Global Market Insights, Inc.

Pet Insurance Market Emerging Growth by Hollard, Nationwide, Pethealth, Petplan, Trupanion

Pet insurance market forecast report estimates that the U.S. pet insurance market will expand at a CAGR of 12% over 2019-2025.


Ocean View, DE -- (SBWIRE) -- 04/06/2020 -- Pet adoption, having endorsed itself as a prominent trend recently, has prompted the growth graph of pet insurance market to display marked ascent during 2019-2025. The industry, portraying high potential, is estimated to evolve as a highly viable business vertical in the ensuing years.

Increasing pet ownership and demand for better care of pets will impel pet insurance market size in the ensuing years. The growth of pet insurance industry is stemmed from the cognizance among pet owners about pet insurance policies and efforts made by market players to satisfy customers' pet needs. Many countries, such as Sweden and the U.K. have been witnessing huge pet adoption and introduction of various insurance coverage policies.

Cats and dogs are among the most frequently insured animals owing to their high adoption. Dogs, in particular, are highly adopted across several regions of the world. Nevertheless, with the rising trend of adoption of exotic animal species, increasing interest has been witnessed towards insuring other animals across the globe.

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Some of the key companies partaking in pet insurance industry are Anicom Holdings Inc, Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC., Hartville Group, Health for Pet, Hollard, Nationwide, Oneplan, Petfirst Healthcare LLC, Pethealth, Petplan, Protectaplan, Royal & Sun Alliance, The Oriental Insurance Company Ltd., Trupanion

Accident and illness coverage policies are gaining traction among pet owners as they offer reimbursement for numerous illness besides accidents. Accident and illness policies cover various chronic ailments, which can cost a lot if treated without insurance. Several pet insurance market companies are offering policies with various benefits for customers. They cover treatment for a comprehensive range of ailments including broken bones, swallowed objects, burns, urinary tract infections, surgeries, laboratory tests, hospitalization, and X-rays. The accidents and illness policy segment is likely to expand at CAGR of around 8.5% over 2019-2025.

North America is anticipated to emerge as a lucrative business sphere for pet insurance industry due to the need for reducing veterinary medical expenses and high demand for pet insurance policies. Pet insurance market forecast report estimates that the U.S. pet insurance market will expand at a CAGR of 12% over 2019-2025. The growth can be accredited to the high costs of veterinary services and intensifying awareness regarding pet insurance policies. The U.S. pet insurance industry size is expanding at a considerable pace and will grow rapidly as compared to other countries. The U.S. houses several key market participants providing advanced schemes, which provides unprecedented opportunities for market expansion.

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Private insurance providers are likely to account for 93.8% revenue share over 2019-2025. Private insurance providers offer policies with low premium amount and maximum coverage. They provide the latest medical plans to hold customers, which will significantly foster pet insurance industry growth by 2025.
Report Content
Chapter 1. Methodology
1.1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data Sources
1.4.1. Secondary Paid sources Unpaid sources
1.4.2. Primary
Chapter 2. Executive Summary
2.1. Pet insurance industry 3600 synopsis, 2014 - 2025 (USD Million)
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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Chapter 3. Pet Insurance Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2014 - 2025
3.3. Industry impact forces
3.3.1. Growth drivers Increasing number of pet adoption Increasing awareness about pet insurance policies in North America Rising veterinary service cost Companies offering innovative pet insurance coverage
3.3.2. Industry pitfalls & challenges Lack of standardized pet health codes for reimbursement Lack of awareness about pet insurance in Asia pacific regions
3.4. Growth potential analysis
3.4.1. By policy
3.4.2. By animal
3.4.3. By application
3.4.4. By provider
3.5. Porter's analysis
3.6. Pricing analysis of top 10 insurers, by animals
3.6.1. Costs by popular cat breed
3.6.2. Costs by popular dog breed
3.7. Common conditions/illness
3.7.1. Cats
3.7.2. Dogs
3.8. Competitive landscape, 2018
3.8.1. Company market share analysis, 2018
3.8.2. Strategy dashboard
3.9. PESTEL analysis
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All the pet insurance market participants have been focusing on partnerships, collaborations, mergers & acquisitions to sustain in the competitive landscape.