DUBLIN, September 24, 2021--(BUSINESS WIRE)--The "Pet Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Pet Insurance market is expected to register a CAGR of 7.1% during the forecast period.
Anicom Holdings Inc
Embrace Pet Insurance Agency, LLC
Figo Pet Insurance LLC.
Healthy Paws Pet Insurance, LLC
Petfirst Healthcare LLC
The Oriental Insurance Company Ltd.
Medibank Private Limited
Key Market Trends
Dogs Segment is Expected to Show Lucrative Growth Opportunity in the Global Pet Insurance Market
The past few years have observed a significant rise in the adoption of animals, especially dogs, as they are among the favorite companions of human beings. According to "The Federation Cynologique Internationale", the approximate total number of dogs (PURE-BRED OR NOT) registered in 2019 is found to be 9,950,000 as compared to 9,000,000 in 2017. Therefore, with the high number and demand for dogs, there is a corresponding increase in the number of insurances for dogs.
Moreover, 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. Even though in most cases, cancer is a disease found in aging animals, however, some families or breeds of dogs, such as Rottweiler, Bernese Mountain Dog, and Bouvier des Flandres, German Shepherd, Great Dane, Labrador Retriever, Bichon Frise, Boxer, and Golden Retriever have a higher incidence or tendency for developing cancer at a young age.
As per a report published by Association of British Insurers in 2019, reported that 4.8 million pets in the United Kingdom are insured, of which 2.8 million are dogs. This data indicates that there is a huge adoption of pet insurance among dogs due to huge burden of diseases among dogs. All these afore mentioned factors are expected to propel market growth.
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. The country's socio-economic conditions are good enough to give economic support to the market on the production and at the end-user level. 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). 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. 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.
Moreover, in October 2019, Embrace entered into a partnership with PawSupport for a 24/7 Pet Help Line for assistance through online chat, email, and video chat. This strategy is expected to rovide new services to policyholders. This strategy enabled company to expand their operations, thereby strengthening their market presence. Hence, owing to all these market development strategies currently happening in this region is expected to propel market growth.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET 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
4.3.1 Lack of Standardized Pet Health Codes for Reimbursement
4.3.2 Low Adoption in Emerging Countries
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Policy
5.2 By Animal
5.3 By Provider
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/p7w4ap
View source version on businesswire.com: https://www.businesswire.com/news/home/20210924005180/en/
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