Pet Insurance Market Size to Surpass US$ 32.01 Billion by 2030 – Growth Plus Reports

NEW YORK, Oct. 4, 2022 /PRNewswire/ -- According to a new market research report titled, "Pet Insurance Market by Coverage Type (Accident & Illness, Accident Only), by Animal (Canine, Feline), by Sales Channel (Agency, Direct, Broker, Bancassurance) – Global Outlook & Forecast 2022-2030 " published by Growth Plus Reports, the pet insurance market is expected to grow at a CAGR of 16.50% from 2021 to reach US$ 32.01 billion by 2030.

Market Drivers

Growing awareness and digitization of insurance system have been the key trends identified in the global pet insurance market. Digital solution vendors want to work with insurers to deliver value-added services that will improve the insured's experience. For instance, Figo Pet Insurance provides the Figo Pet Cloud, a cloud-based service that enables real-time GPS tracking of pets, management of medical records, mobile claims submission, social pet profiles, a directory of pet-friendly businesses, and appointment and vaccination reminders via a smartphone app. To establish credibility and establish a connection with younger customers, pet insurance should implement a targeted digital marketing plan.

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Excerpts from 'by Coverage Type'

The global pet insurance market is divided into two categories:

• Accident and Illness
• Accident only Covers

Global market dominance has been created by accident and illness category. Increase in the number of veterinary procedures, growth in animal adoption, and more initiatives for animals are the elements causing the expansion of this segment. Accident and illness coverage is most typically offered by all pet insurance vendors. These provide advantages for a variety of conditions, such as prescription drugs, diagnostic procedures, and acute and chronic illnesses. Due to the fact that accident and illness insurance provide comprehensive coverage to pet owners, the segment is expected to grow at the fastest rate in the upcoming years.

Excerpts from 'by Animal'

The global pet insurance market is divided into canine, feline and others categories based on the types of animals. The market has been dominated by the canine category. The increase in dog owners worldwide and the great popularity of dogs as pets are credited with the segment expansion. Due to an increase in the number of people keeping cats as pets, the feline market is expected to continue to expand throughout the projected period.

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Excerpts from 'By Region'

The global pet insurance market has been divided into regional segments for:

• North America
• Europe
• Asia Pacific
• Rest of the Globe

The global market has been commanded by the European continent. High pet ownership, an increase in the number of companion animals, greater disposable income, and awareness of pet insurance are the main market drivers in this area. Rising pet adoption rates and increased consumer awareness of various cutting-edge pet insurance plans are two factors that define the market expansion in North America. Pet adoption is a developing trend in the US. Additionally, it is projected that the expansion of veterinary healthcare infrastructure and increased public awareness of veterinary health will support the growth of the local pet insurance business.

Excerpts from 'Competitive Landscape'

Some of the prominent players operating in pet insurance market are:

• Trupanion, Inc
• Deutsche Familienversicherung AG
• Figo Pet Insurance, LLC
• Animal Friends Insurance Services Limited
• Direct Line
• Embrace Pet Insurance Agency, LLC
• Anicom Insurance
• MetLife Services and Solutions, LLC
• Pumpkin Insurance Services Inc
• Embrace Pet Insurance Agency, LLC
• BPetplan (Allianz)
• ipet Insurance Co., Ltd

Table of Content

1. INTRODUCTION
1. Market Ecosystem 
2. Timeline Under Consideration
1. Historical Years – 2020
2. Base Year – 2021
3. Forecasted Years – 2022 to 2030
2. Currency Used in the Report
3. RESEARCH METHODOLOGY 
1.    Research Approach
2. Data Collection Methodology
3. Data Sources
1. Secondary Sources 
2. Primary Sources 
4. Market Estimation Approach
1. Bottom Up 
2. Top Down 
5. Market Forecasting Model
6. Limitations and Assumptions 
4. PREMIUM INSIGHTS
1. Current Market Trends (COVID-19 Perspective)
2. Key Players & Competitive Positioning 
5. MARKET DYNAMICS
1. Drivers
2. Restraints
3. Opportunities
6. GLOBAL PET INSURANCE MARKET - ANALYSIS & FORECAST, BY COVERAGE TYPE
1. Accident & Illness 
2. Accident Only 
3. Others

VALUE PROPOSITIONS RELATED TO THE REPORT:

• Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
• Comprehensive quantitative and qualitative insights at segment and sub-segment level
• Covid 19 impact trends and perspective
• Granular insights at global/regional/country level
• Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
• Blanket coverage on competitive landscape
• Winning imperatives
• Exhaustive coverage on 'Strategic Developments' registered by leading players of the market

CUSTOMIZATION OPTIONS:

• Distributor Landscape Assessment
• Pricing Intelligence
• Customer Base Assessment
• Investment & Initiatives Analysis
• 'Business Profile' of Key Players

Directly Purchase Premium Copy of Pet Insurance Market Growth Report (2022-2030) at:  https://growthplusreports.com/checkout?_token=4KAVtI3qrNCOyNkleQKUm3PfLxi7ukO70q3lsu2z&report_id=7839&license=Single

About Us:

Growth+Reports is part of GRG Health, a global healthcare knowledge service company. We are proud members of EPhMRA (European Pharmaceutical Marketing Research Association).

Growth+ portfolio of services draws on our core capabilities of secondary & primary research, market modelling & forecasting, benchmarking, analysis and strategy formulation to help clients create scalable, ground-breaking solutions that prepare them for future growth and success.

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