The global pet insurance market is anticipated to grow at a CAGR of 8.0% during the forecast period (2022- 2028). Pet insurance is a policy purchased by a pet owner to get rid of the overall cost of their animal’s medical bills. Some policy also covers the death of the pet or in the case where the pet is lost or stolen. The growing medical expenses in veterinary medicine and the use of costly medical techniques and drugs for animals are driving the growth of the global pet insurance market. It has been seen that cost of treatment associated with dogs is comparatively higher, this factor contributes to the acceptance of pet insurance among dogs. The severity of diseases associated with dogs is somewhat similar to that of humans, which need immediate treatment and involve high-cost treatment. However, pet insurance supports to lower the cost burden for pet owners. In addition, pet insurance companies are offering various customized policies with the changing customer demand such as multi-pet insurance and many others.
Some major players in the market include Embrace Pet Insurance Agency LLC, Anicom Holdings Inc., and Figo Pet Insurance LLC, among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in 2021, MetLife Service and Solutions LLC, expanded its pet insurance benefits to include virtual vet visits. Through MetLife Service and Solutions LLC, a new pet insurance benefit, employers would be able to provide employee pet parents with access to veterinary telehealth services, rollover benefits, family plans for coverage of more than one pet, and grief counselling. Additionally, in 2021, Wagmo Inc, raised $12.5 million to offer pet insurance and a lot more. Wagmo Inc offers the same basic pet insurance coverage as the usual pet insurance, however, also offers a wellness service. The Wellness Program reimburses pet parents for the more basic stuff, such as vaccinations, grooming, regular vet visits, and fecal tests.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Policy
- By Animal
- By Sales Channel
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Embrace Pet Insurance Agency LLC, Anicom Holdings Inc., and Figo Pet Insurance LLC, among others.
A full report is available at: https://orionmarketreports.com/global-pet-insurance-market/97510/
Global Pet Insurance Market Report by Segment
By Policy
- Illness and Accidents
- Chronic Conditions
- Others
By Animal Types
- Dogs
- Cats
- Others
By Sales Channel
- Private
- Public
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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