Pet insurance provides coverage for illness, accidents and emergencies. It helps save the costs of surgery, diagnostic tests and other medical care. With rising awareness about pet health, insurance has become an important part of caring for pets.
The global Pet Insurance Market is estimated to be valued at US$ 9.59 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing trend of pet humanization and increasing awareness about pet insurance is accelerating the growth of the pet insurance market. Pet owners are increasingly considering their pets as family members and willing to spend money on their healthcare. In addition, rising veterinary costs for advanced surgeries, medications and vaccines are prompting more people to opt for insurance. According to data, around 58% of Americans own a pet and spend over $72 billion annually on pet care. The rising expenditure clearly indicates pet parents’ willingness to provide the best for their furry companions. Pet insurers are capitalizing on this trend by launching customized plans and wellness programs to cater to the evolving needs of pet owners. Growing awareness about insurance benefits along with favorable government regulations will continue to drive the market expansion over the coming years.
Segment Analysis
The global pet insurance market is segmented into accident only, accident and illness, comprehensive, and others. The accident and illness segment dominated the market in 2023. This is because accident and illness insurance provides maximum coverage for veterinary costs, including diagnostic tests, prescriptions, and surgeries, if a pet falls ill or gets injured due to an accident. It also covers hospitalization costs and even euthanasia in certain policies.
Key Takeaways
The Global Pet Insurance Market Size is expected to witness high growth over the forecast period 2023 to 2030. The global Pet Insurance Market is estimated to be valued at US$ 9.59 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
Regional analysis: North America dominated the global pet insurance market in 2023 with a share of over 30%. This is attributed to high pet ownership and growing awareness about pet insurance in the region. Key players have launched various pet insurance plans with comprehensive coverage to cater to rising demand.
Key players: Medibank Private Limited, Petplan, Oneplan Insurance, Dotsure.co.za (Hollard), Healthy Paws Pet Insurance LLC, Figo Pet Insurance LLC, Embrace Pet Insurance Agency LLC, Anicom Holdings Inc., Oriental Insurance Company Ltd., MetLife Services and Solutions LLC (PetFirst Healthcare LLC), and Crum & Forster Pet Insurance Group (Hartville Pet Insurance Group), among others are some of the key players operating in the pet insurance market. The key players are focusing on new product launches and expansion strategies to gain a competitive edge in the market.
For More Insights, Read: https://www.newswirestats.com/pet-insurance-market-trends-growth-and-regional-outlook-2023-2030/
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