Latest News- Pet Insurance Market: Dogs is expected to lead the Type segment during 2024-2028
The Pet Insurance Market is being driven by Rising pet population
The Pet Insurance Market is expected to grow at a CAGR of 34.51% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 30072.8 million. The pet insurance industry is characterized by a high level of competition among both large and small market participants. Companies employ various strategies to gain market share, including mergers and acquisitions, product innovation, and geographic expansion. For instance, in November 2021, AXIS Insurance, a specialized insurance business unit of AXIS Capital Holdings Ltd., entered the pet insurance sector via a strategic partnership with managing general underwriter Petplan. In 2020, Lemonade, a tech-driven insurance company, debuted in the pet insurance market. Leveraging artificial intelligence (AI) and behavioral economics research, Lemonade simplifies the buying process and expedites claim payments for customers.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Type (Dogs, Cats, Others) Application (Accidents and illness, Accidents only, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Pet Insurance Market Research Report
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The pet insurance market encompasses various animal types, including exotic animals, equine, dogs, and cats, in developed and developing economies. With the humanization of pets and increasing veterinary care costs, pet insurance schemes have gained popularity among pet owners. These plans provide financial protection against veterinary bills for medical expenses related to accident & illness segments. For instance, Luko offers liability insurance for exotic animals, while Embrace Pet Insurance covers companion animals. Zoonotic diseases pose a significant risk, making insurance essential for all pets. In the US, for example, the veterinary medicine market size was valued at over USD30 billion in 2020, with a growing pet population and rising veterinary service costs. In the equine sector, veterinary care can be particularly expensive. For instance, treating a horse with colic can cost thousands of dollars. Pet insurance can offer peace of mind for horse owners, ensuring they can afford necessary veterinary care. In developing economies, pet insurance is becoming increasingly important as pet adoption rates rise. Pumpkin, a pet insurance company, offers affordable plans for pet owners in these regions. Overall, pet insurance provides vital financial protection for pet owners, ensuring they can afford the best veterinary care for their beloved companions.
In accordance with Technavio's market research, the global pet insurance market is classified as a segment of the broader global specialized consumer services market. This market encompasses the earnings generated by various consumer service providers, which include residential services, home security services, legal services, personal services, renovation and interior design services, consumer auction services, wedding services, and funeral services. Technavio's market analysis is derived from the revenues generated by specialized service providers, such as pet insurance, residential services, home security services, legal services, personal services, renovation and interior design services, consumer auction services, wedding services, and funeral services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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