Global Pet Insurance Market - Forecasts from 2020 to 2025

February 2020 | 122 pages | ID: GF1D4149F6E9EN
Knowledge Sourcing Intelligence LLP

Abstracts

Global pet insurance market is projected to grow at a CAGR of 4.75% during the forecast period, reaching a total market size of US$80.798 billion in 2025 from US$61.163 billion in 2019. Pet insurance is a healthcare policy for pets. That helps owners to reimburse their pet certain medical expenses. This protects against the risk of paying high medical care fees. Insurance plans can be a lifesaver in times of sudden accident or illness and affording an injury is expensive. Pet insurance is the best way to save on veterinary costs when the pet gets sick or injured. The maximum number of pet insurance is paid on a monthly basis and costs a few hundred dollars a year. In pet insurance owners can get reimbursement after paying the vet. They can file a claim with an insurer after paying the vet. Without pet insurance, illness and injury treatments can cost pet owners hundreds or thousands of dollars per incident. Standard pet insurance will cover most accidents and illnesses, but insurance providers do exclude some common things. The pet insurance market is segmented on the basis of animal type and policy type. Policy type is further classified into lifetime cover and Non-lifetime cover with sub-segments been illness cover and accident cover.

Market Drivers

The pet insurance market is rising due to rising in companion animal population and an increase in the awareness related to pet insurance. The industry consists of a lot of large and small companies. These companies are strategizing their business by launching new policies, mergers & acquisitions, regional expansions, and much more to capture a larger market share. Growth in pet ownership is also a reason for the increase in the need for pet insurance. Owners are willing to spend on pet welfare and prevent expensive veterinary bills; increase willingness to adopt additional coverage for a lifetime by pet owners is boosting the market for pet insurance. Insurers are increasing their efforts to reach customers through agencies and brokers.

By Geography

Regionally the global pet insurance market is classified into North America, South America, Europe, Middle East, and Africa, and the Asia Pacific The report also analyses 16 countries across these regions with complete analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers. Europe has a significant share in the pet insurance market because of the high rate of penetration of pet insurance, costly veterinary care, improved facilities, and aware pet owners in the region. Asia Pacific region to see growth in the forecast period due to increasing disposable income of people, supportive initiatives by government, and raising awareness among pet owners.

Segmentation:

• By Animal Type
• Dog
• Cat
• Others
• By Policy Type
• Lifetime Cover
• Illness Cover
• Accident Cover
• Non-Lifetime Cover
• Illness Cover
• Accident Cover
• By Geography
• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• Israel
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Others

Contents

1. INTRODUCTION

1.1. Market Definition
1.2. Market Segmentation

2. RESEARCH METHODOLOGY

2.1. Research Data
2.2. Assumptions

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
  4.3.1. Bargaining Power of Suppliers
  4.3.2. Bargaining Power of Buyers
  4.3.3. Threat of New Entrants
  4.3.4. Threat of Substitutes
  4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis

5. GLOBAL PET INSURANCE MARKET ANALYSIS, BY ANIMAL TYPE

5.1. Introduction
5.2. Dog
5.3. Cat
5.4. Others

6. GLOBAL PET INSURANCE MARKET ANALYSIS, BY POLICY TYPE

6.1. Introduction
6.2. Lifetime Cover
  6.2.1. Illness Cover
  6.2.2. Accident Cover
6.3. Non-Lifetime Cover
  6.3.1. Illness Cover
  6.3.2. Accident Cover

7. GLOBAL PET INSURANCE MARKET ANALYSIS, BY GEOGRAPHY

7.1. Introduction
7.2. North America
  7.2.1. North America Pet Insurance Market, By Animal Type, 2019-2025, US$ billion
  7.2.2. North America Pet Insurance Market, By Policy Type, 2019-2025, US$ billion
  7.2.3. North America Pet Insurance Market, By Country, 2019-2025, US$ billion
    7.2.3.1. USA
    7.2.3.2. Canada
    7.2.3.3. Mexico
7.3. South America
  7.3.1. South America Pet Insurance Market, By Animal Type, 2019-2025, US$ billion
  7.3.2. South America Pet Insurance Market, By Policy Type, 2019-2025, US$ billion
  7.3.3. South America Pet Insurance Market, By Country, 2019-2025, US$ billion
    7.3.3.1. Brazil
    7.3.3.2. Argentina
    7.3.3.3. Others
7.4. Europe
  7.4.1. Europe Pet Insurance Market, By Animal Type, 2019-2025, US$ billion
  7.4.2. Europe Pet Insurance Market, By Policy Type, 2019-2025, US$ billion
  7.4.3. Europe Pet Insurance Market, By Country, 2019-2025, US$ billion
    7.4.3.1. Germany
    7.4.3.2. France
    7.4.3.3. United Kingdom
    7.4.3.4. Spain
    7.4.3.5. Others
7.5. Middle East and Africa
  7.5.1. Middle East and Africa Pet Insurance Market, By Animal Type, 2019-2025, US$ billion
  7.5.2. Middle East and Africa Pet Insurance Market, By Policy Type, 2019-2025, US$ billion
  7.5.3. Middle East and Africa Pet Insurance Market, By Country, 2019-2025, US$ billion
    7.5.3.1. Saudi Arabia
    7.5.3.2. Israel
    7.5.3.3. UAE
    7.5.3.4. Others
7.6. Asia Pacific
  7.6.1. Asia Pacific Pet Insurance Market, By Animal Type, 2019-2025, US$ billion
  7.6.2. Asia Pacific Pet Insurance Market, By Policy Type, 2019-2025, US$ billion
  7.6.3. Asia Pacific Pet Insurance Market, By Country, 2019-2025, US$ billion
    7.6.3.1. China
    7.6.3.2. Japan
    7.6.3.3. South Korea
    7.6.3.4. India
    7.6.3.5. Others

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix

9. COMPANY PROFILES

9.1. Nationwide Mutual Insurance Company
9.2. PetFirst Healthcare LLC
9.3. Healthy Paws Pet Insurance, LLC.
9.4. United States Fire Insurance Company
9.5. Trupanion
9.6. Petplan Limited
9.7. Embrace Pet Insurance Agency, LLC
9.8. U K Insurance Limited
9.9. Petsecure Pet Health Insurance
9.10. 24PetWatch