Pet insurance market size to grow at a CAGR of 31.41% between 2022 and 2027, Growth was driven by rising concerns over the well-being of pets - Technavio
NEW YORK, Oct. 27, 2023 /PRNewswire/ -- According to Technavio, the global pet insurance market size is estimated to grow by USD 19,852.9 million between 2022 and 2027. The market is estimated to grow at a CAGR of 31.41% during the forecast period. The growth of the market is driven by rising concerns over the well-being of pets. Pet owners are becoming more conscious of the well-being of their pets. The prevalence of common illnesses such as canine parvovirus, distemper, and heartworms has increased the demand as well as the cost of pet care services. Hence, pet owners are opting for insurance coverage to bear all the annual or monthly expenses of their pets. Also, the rising instances of dog thefts and accidents related to pets have increased the demand for pet insurance. All these factors are driving the growth of the market. For more insights on the historic information (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report
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Global competitiveness and key competitor positions
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Global Pet Insurance Market - Segmentation Assessment Segment Overview Technavio has segmented the market based on type (dogs, cats, and others), and insurance type (accidents and illness, accidents only, and others).
The growth of the market in the dog segment will be significant during the forecast period. Dogs are the most preferred pet animals. Thus, with the increasing adoption of pet dogs, there is a corresponding rise in the demand for insurance for dogs. Also, the high cost of treatments and the increasing prevalence of various diseases among dogs are driving the growth of the segment.
Geography Overview By geography, the global pet insurance market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global pet insurance market.
North America will account for 61% of the market growth during the forecast period. The region has the largest number of pets as well as the number of pet insurance services globally. High affordability limits and the availability of experienced service providers who offer security and safety to pets are the factors that drive the market in the region to a great extent. In addition, the higher spending capability and increasing disposable income of consumers are also fueling the growth of the regional market.
Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report
Global Pet Insurance Market ? Market Dynamics
Key trend influencing growth.
Growing inclination toward premiumization in pet care services is the key trend in the market.
The increasing number of dual-income households has improved the lifestyles of people.
Pet owners are willing to spend a good amount of money as they consider their pets as a part of their family and to provide the best services for their pets.
This is encouraging vendors to provide niche services that cover the expenses of illnesses, accidents, and other pet care services.
The rising consumer demand for premium pet care services will positively influence the growth of the market.
Major challenges hindering the market growth
The low adoption of pet insurance in developing countries is a major challenge in the market.
Many developing countries, including India, Sri Lanka, China, Indonesia, and the Philippines, do not have stricter regulations to provide safety for pet animals.
The governments in these countries focus more on the safety of endangered species and give less attention to regulations that promote the well-being of pets.
This discourages pet owners from adopting pet insurance, which is reducing the growth potential in the market.
Insights on Market Drivers, trends, & Challenges, historic period (2017 to 2021), and forecast period (2023 to 2027) - Request a sample report!
What are the key data covered in this pet insurance market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the pet insurance market between 2023 and 2027
Precise estimation of the size of the pet insurance market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the pet insurance market industry across North America, Europe, APAC, South America, and the Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of pet insurance market vendors
The homeowners is estimated to grow at a CAGR of 4.18% and the size of the market is forecast to increase by USD 57.01 billion between 2022 and 2027. Furthermore, this report extensively covers market segmentation by type (fire and theft, house damage, floods and earthquake, and others), source (captive, independent agent, and direct response), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The rising number of natural disasters and man-made hazards are key factors driving the homeowner's insurance market growth.
The bancassurance market is estimated to grow at a CAGR of 6.66% between 2022 and 2027. The size of the market is forecast to increase by USD 404.89 billion. Furthermore, this report extensively covers market segmentation by product (life bancassurance and non-life bancassurance), type (pure distributor, joint venture, exclusive partnership, and financial holding), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The increased need for insurance is notably driving the bancassurance market growth.
Pet Insurance Market Scope
Report Coverage
Details
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 31.41%
Market growth 2023-2027
USD 19,852.9 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
29.94
Regional analysis
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
North America at 61%
Key countries
US, China, UK, France, Germany, Canada, Mexico, Italy, Spain, India, Japan, Australia, and South Korea
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Agria Pet Insurance Ltd., Allianz SE, Anicom Holdings Inc., Dotsure Ltd., Embrace Pet Insurance Agency LLC, Healthy Paws Pet Insurance LLC, Hollard Insurance Group, Independence Pet Group, Intact Financial Corp., JAB Holding Co. Sarl, Metlife Inc., Nationwide Mutual Insurance Co., NSM Insurance Group, Oneplan, Petofy, Petplan Iberica S.L., Porto Seguro Companhia de Seguros Gerais, The Oriental Insurance Company Ltd., The Progressive Corp., and Trupanion Inc.
Market dynamics
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of contents:
1 Executive Summary
1.1 Market Overview
Exhibit 01: Executive Summary ? Chart on Market Overview
Exhibit 02: Executive Summary ? Data Table on Market Overview
Exhibit 03: Executive Summary ? Chart on Global Market Characteristics
Exhibit 04: Executive Summary ? Chart of Market by Geography
Exhibit 05: Executive Summary ? Chart on Market Segmentation by Type
Exhibit 06: Executive Summary ? Chart on Market Segmentation by Insurance Type
Exhibit 07: Executive Summary ? Chart on Incremental Growth
Exhibit 08: Executive Summary ? Data Table on Incremental Growth
Exhibit 09: Executive Summary ? Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market Definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market Size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global - Market Size and Forecast 2022-2027 (USD million)
Exhibit 15: Data Table on Global - Market Size and Forecast 2022-2027 (USD million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global pet insurance market 2017 - 2021
Exhibit 18: Historic Market Size ? Data Table on Global pet insurance market 2017 - 2021 (USD million)
Exhibit 138: JAB Holding Co. Sarl - Product / Service
Exhibit 139: JAB Holding Co. Sarl - Key news
Exhibit 140: JAB Holding Co. Sarl - Key offerings
12.10 Metlife Inc.
Exhibit 141: Metlife Inc. - Overview
Exhibit 142: Metlife Inc. - Business segments
Exhibit 143: Metlife Inc. - Key offerings
Exhibit 144: Metlife Inc. - Segment focus
12.11 NSM Insurance Group
Exhibit 145: NSM Insurance Group - Overview
Exhibit 146: NSM Insurance Group - Product / Service
Exhibit 147: NSM Insurance Group - Key offerings
12.12 Oneplan
Exhibit 148: Oneplan - Overview
Exhibit 149: Oneplan - Product / Service
Exhibit 150: Oneplan - Key offerings
12.13 Petofy
Exhibit 151: Petofy - Overview
Exhibit 152: Petofy - Product / Service
Exhibit 153: Petofy - Key offerings
12.14 Petplan Iberica S.L.
Exhibit 154: Petplan Iberica S.L. - Overview
Exhibit 155: Petplan Iberica S.L. - Product / Service
Exhibit 156: Petplan Iberica S.L. - Key offerings
12.15 Porto Seguro Companhia de Seguros Gerais
Exhibit 157: Porto Seguro Companhia de Seguros Gerais - Overview
Exhibit 158: Porto Seguro Companhia de Seguros Gerais - Product / Service
Exhibit 159: Porto Seguro Companhia de Seguros Gerais - Key offerings
12.16 The Oriental Insurance Company Ltd.
Exhibit 160: The Oriental Insurance Company Ltd. - Overview
Exhibit 161: The Oriental Insurance Company Ltd. - Product / Service
Exhibit 162: The Oriental Insurance Company Ltd. - Key offerings
12.17 Trupanion Inc.
Exhibit 163: Trupanion Inc. - Overview
Exhibit 164: Trupanion Inc. - Business segments
Exhibit 165: Trupanion Inc. - Key offerings
Exhibit 166: Trupanion Inc. - Segment focus
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 167: Inclusions checklist
Exhibit 168: Exclusions checklist
13.3 Currency conversion rates for USUSD
Exhibit 169: Currency conversion rates for USUSD
13.4 Research methodology
Exhibit 170: Research methodology
Exhibit 171: Validation techniques employed for market sizing
Exhibit 172: Information sources
13.5 List of abbreviations
Exhibit 173: List of abbreviations
About US Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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