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 global pet insurance market is characterized by a high level of competition among numerous small and large players. Notable growth trends have been observed in recent years, with the North American pet health insurance sector experiencing a remarkable 21.9% rise in premium revenue in 2023, surpassing USD4 billion for the first time. To expand their market presence, companies employ various strategies, including mergers and acquisitions, the introduction of new policies, and geographic expansion. Strategic partnerships and collaborations have also become commonplace in the industry, with alliances formed between pet insurance providers, veterinary clinics, pet wellness centers, and animal welfare organizations to offer enhanced services to policyholders. 

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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
    • US
  • Europe
    • Germany
    • UK
    • France
  • APAC
    • China
  • 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: 

• Rising pet population
• Increasing use of virtual assistants to automate documentation in insurance sector
• Rising concerns over well-being of pets

However, the market also witnesses some limitations, which are as follows:

• Several exclusions and limits in pet insurance coverage
• High cost of pet insurance policies
• Growing awareness of pet allergies among human beings

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Market Scope in Pet Insurance Market Research Report

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Research Analysis Overview

In developing economies, the growing humanization of companion animals and increasing pet adoption rates have led to a surge in demand for pet insurance. With rising veterinary care costs, pet owners seek financial protection through various pet insurance plans. Embrace Pet Insurance is a leading provider, offering coverage for companion animals, including veterinary bills for medical expenses, liability insurance for pet-related accidents, and health insurance for exotic animals. Veterinary medicine advances continue to address zoonotic diseases and veterinary service costs, making insurance essential for pet owners.

Market Research Overview

The pet insurance market is a significant segment within the global diversified financial services industry. Key drivers for market growth include the expanding pet population, increasing veterinary care costs, and the humanization of pets, leading to an increase in pet adoption. Veterinary medicine advancements and various pet insurance plans catering to different animal types offer financial protection for pet owners. Embrace Pet Insurance, a leading player, provides coverage for companion animals and liability insurance for pet-related incidents. The digital transformation in the financial services sector also influences the pet insurance market, with companies leveraging technology to enhance customer experience and streamline operations.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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