Global Pet Insurance Market Projected to Reach USD 10 Billion by 2026

18-Jun-2020 | Facts and Factors

Findings from Facts and Factors report “Pet Insurance Market By Policy Coverage Type (Accident and Illness, Only Accident, Others), By Animal Type (Cat, Dog, and Others), and By Provider Type (Public, and Private):  Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global Pet insurance market in 2019 was approximately USD 5.7 billion. The market is expected to grow above a CAGR of 8.5% and is anticipated to reach over USD 10 billion by 2026.

Pet Insurance Market Size

Request Sample Request Customization Buy Now

The policy bought by the pet owner is generally referred as pet insurance that helps to reduce the total expenses of excessive veterinary bills. The coverage of the pet insurance is similar as of health insurance for humans. In pet insurance, certain policies covers all the expensive veterinary procedures while some policies covers only certain part of the bills. Pet insurance also includes reimbursement of the procedures such as heartworm testing, vaccination, etc. The factors impacting the cost of pet insurance are type of the pet insurance, age of the animal, the length of the policy, location of the pet, indoor and outdoor risks associated with the pet, etc.

Browse the full “Pet Insurance Market By Policy Coverage Type (Accident and Illness, Only Accident, Others), By Animal Type (Cat, Dog, and Others), and By Provider Type (Public, and Private):  Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" https://www.fnfresearch.com/pet-insurance-market-by-policy-coverage-type-accident-1222

Major insurance companies are also offering coverage for pet healthcare services to attract the larger customers. Along with this, various government organizations are making efforts to streamline and standardize pet health codes in order to ensure a smooth and efficient reimbursement process. Also, growing awareness about increasing veterinary cost and pet insurance advantages are driving the market growth.

Moreover, growing adoption of the pet through various regions, increasing per capita income is also driving the market growth. Several pet insurance companies are providing different schemes which can further propel the market growth. However, lack of the reimbursement policies for standard animal health code, may produce the difficulties while processing claims, this may restraint the market growth.

Moreover, in the developing countries, many regions are not aware of significant of pet insurance. The lack of awareness about the pet insurance policies may also limit the market growth. However, rising pet disease and pet accidents and injuries are boosting the market growth. Furthermore, rising awareness about the cost of the pet medical expenses may produce lucrative opportunities in the market.

By policy coverage type, the accident and illness policy dominated the market in 2019, and it is expected to grow over the forecast period owing to its ability to provide reimbursement for different types of illness including accidents.

On the basis of animal type, dog category led the market in 2019, attributed to high adoption of dog and lucrative dog insurance policies which cover wide range of dogs hunting dogs, cross bred, etc.

By provider segment,   private insurance category is the largest growing segment due to the rising number of private insurance provider and attractive schemes provided by the private insurance companies.

By geography, North America continues to dominate the global market owing to the high adoption of the animals and awareness about the pet insurance policies.

Report Scope

Report Attribute

Details

Market Size in 2019

USD 5.7 Billion

Projected Market Size in 2026

USD 10 Billion

CAGR Growth Rate

8.5% CAGR

Base Year

2019

Forecast Years

2020-2026

Key Market Players

Anicom Holdings Inc, Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC., Hartville Group, Health for Pet, Hollard, Nationwide, Oneplan, Petfirst Healthcare LLC, Pethealth, Petplan, Protectaplan, Royal & Sun Alliance, The Oriental Insurance Company Ltd., Trupanion, and Others

Key Segment

By Policy, Animal, Provider, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Purchase Options

Request customized purchase options to meet your research needs.Explore purchase options

Some of the leading players in the global market include

Anicom Holdings Inc, Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC., Hartville Group, Health for Pet, Hollard, Nationwide, Oneplan, Petfirst Healthcare LLC, Pethealth, Petplan, Protectaplan, Royal & Sun Alliance, The Oriental Insurance Company Ltd., Trupanion, and others.

This report segments the pet insurance market as follows:

By Policy Coverage Type Segmentation Analysis

  • Accident and Illness
  • Only Accident
  • Others

By Animal Coverage Type Segmentation Analysis

  • Cat
  • Dog
  • Others

By Provider Type Segmentation Analysis

  • Public
  • Private

By Regional Segmentation Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

About Us:

Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds. Our client’s/customer’s conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.

Contact Us:
Facts & Factors

A 2108, Sargam,
Nanded City,
Sinhagad Road,
Pune 411041, India
USA: +1-347-989-3985
Email: [email protected]
Web: https://www.fnfresearch.com


Latest Market Research Reports

report img

Organic Soap Market Report 2024 – 2032

[218+ Pages Report] According to Facts Factors, the global organic soap market size was worth around USD 2.1 billion in 2023 and is predicted to grow to around USD 4.3 billion by 2032, with a compound annual growth rate (CAGR) of roughly 8.3% between 2024 and 2032. Organic Soap Market: Overview Org

Published Date : 18-Nov-2024 | | Category : Consumer Goods | Pages : 218 | Format : Read more

Inquiry for Buying Request Sample
report img

Risk Management Software Market Report 2024 – 2032

[214+ Pages Report] According to Facts Factors, the global risk management software market size was valued at USD 9.64 billion in 2023 and is predicted to surpass USD 34.77 billion by the end of 2032. The risk management software industry is expected to grow by a CAGR of 14.36% between 2024 and 203

Published Date : 14-Nov-2024 | | Category : Software and Services | Pages : 214 | Format : Read more

Inquiry for Buying Request Sample
report img

Call Center AI Market Report 2024 – 2032

[213+ Pages Report] According to Facts Factors, the global call center AI market size was valued at USD 1.70 billion in 2023 and is predicted to surpass USD 11.19 billion by the end of 2032. The call center AI industry is expected to grow by a CAGR of 23.28% between 2024 and 2032. Call Center AI Ma

Published Date : 13-Nov-2024 | | Category : Technology & Media | Pages : 213 | Format : Read more

Inquiry for Buying Request Sample
report img

Personalized Nutrition Market Report 2024 – 2032

[221+ Pages Report] According to Facts Factors,the global personalized nutrition market size was valued at USD 13.35 billion in 2023 and is predicted to surpass USD 46.31 billion by the end of 2032. The personalized nutrition industry is expected to grow by a CAGR of 14.82% between 2024 and 2032. P

Published Date : 11-Nov-2024 | | Category : Healthcare | Pages : 221 | Format : Read more

Inquiry for Buying Request Sample
report img

Sleep Tech Devices Market Report 2024 – 2032

[218+ Pages Report] According to Facts Factors, the global sleep tech devices market size was valued at USD 20.68 billion in 2023 and is predicted to surpass USD 83.79 billion by the end of 2032. The sleep tech devices industry is expected to grow by a CAGR of 16.82% between 2024 and 2032. Sleep Te

Published Date : 08-Nov-2024 | | Category : Technology & Media | Pages : 218 | Format : Read more

Inquiry for Buying Request Sample

Why FnF Market Research?

1 Inflallible Methodology

to ensure high-level data integrity, accurate analysis, and impeccable forecasts

2 Analyst Support

for complete satisfaction

3 Customization

on-demand customization of scope of the report to exactly meet your needs

4 Targeted Market View

Targeted market view to provide pertinent information and save time of readers

5 Agile Approach

A faster and efficient way to cater to the needs with continuous iteration