Pet Insurance Market Size, Future Forecasts, Growth Rate, And Industry Analysis To 2030

The global pet insurance market size is anticipated to reach US$ 38.8 Bn. By the end of 2030, A report by Future Industry Insights predicts that the market will grow steadily between 2022 and 2030 at a CAGR of 11%. The paper claims that the growing number of pet owners, more knowledge of pet insurance, and related health advantages of pet ownership will fuel market expansion.

The study offers a complete overview of the market, highlighting the key developments, opportunities, and trends. With the use of novel research methods, it provides the most accurate analysis of the market.

It offers in-depth analyses of the pet insurance industry.
Some of these are:
In 2022, the market is expected to be worth $7.8 billion USD. The market is shown to display consistent growth over the course of the report's forecast period.
Globally, the pet insurance market is dominated by North America.
Due to the high rate of pet ownership in the region, South America stands out as one of the important markets.
The segment for dogs and cats has the biggest market value share for pet insurance.
Most pet owners prefer the "Accident & Illness" coverage choice when it comes to pet insurance.
To remain competitive in mature markets, key businesses would probably concentrate on innovative service offerings.

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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 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.

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.

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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, Pet secure, 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.

In March 2019, CareCredit, LLC, a healthcare financing company of Synchrony Financial, had acquired a Idaho based pet insurance company Pets Bestto to expand its current product/service offering
In Dec 2019, MetLife Inc. had acquired Jeffersonville-based company PetFirst to enter into pet insurance market

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