Technology has also changed how a pet owner can connect with pet care centers in the market through an online platform and there are many virtual programs that have helped the development and training of pet dogs
The global?pet insurance market? sales are currently valued at around US$ 7.8 Billion, and are anticipated to surge at a CAGR of 11% to reach a market valuation of US$ 38.8 Billion by 2030.
The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
According to a study by Future Market Insights (FMI), the market will show a steady rise at a CAGR of 11% between 2022 and 2030. According to the report, the rising number of pet ownership, increase in awareness about pet insurance and associated health benefits of pet ownership will stoke growth in the market.
It includes in-depth insights into the pet insurance market. Some of these are:
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Growth in Pet ownership and Selling Techniques of Companies to Create Opportunity for Expansion
Rise in number of companion animals, increase in awareness about pet insurance, growth in pet ownership propels the growth of the pet insurance market. The Pet health insurers offer different plan options or tiers with varying policy limits which also attracts pet owners towards pet health insurance.
However, high cost of pet insurance policies, lack of awareness among consumers, and government regulation limits the growth of the market. Marketing strategies adopted the insurance companies include online marketing, veterinary clinics, pet stores, shelters and animal support and rescue organizations or word of mouth referrals which also fuel the pet insurance market for further growth. Furthermore, largely untapped market with extremely low penetration rates is expected to provide numerous opportunities for the pet insurance market.
Key Segments of Pet Insurance Industry Survey
Pet Insurance Market by Policy Type:
Pet Insurance Market by Region:
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Accident & Illness Policy Coverage Fuels Demand for Pet Insurance
Pet insurance which is becoming a norm of most of the developed countries. Pet insurance market is gaining traction by the accident & illness insurance policy as it provides both accident and illness coverage. Rapidly increasing consumer’s awareness on pet’s diseases, rising veterinary costs and marketing efforts of industry operators have caused consumer acceptance in the pet insurance market.
Who is winning?
Some of the leading players operating in the pet insurance market are Figo Pet Insurance LLC., Embrace Pet Insurance Agency LLC, Hartville Group, Health for Pet, Hollard, Oneplan, Petfirst Healthcare LLC, Protectaplan, Petplan Limited, Trupanion, Inc., Nationwide Mutual Insurance Company., Anicom Holdings Inc, Pethealth Inc., Royal & Sun Alliance Insurance Company of Canada, Inc., Direct Line Insurance Group plc, Petsecure, Healthy Paws, 24PetWatch etc. As a result of increasing competition, companies are focusing on expanding their product portfolio. In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.
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About Future Market Insights, Inc. Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware
Apr 16, 2023
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