May
20, 2019: Global pet insurance market is
expected to grow at a significant CAGR of 3.71% between 2017 and 2028 as the
scope and its applications are rising enormously across the globe. Pet
insurance is also termed as pet health insurance, an insurance mainly designed
to help cover the veterinary expenses of cats and dogs. This insurance plan
covers repayment for wellness procedures like spaying/neutering, vaccinations,
and heartworm testing. The pet owners purchase the policy, mainly to cover the
unplanned costs that arise in providing care for a pet.
The factors that are
playing a major role in the growth of the market are the growing awareness
regarding pet insurance plan in the developing regions and the rising number of
pet owners. However, lack of awareness among consumers may restrain overall
market growth in the years to come. Pet insurance market is segmented based on
type, application, and region.
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Accident-only,
time-limited, maximum benefit, lifetime cover, and other types could be
explored in the market in the forecast period. The market could be categorized
based on end users like a cat, dog, exotic pet, horse, and others that could be
explored in the market in the forecast period. Pet insurance market is
segmented geographically into Americas (North America, South America), Europe
(Eastern Europe, Western Europe), Asia Pacific (India, China, Japan, New Zealand,
and Australia), Middle East (UAE, Saudi, and Qatar) and Africa (South Africa).
Globally, North America
accounts for the substantial share of pet insurance market and is estimated to
lead the overall market in the years to come. The United States is the major
consumer of pet insurance in this region. The reason being the growing demand
from end-users is the presence of key manufacturers in the region.
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Europe and the Asia
Pacific are also estimated to have a positive influence on future growth.
Europe is the second largest region with significant market share. However,
Asia Pacific is estimated to grow at the highest CAGR in the forecast period.
The developing countries like India and China are the major consumers of pet
insurance in this region.
The key players of pet
insurance market are Japan Animal Club, Petplan UK, Ipet Insurance, Nationwide,
Anicom Holding, Trupanion, PetSure, Hartville Group, Petsecure, Pethealth,
Agria, Petfirst, Direct Line Group, Embrace, and Royal & Sun Alliance
(RSA). These players are concentrating on inorganic growth to sustain themselves
amongst fierce competition.
The global Pet Insurance
market was valued at $75 million in 2017, and analysts predict the
global market size will reach $112 million by the end of 2028, growing at a
CAGR of 3.71% between 2017 and 2028.
This report provides
detailed historical analysis of global market for Pet Insurance from 2013-2018,
and provides extensive market forecasts from 2018-2028 by region/country and
subsectors. It covers the sales volume, price, revenue, gross margin,
historical growth and future perspectives in the Pet Insurance market.
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