Pet Insurance Market Overview
Maximize Market Research a global business consulting firm has published a report on the Pet Insurance market. The report covers of the Pet Insurance markets major key drivers and restraints. It helps detecting the drivers that are steering the market growth and discovering ways to use these drivers as strengths. Opportunities are created by external components like changes in the market and new consumer trends. This will guide to understand the elements that will influence your potential to take advantage of your opportunities.
Pet Insurance Market size was valued at US$ 5.26 Bn. in 2021 and the total revenue is expected to grow at 16.5 % through 2022 to 2029, reaching nearly US$ 17.86 Bn.
Pet Insurance Market Scope
The reports gives the readers in-depth analysis of the Pet Insurance market with help of tabular data and graphical representation. It focuses on the major and minor components of the market and also the key competitors in the industry and their growth strategies. The report deals with the market trends and provides the regional analysis of potential investment opportunities for existing and new market entrants. It covers in depth analysis of different segments of the Pet Insurance market. Methods like SWOT, PESTLE and PORTER’s five forces were undertaken to understand to the strength and weakness of the Pet Insurance market.
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Pet Insurance Market Segmentation
The worldwide pet insurance market is divided into three subsectors based on policy type: accident and illness, accident only, and others. With a revenue of US$ 1.8 billion in 2021, the Accident & Illness segment had the biggest market share. The major factors driving the segment are high veterinary treatment and diagnostic costs, an increase in the number of companion animals, and growing awareness of pet insurance. A comprehensive plan called lifetime insurance protects animals’ lives for the remainder of their days. The contract coverage includes provisions for hospitalization, surgery, and covering for accidents and illnesses. This is the most beneficial approach for young animals.
Additionally, in 2021, the Accident only category had the second-largest market share .The major factors driving this market segment are rising animal health concerns and high treatment costs. Only animals who do not meet the requirements for lifelong or non-lifetime coverage are eligible for accident-only coverage. In addition, older animals with pre-existing illnesses may be covered by accident-only coverage.
The worldwide pet insurance market is further divided into Private and Public based on the Service Provider. Due to newly emerging private insurance companies, the private segment is anticipated to experience the highest growth during the forecast period, with a CAGR . Pet owners are increasingly choosing to purchase insurance from private businesses because public insurers only provide protection against death, while private players offer more comprehensive coverage.
Pet Insurance Market Key Players
• Warburg Pincus
• Nationwide
• Trupanion
• Hartville Group
• Embrace
• Royal &Sun Alliance (RSA)
• Direct Line Group
• Agria
• Anicom Holding
• ipet Insurance
• Japan Animal Club
• Floracopeia Inc.
• UniKode S.A.
• Robertet Groupe
• Lluch Essence Sl
• International Fragrance and Flavor Inc.
• Fleurchem Inc
• PetFirst Healthcare LLC
• Petsecure
• Petplan Limited
Regional Analysis
The report on the Pet Insurance market growth provides a detailed regional analysis. It helps in understanding the regions which are expected to grow in forecast period. To keep ahead of the competition the regional analysis gives a better perspective and understanding of the market and target audience in a specific country or a region.
Key Questions answered in the Pet Insurance Market Report are:
Key offerings:
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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