The global pet insurance market is expected to reach USD 14.52 Billion in 2028 and register a robust revenue CAGR of 16% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth are rising per capita income in developing countries, rising costs of veterinary visits, and high risks of accidents and emergencies in pets.
Cats and dogs are the most common pets in various homes, especially in developed countries across the globe. Research shows that having pets around reduces stress, anxiety levels, depression, and elevates overall mood. However, these pets can be prone to various skin diseases, ear infections, upper respiratory infections, and diabetes. Increasing prevalence of various diseases, treatment costs, regular veterinary visits increases the overall medical expenses. To ease the burden and out-of-pocket expenses, several companies and agencies offer pet insurance schemes and policies. Pet insurance is a health care policy that reimburses certain medical expenses and is useful during pet accidents and illnesses. Factors such as rise in number of companion animals, increasing inclination towards pet ownership and increasing awareness about pet health are expected to boost market growth going ahead.
However, coverage of basic expenses and high costs of certain pet insurance plans, lack of awareness about pet health insurance policies, especially in certain developing and underdeveloped economies, and difficulties while reimbursement claims due to unavailability of standardized pet health codes are some of the key factors that could hamper the global pet insurance market revenue growth over the forecast period.
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The global Pet Insurance market has significantly grown over the recent past and is expected to register rapid growth over the forecast period of 2021 to 2028. The pharma and healthcare sector is rapidly evolving with innovations in technology, increasing healthcare spending and improving healthcare facilities and systems . Many hospitals, ambulatory surgical care centers and clinics across the globe are adopting advanced devices and equipment. Revenue growth of the global Pet Insurance market is significantly driven by factors such as increasing prevalence of chronic diseases, rapid advancements in healthcare and medical sector, high adoption of latest tools and techniques and growing funds by several public and private sectors. In addition, rising focus on drug development, increasing demand for precision medicine, high adoption of home care settings and point-of-care diagnostics, increasing investments in research and development activities are expected to drive global market revenue growth during the forecast period.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
Top Companies Profiled in the Report:
Trupanion, Inc., Nationwide Mutual Insurance Company, Hartville Group Inc., Figo pet Insurance LLC, Anicom Group, Pethealth Inc., Oneplan, PetFirst Healthcare LLC, Armor Insurance, Royal & Sun Alliance Insurance Company of Canada, Inc., Embrace Pet Insurance Agency, LLC, Direct Line Insurance Group plc, Petsecure, Healthy Paws Pet Insurance, LLC., and The Oriental Insurance Company Ltd.
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The global market includes various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Pet Insurance Market Segmentation:
Product Outlook (Revenue, USD Trillion, 2018-2028)
- Accident and Illness
- accident only
Animal Type Outlook (Revenue, USD Trillion, 2018-2028)
- Exotic Pets
Sales Channel Outlook (Revenue, USD Trillion, 2018-2028)
- Direct Writing
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Regional Outlook of the Global Pet Insurance Market
- North America
- Rest of Asia Pacific
- latin america
- Mexico City
- Rest of Latin America
- Middle East & Africa
- saudi arabia
- South Africa
- Rest of Middle East & Africa
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