The market for pet insurance is anticipated to grow at a CAGR of around 7.2% from 2020 to 2027 and expected to reach the market value of around US$ 11,155.9 Mn by 2027.
Pet insurance is an insurance policy bought by a pet owner to lessen the overall cost of expensive veterinary bills. These insurance policies are way similar to the health insurance policies for humans. Some pet insurance plans also cover the death or loss of the insured pet. This can also eliminate the risk of high expenditure for medical treatment of the pet. Additionally, the features and benefits associated with pet insurance include customized plans, Insurance Regulatory and Development Authority (IRDA) approval, the sum assured, add-on cover, third party liability, and variety of covers among others.
Market Dynamics
The pet insurance market is gaining growth owing to the increasing number of pet adoption and rising awareness regarding pet insurance. The increasing prevalence of dog ownership not only for bonding purposes but also for status symbols across the globe is additionally supporting the market growth. The expanding acceptance of sophisticated and costly treatments, good terms between hospitals and insurance company managers, and growing concern towards animal healthcare are additional factors boosting the market growth.
On the other hand, lack of standardized pet health codes for reimbursement, lack of awareness about pet insurance in some economies of Asia Pacific, and high cost associated with the pet insurance plans are likely to hinder the growth to an extent over the forecast period from 2020 to 2027.
Segment Instance of Global Pet Insurance Market
Dog Insurance held maximum share in the Global Pet Insurance Market
In 2019, dog insurance is leading the market with a major revenue share and the segment is also estimated to lead the market with dominating share (%) in terms of both revenue and volume (number of insurance). The loyalty and kind of affection that dogs bring with them is a major factor bolstering their adoption and care in the global market. In the US around 90 million dogs are owned by the residents. The increased risk of chronic conditions in dogs like diabetes and obesity that require insulin injections and dietary modification is further projected to bolster growth over the forecast period from 2020 to 2027.
North America accounted for the maximum revenue share in the global market
In 2019, North America held the maximum share in the pet insurance market, and the region is also projected to maintain its dominance over the forecast period from 2020 to 2027. The high adoption rate of pet animals in the country like the US and Canada is majorly contributing to the regional market value.
According to the American Society for the Prevention of Cruelty to Animals (ASPCA), around 6.5 million companion animals enter animal shelters in the United States every year. The mentioned figures include around 3.3 million dogs. Additionally, according to a National Pet Owners Survey conducted by the American Pet Products Association (APPA) in 2017-2018, approx 68% of the US households own a pet and the survey has also revealed that the total expenditure on pets was around US$ 69,400 million, in 2017.
Asia Pacific is anticipated to exhibit fastest growth over the estimated period from 2020 to 2027
The increasing disposable income of people is supporting both adoption of pet animals as well as spending on their insurance is driving the market growth. The increasing awareness about the benefits of insurance policies is further bolstering the regional market value. The major insurance provider is also spreading awareness about the policies with their marketing activities and expansion plans are further bolstering the regional market value. Additionally, the high cost associated with the treatment of pets that incur a burden on the pet owners is expected to create demand over the forecast period.
Key Market Players
The players profiled in the report include Agria Pet Insurance, Embrace Pet Insurance Agency, Hartville Group, Nationwide Pet Insurance, Pet first Healthcare, Pethealth Inc., Petplan Pet Insurance, Petsecure Pet Health Insurance, PetSure Pty Ltd., and Royal & Sun Alliance (RSA).
Market Segmentation
Market By Policy Type
Cat Insurance
Dog Insurance
Horse Insurance
Rabbit Insurance
Exotic Pet Insurance
Others Insurance
Market By Policy Coverage
Lifetime Cover
• Accidental Cover
• Accident & Illness Cover
Non-lifetime Cover
• Accidental Cover
• Accident & Illness Cover
Others
Market By Provider
Public
Private
Market By Geography
North America
• U.S.
• Canada
Europe
• U.K.
• Germany
• France
• Spain
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa
• GCC
• South Africa
• Rest of Middle East & Africa
CHAPTER 1. Industry Overview of Pet Insurance
1.1. Definition and Scope
1.1.1. Definition of Pet Insurance
1.1.2. Market Segmentation
1.1.3. Years Considered for the Study
1.1.4. Assumptions and Acronyms Used
1.1.4.1. Market Assumptions and Market Forecast
1.1.4.2. Acronyms Used in Global Pet Insurance Market
1.2. Summary
1.2.1. Executive Summary
1.2.2. Pet Insurance Market By Policy Type
1.2.3. Pet Insurance Market By Policy Coverage
1.2.4. Pet Insurance Market By Provider
1.2.5. Pet Insurance Market by Regions
CHAPTER 2. Research Approach
2.1. Methodology
2.1.1. Research Programs
2.1.2. Market Size Estimation
2.1.3. Market Breakdown and Data Triangulation
2.2. Data Source
2.2.1. Secondary Sources
2.2.2. Primary Sources
CHAPTER 3. Market Dynamics And Competition Analysis
3.1. Market Drivers
3.1.1. Driver 1
3.1.2. Driver 2
3.2. Restraints and Challenges
3.2.1. Restrain 1
3.2.2. Restrain 2
3.3. Growth Opportunities
3.3.1. Opportunity 1
3.3.2. Opportunity 2
3.4. Porter’s Five Forces Analysis
3.4.1. Bargaining Power of Suppliers
3.4.2. Bargaining Power of Buyers
3.4.3. Threat of Substitute
3.4.4. Threat of New Entrants
3.4.5. Degree of Competition
3.5. Market Concentration Ratio and Market Maturity Analysis of Pet Insurance Market
3.5.1. Go To Market Strategy
3.5.1.1. Introduction
3.5.1.2. Growth
3.5.1.3. Maturity
3.5.1.4. Saturation
3.5.1.5. Possible Development
3.6. Technological Roadmap for Pet Insurance Market
3.7. Value Chain Analysis
3.7.1. List of Key Manufacturers
3.7.2. List of Customers
3.7.3. Level of Integration
3.8. Regulatory Compliance
3.9. Competitive Landscape, 2019
3.9.1. Player Positioning Analysis
3.9.2. Key Strategies Adopted By Leading Players
CHAPTER 4. Pet Insurance Market By Policy Type
4.1. Introduction
4.2. Pet Insurance Revenue By Policy Type
4.2.1. Pet Insurance Revenue (US$ Mn) and Forecast, By Policy Type, 2016-2027
4.2.2. Cat Insurance
4.2.2.1. Cat Insurance Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
4.2.3. Dog Insurance
4.2.3.1. Dog Insurance Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
4.2.4. Horse Insurance
4.2.4.1. Horse Insurance Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
4.2.5. Rabbit Insurance
4.2.5.1. Rabbit Insurance Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
4.2.6. Exotic Pet Insurance
4.2.6.1. Exotic Pet Insurance Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
4.2.7. Others Insurance
4.2.7.1. Others Insurance Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 5. Pet Insurance Market Revenue By Policy Coverage
5.1. Introduction
5.2. Pet Insurance Revenue (US$ Mn) By Policy Coverage
5.2.1. Pet Insurance Revenue (US$ Mn) and Forecast By Policy Coverage, 2016 - 2027
5.2.2. Lifetime Cover
5.2.2.1. Lifetime Cover Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.2.1.1. Accidental Cover
5.2.2.1.1.1. Accidental Cover Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.2.1.2. Accident & Illness Cover
5.2.2.1.2.1. Accident & Illness Cover Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.3. Non-lifetime Cover
5.2.3.1. Non-lifetime Cover Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.3.1.1. Accidental Cover
5.2.3.1.1.1. Accidental Cover Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.3.1.2. Accident & Illness Cover
5.2.3.1.2.1. Accident & Illness Cover Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.4. Others
5.2.4.1. Others Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 6. Pet Insurance Market By Provider
6.1. Introduction
6.2. Pet Insurance Revenue (US$ Mn) By Provider
6.2.1. Pet Insurance Revenue (US$ Mn) and Forecast By Provider, 2016 - 2027
6.2.2. Public
6.2.2.1. Public Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
6.2.3. Private
6.2.3.1. Private Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 7. North America Pet Insurance Market By Country
7.1. North America Pet Insurance Overview
7.2. U.S.
7.2.1. U.S. Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Type, 2016-2027
7.2.2. U.S. Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Coverage, 2016-2027
7.2.3. U.S. Pet Insurance Market Revenue (US$ Mn) and Forecast By Provider, 2016-2027
7.3. Canada
7.3.1. Canada Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Type, 2016-2027
7.3.2. Canada Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Coverage, 2016-2027
7.3.3. Canada Pet Insurance Market Revenue (US$ Mn) and Forecast By Provider, 2016-2027
7.4. North America PEST Analysis
CHAPTER 8. Europe Pet Insurance Market By Country
8.1. Europe Pet Insurance Market Overview
8.2. U.K.
8.2.1. U.K. Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Type, 2016-2027
8.2.2. U.K. Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Coverage, 2016-2027
8.2.3. U.K. Pet Insurance Market Revenue (US$ Mn) and Forecast By Provider, 2016-2027
8.3. Germany
8.3.1. Germany Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Type, 2016-2027
8.3.2. Germany Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Coverage, 2016-2027
8.3.3. Germany Pet Insurance Market Revenue (US$ Mn) and Forecast By Provider, 2016-2027
8.4. France
8.4.1. France Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Type, 2016-2027
8.4.2. France Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Coverage, 2016-2027
8.4.3. France Pet Insurance Market Revenue (US$ Mn) and Forecast By Provider, 2016-2027
8.5. Spain
8.5.1. Spain Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Type, 2016-2027
8.5.2. Spain Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Coverage, 2016-2027
8.5.3. Spain Pet Insurance Market Revenue (US$ Mn) and Forecast By Provider, 2016-2027
8.6. Rest of Europe
8.6.1. Rest of Europe Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Type, 2016-2027
8.6.2. Rest of Europe Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Coverage, 2016-2027
8.6.3. Rest of Europe Pet Insurance Market Revenue (US$ Mn) and Forecast By Provider, 2016-2027
8.7. Europe PEST Analysis
CHAPTER 9. Asia Pacific Pet Insurance Market By Country
9.1. Asia Pacific Pet Insurance Market Overview
9.2. China
9.2.1. China Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Type, 2016 - 2027
9.2.2. China Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Coverage, 2016 - 2027
9.2.3. China Pet Insurance Market Revenue (US$ Mn) and Forecast By Provider, 2016 - 2027
9.3. Japan
9.3.1. Japan Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Type, 2016 - 2027
9.3.2. Japan Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Coverage, 2016 - 2027
9.3.3. Japan Pet Insurance Market Revenue (US$ Mn) and Forecast By Provider, 2016 - 2027
9.4. India
9.4.1. India Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Type, 2016 - 2027
9.4.2. India Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Coverage, 2016 - 2027
9.4.3. India Pet Insurance Market Revenue (US$ Mn) and Forecast By Provider, 2016 - 2027
9.5. Australia
9.5.1. Australia Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Type, 2016 - 2027
9.5.2. Australia Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Coverage, 2016 - 2027
9.5.3. Australia Pet Insurance Market Revenue (US$ Mn) and Forecast By Provider, 2016 - 2027
9.6. South Korea
9.6.1. South Korea Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Type, 2016 - 2027
9.6.2. South Korea Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Coverage, 2016 - 2027
9.6.3. South Korea Pet Insurance Market Revenue (US$ Mn) and Forecast By Provider, 2016 - 2027
9.7. Rest of Asia-Pacific
9.7.1. Rest of Asia-Pacific Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Type, 2016 - 2027
9.7.2. Rest of Asia-Pacific Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Coverage, 2016 - 2027
9.7.3. Rest of Asia-Pacific Pet Insurance Market Revenue (US$ Mn) and Forecast By Provider, 2016 - 2027
9.8. Asia Pacific PEST Analysis
CHAPTER 10. Latin America Pet Insurance Market By Country
10.1. Latin America Pet Insurance Market Overview
10.2. Brazil
10.2.1. Brazil Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Type, 2016 - 2027
10.2.2. Brazil Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Coverage, 2016 - 2027
10.2.3. Brazil Pet Insurance Market Revenue (US$ Mn) and Forecast By Provider, 2016 - 2027
10.3. Mexico
10.3.1. Mexico Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Type, 2016 - 2027
10.3.2. Mexico Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Coverage, 2016 - 2027
10.3.3. Mexico Pet Insurance Market Revenue (US$ Mn) and Forecast By Provider, 2016 - 2027
10.4. Rest of Latin America
10.4.1. Rest of Latin America Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Type, 2016 - 2027
10.4.2. Rest of Latin America Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Coverage, 2016 - 2027
10.4.3. Rest of Latin America Pet Insurance Market Revenue (US$ Mn) and Forecast By Provider, 2016 - 2027
CHAPTER 11. Middle East & Africa Pet Insurance Market By Country
11.1. Middle East & Africa Pet Insurance Market Overview
11.2. Saudi Arabia
11.2.1. Saudi Arabia Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Type, 2016 - 2027
11.2.2. Saudi Arabia Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Coverage, 2016 - 2027
11.2.3. Saudi Arabia Pet Insurance Market Revenue (US$ Mn) and Forecast By Provider, 2016 - 2027
11.3. UAE
11.3.1. UAE Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Type, 2016 - 2027
11.3.2. UAE Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Coverage, 2016 - 2027
11.3.3. UAE Pet Insurance Market Revenue (US$ Mn) and Forecast By Provider, 2016 - 2027
11.4. Rest of Middle East & Africa
11.4.1. Rest of Middle East & Africa Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Type, 2016 - 2027
11.4.2. Rest of Middle East & Africa Pet Insurance Market Revenue (US$ Mn) and Forecast By Policy Coverage, 2016 - 2027
11.4.3. Rest of Middle East & Africa Pet Insurance Market Revenue (US$ Mn) and Forecast By Provider, 2016 - 2027
CHAPTER 12. Player Analysis Of Pet Insurance
12.1. Pet Insurance Market Company Share Analysis
12.2. Competition Matrix
12.2.1. Competitive Benchmarking of key players by price, presence, market share, and R&D investment
12.2.2. New Product Launches and Product Enhancements
12.2.3. Mergers And Acquisition In Global Pet Insurance Market
12.2.4. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements
CHAPTER 13. COMPANY PROFILE
13.1. Agria Pet Insurance
13.1.1. Company Snapshot
13.1.2. Business Overview
13.1.3. Financial Overview
13.1.3.1. Revenue (US$ Mn), 2019
13.1.3.2. Agria Pet Insurance 2019 Pet Insurance Business Regional Distribution
13.1.4. Product/ Service and Specification
13.1.5. Recent Developments & Business Strategy
13.1.6. Manufacturing Plant Footprint Analysis
13.2. Embrace Pet Insurance Agency
13.3. Hartville Group
13.4. Nationwide Pet Insurance
13.5. Pet first Healthcare
13.6. Pethealth Inc.
13.7. Petplan Pet Insurance
13.8. Petsecure Pet Health Insurance
13.9. PetSure Pty Ltd.
13.10. Royal & Sun Alliance (RSA)
13.11. Others
