Pet Insurance Market is expected to grow substantially through 2032, owing to the Increasing awareness about pet insurance policies, especially in North America. In this context, NAPHIA (The North American Pet Health Insurance Association) revealed that North America's pet insurance sector exceeded USD $2.83 billion in terms of valuation by 2021 and that this industry growth more than doubled between 2018 and 2021.
Besides, expensive veterinary bills and various benefits associated with the coverage of expensive treatments in insurance policies have significantly created awareness for the adoption of pet insurance policies among pet owners, thus driving the market growth.
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The key players operating in the pet insurance market are engaging in strategic approaches like partnerships, mergers, and acquisitions, expanding their customer bases and strengthening their positions. To cite an instance, in December 2022, Odie Pet Insurance announced that it recently closed a $3 million funding round. The fund will be used for continued investment in product, technology, and marketing as it aims to deliver a streamlined platform for predictable and stable annual premiums, greater coverage flexibility, and shared values around pet wellness.
Overall, the pet insurance market is categorized into policy coverage, animals, insurance provider, and region.
Based on policy coverage, the other segment will offer profitable growth opportunities to the pet insurance market and grow at 5% CAGR during 2023-2032. Other policy coverage products consist of multiple pet policies, time-limited policies, activity-specific policies, etc. These are generally focused on providing adequate coverage in case of any medical issues with the pet, further paving the way for segmental expansion.
Considering the animals, the cat segment held a revenue share of USD 1 billion in 2022 and is anticipated to exhibit significant growth throughout the projected duration. According to a report, the preference for cat adoption was sustainably high, possibly reflecting the feline acclimation to indoor living. In addition, cats are being adopted increasingly in the U.S., Canada, and China, which is expected to spur the segment's expansion.
Based on insurance provider, the private segment is set to grow significantly by 2032, as private pet insurers offer maximum coverage at minimum premiums. Besides, the continuous adoption of strategies such as competitive pricing of the monthly premiums and digital marketing is also leading to market growth.
Regionally, the North America pet insurance market is depicted to showcase considerable growth through 2032, owing to the rising awareness among consumers regarding several novel pet insurance policies, coupled with the presence of several major industry players.
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Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Methodology
1.2 Market scope & definitions
1.3 Base estimates & working
1.3.1 North America
1.3.2 Europe
1.3.3 Asia Pacific
1.3.4 Latin America
1.3.5 MEA
1.4 Forecast parameters
1.5 Data validation
1.6 Data Sources
1.6.1 Secondary
1.6.1.1 Paid sources
1.6.1.2 Unpaid sources
1.6.2 Primary
Chapter 2 Executive Summary
2.1 Pet insurance industry 360° synopsis, 2018 - 2032
2.1.1 Business trends
2.1.2 Policy coverage trends
2.1.3 Animal trends
2.1.4 Provider trends
2.1.5 Regional trends
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COVID-19 Impact Analysis on Pet Insurance Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2020-2027.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the pet insurance market include Petplan Limited, Trupanion, Inc., Nationwide Mutual Insurance Company., Hartville Group Inc., Pethealth Inc., PetFirst Healthcare LLC, Royal & Sun Alliance Insurance Company of Canada, Inc., Embrace Pet Insurance Agency, LLC, Direct Line Insurance Group plc, and Petsecure.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Pet Insurance Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/pet-insurance-market/download-sampleMarket DynamicsThe market is primarily driven by the growing adoption of pet animals and the rising prevalence of cat and dog-related diseases worldwide.
Further, with rising healthcare costs, the owners are readily adopting pet health insurance, augmenting the market.
On the other side, the high cost of insurance policies, strict government regulation, and lack of awareness among consumers hinder the growth of the market.The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
