Albany, NY -- (SBWIRE) -- 01/11/2019 -- Global Pet Insurance Market: Overview
A report by Transparency Market Research offers detailed analysis of the global market for pet insurance. The key insurance types in the market are non-lifetime cover pet insurance, lifetime cover pet insurance, accident-only pet insurance, etc. However, policies for pet insurance differ according to region, age of the pet, coverage of bilateral conditions, and treatment type and frequency. Pet insurances are applicable for dogs, cats, horses, etc.
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The overview section of the report on pet insurance contains a thorough analysis of the growth drivers, restraints, trends, and opportunities molding the market. It makes use of popular analytical tools to evaluate the strength and weaknesses of companies. Such tools also help in uncovering opportunities and pitfalls the leading companies in the market may encounter. Based on information sourced through primary and secondary research, the report attempts to predict the course of the market.
Global Pet Insurance Market: Trends and Opportunities
Pet insurance is meant to cover the unforeseen veterinary care costs, including veterinary services such as accidental injuries, surgical procedures, and prescribed veterinary medicines. Some pet insurance plans even cover vaccinations, heartworm testing, and spaying/neutering. Basic coverage provided by pet insurance providers are diagnostic tests, treatment, and surgeries. As in the case for health insurance for us, pet insurance plans exclude any pre-existing disease or injury or disorder from its coverage. Further, routine dental cleaning, particular hereditary and congenital conditions, and preventative flea or parasite treatments are also not covered by pet insurance plans.
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Nevertheless, despite so many exclusions, pet insurance market is soaring since veterinary care is typically expensive and many pet owners cannot afford it. One can claim almost 90.0% of the veterinary bill through pet insurance plans. Apart from that, rising pet diseases or injuries are also serving to boost the market. As per veterinary records, one in every three pets require urgent veterinary care every year.
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