Pet Insurance Market Share 2023-2028, Industry Growth and Report Analysis

Pet Insurance Market Research & Forecast Report 2023-2028

The global pet insurance market size reach US$ 14.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.1% during 2023-2028.

NY 11249, BROOKLYN, USA, April 24, 2023 /EINPresswire.com/ -- According to the latest report by IMARC Group, titled, “Pet Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global pet insurance market size reached US$ 7.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.1% during 2023-2028.

Market Overview:

Pet insurance refers to a healthcare policy that covers the expenses of veterinary clinic bills. It also helps cover the cost of unexpected medical expenses, chronic illness treatments, and severe injuries caused by accidents. It reduces the financial burden for damages or injuries to third parties and after-death compensations and facilitates pet care for various hereditary conditions, dental care, and behavioral issues. As it also incorporates additional benefits, such as discounts on pet food and access to veterinary telemedicine services, the demand for pet insurance is rising across the globe.

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Pet Insurance Market Trends and Drivers:

The increasing number of nuclear families and rising adoption of pets represent one of the major factors positively influencing the market. In addition, the increasing awareness about the proper maintenance and health of pets, along with the increasing costs of animal healthcare and the growing advancements in animal treatment procedures, are creating a favorable market. Apart from this, the rising number of non-government organizations (NGOs) rescuing animals that are victims of cruelty and abuse and providing shelter, meals, and healthcare to them is contributing to the market growth. Furthermore, key market players are introducing low fees insurance plans and also covering expenses for physical and material damages caused by pets, which is stimulating the market growth worldwide.

Pet Insurance Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Agria Pet Insurance Ltd.
Anicom Holdings Inc.
Direct Line Insurance Group plc
co.za
Embrace Pet Insurance Agency LLC
Figo Pet Insurance LLC
Hartville Group
Healthy Paws Pet Insurance LLC
Medibank Private Limited
MetLife Services and Solutions LLC
Nationwide Mutual Insurance Company
Pethealth Inc.
Petplan (Allianz Insurance plc)
The Oriental Insurance Company Ltd.

The report has segmented the market based on policy, animal and provider.

Breakup by Policy:
Illnesses and Accidents
Chronic Conditions
Others

Breakup by Animal:
Dog
Cat
Others

Breakup by Provider:
Public
Private

Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa

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Key highlights of the report:

Market Performance (2017-2022)
Market Outlook (2023-2028)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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