats get affected by cancer in fewer numbers. According to the Veterinary Cancer Society, cancer is the leading cause of death in 47% of dogs, especially those that are over the age of 10, globally.
Related Reports and Links
- Global Pet Service Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
- Veterinary Healthcare Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
List of Key Players in the Pet Insurance Market
- Anicom Holdings Inc
- Embrace Pet Insurance Agency, LLC
- Figo Pet Insurance LLC.
- Hartville Group
- Healthy Paws Pet Insurance, LLC
- Metlife Services and Solutions, LLC (Petfirst Healthcare LLC)
- The Oriental Insurance Company Ltd.
- Medibank Private Limited
*List Not Exhaustive
Mordor Intelligence has segmented the global pet insurance market on the basis of policy, animal, provider, and geography:
- Policy Type (Market Size & Forecast based on Revenue (USD million), 2018-2026)
- Illnesses and Accidents
- Chronic Conditions
- Animal Type (Market Size & Forecast based on Revenue (USD million), 2018-2026)
- Provider Type (Market Size & Forecast based on Revenue (USD million), 2018-2026)
- Geography (Market Size & Forecast based on Revenue (USD million), 2018-2026)
- South Korea
- Rest of Asia-Pacific
- North America
- United States
- United Kingdom
- Rest of Europe
- South America
- Rest of South America
- Middle-East and Africa
- South Africa
- Rest of Middle-East and Africa
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