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Pet Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

May 2022 | 143 pages | ID: P0B37C550924EN
IMARC Group

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The global pet insurance market reached a value of US$ 6.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 12.6 Billion by 2027, exhibiting a CAGR of 12.5% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Pet insurance is a health care policy that provides reimbursement against veterinary bills and treatment expenditures. It provides partial or complete coverage against veterinary procedures. Pet owners purchase the insurance policy to cover treatment costs of injuries, death due to illnesses, accidents, poisoning, hospitalization and surgeries. It involves the payment of monthly premiums based on the species, breed, age and existing illnesses of the pet. It assists the owners in choosing treatments at the best medical institutions for their ailing and injured pets. Pet insurance also aids in providing access to premium healthcare services, veterinary professionals and minimizing the overall costs of pet healthcare.

Pet Insurance Market Trends:
The increasing consumer preference for pet adoption and humanization across the globe is one of the key factors driving the growth of the market. Moreover, the rising awareness among pet owners regarding insurance policies that cover treatment costs of accidental injuries and medical conditions, such as urinary tract infection (UTI), burns, broken bones and X-rays, is favoring the market growth. Additionally, the increasing prevalence of cancer among dogs is also impacting the requirement of pet insurance. Various breeds of dogs, such as Labrador retrievers, boxers, Bernese Mountain, German shepherds and rottweilers, have a higher tendency for developing cancer at a young age and require extensive medical attention and care. Moreover, various technological advancements, such as the development of activity monitors for tracking exercise levels, rest and weight of the pets, are providing a thrust to the market growth. In line with this, the launch of multi-pet insurance policies that cover multiple pets in a single plan is also contributing to the growth of the market. Other factors, including the implementation of various government initiatives regarding strict pet insurance regulations, along with the increasing demand for veterinary healthcare facilities, are anticipated to drive the market toward growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global pet insurance market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on policy, animal and provider.

Breakup by Policy:

Illnesses and Accidents
Chronic Conditions
Others

Breakup by Animal:

Dog
Cat
Others

Breakup by Provider:

Public
Private

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Agria Pet Insurance Ltd., Anicom Holdings Inc., Direct Line Insurance Group plc, dotsure.co.za, Embrace Pet Insurance Agency LLC, Figo Pet Insurance LLC, Hartville Group, Healthy Paws Pet Insurance LLC, Medibank Private Limited, MetLife Services and Solutions LLC, Nationwide Mutual Insurance Company, Pethealth Inc., Petplan (Allianz Insurance plc), The Oriental Insurance Company Ltd. and Trupanion.
Key Questions Answered in This Report:
How has the global pet insurance market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global pet insurance market?
What are the key regional markets?
What is the breakup of the market based on the policy?
What is the breakup of the market based on the animal?
What is the breakup of the market based on the provider?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global pet insurance market and who are the key players?
What is the degree of competition in the industry?
1 PREFACE

2 SCOPE AND METHODOLOGY

2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
  2.3.1 Primary Sources
  2.3.2 Secondary Sources
2.4 Market Estimation
  2.4.1 Bottom-Up Approach
  2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 EXECUTIVE SUMMARY

4 INTRODUCTION

4.1 Overview
4.2 Key Industry Trends

5 GLOBAL PET INSURANCE MARKET

5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 MARKET BREAKUP BY POLICY

6.1 Illnesses and Accidents
  6.1.1 Market Trends
  6.1.2 Market Forecast
6.2 Chronic Conditions
  6.2.1 Market Trends
  6.2.2 Market Forecast
6.3 Others
  6.3.1 Market Trends
  6.3.2 Market Forecast

7 MARKET BREAKUP BY ANIMAL

7.1 Dog
  7.1.1 Market Trends
  7.1.2 Market Forecast
7.2 Cat
  7.2.1 Market Trends
  7.2.2 Market Forecast
7.3 Others
  7.3.1 Market Trends
  7.3.2 Market Forecast

8 MARKET BREAKUP BY PROVIDER

8.1 Public
  8.1.1 Market Trends
  8.1.2 Market Forecast
8.2 Private
  8.2.1 Market Trends
  8.2.2 Market Forecast

9 MARKET BREAKUP BY REGION

9.1 North America
  9.1.1 United States
    9.1.1.1 Market Trends
    9.1.1.2 Market Forecast
  9.1.2 Canada
    9.1.2.1 Market Trends
    9.1.2.2 Market Forecast
9.2 Asia-Pacific
  9.2.1 China
    9.2.1.1 Market Trends
    9.2.1.2 Market Forecast
  9.2.2 Japan
    9.2.2.1 Market Trends
    9.2.2.2 Market Forecast
  9.2.3 India
    9.2.3.1 Market Trends
    9.2.3.2 Market Forecast
  9.2.4 South Korea
    9.2.4.1 Market Trends
    9.2.4.2 Market Forecast
  9.2.5 Australia
    9.2.5.1 Market Trends
    9.2.5.2 Market Forecast
  9.2.6 Indonesia
    9.2.6.1 Market Trends
    9.2.6.2 Market Forecast
  9.2.7 Others
    9.2.7.1 Market Trends
    9.2.7.2 Market Forecast
9.3 Europe
  9.3.1 Germany
    9.3.1.1 Market Trends
    9.3.1.2 Market Forecast
  9.3.2 France
    9.3.2.1 Market Trends
    9.3.2.2 Market Forecast
  9.3.3 United Kingdom
    9.3.3.1 Market Trends
    9.3.3.2 Market Forecast
  9.3.4 Italy
    9.3.4.1 Market Trends
    9.3.4.2 Market Forecast
  9.3.5 Spain
    9.3.5.1 Market Trends
    9.3.5.2 Market Forecast
  9.3.6 Russia
    9.3.6.1 Market Trends
    9.3.6.2 Market Forecast
  9.3.7 Others
    9.3.7.1 Market Trends
    9.3.7.2 Market Forecast
9.4 Latin America
  9.4.1 Brazil
    9.4.1.1 Market Trends
    9.4.1.2 Market Forecast
  9.4.2 Mexico
    9.4.2.1 Market Trends
    9.4.2.2 Market Forecast
  9.4.3 Others
    9.4.3.1 Market Trends
    9.4.3.2 Market Forecast
9.5 Middle East and Africa
  9.5.1 Market Trends
  9.5.2 Market Breakup by Country
  9.5.3 Market Forecast

10 SWOT ANALYSIS

10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats

11 VALUE CHAIN ANALYSIS

12 PORTERS FIVE FORCES ANALYSIS

12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes

13 PRICE ANALYSIS

14 COMPETITIVE LANDSCAPE

14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
  14.3.1 Agria Pet Insurance Ltd.
    14.3.1.1 Company Overview
    14.3.1.2 Product Portfolio
  14.3.2 Anicom Holdings Inc.
    14.3.2.1 Company Overview
    14.3.2.2 Product Portfolio
    14.3.2.3 Financials
  14.3.3 Direct Line Insurance Group plc
    14.3.3.1 Company Overview
    14.3.3.2 Product Portfolio
    14.3.3.3 Financials
  14.3.4 dotsure.co.za
    14.3.4.1 Company Overview
    14.3.4.2 Product Portfolio
  14.3.5 Embrace Pet Insurance Agency LLC
    14.3.5.1 Company Overview
    14.3.5.2 Product Portfolio
  14.3.6 Figo Pet Insurance LLC
    14.3.6.1 Company Overview
    14.3.6.2 Product Portfolio
  14.3.7 Hartville Group
    14.3.7.1 Company Overview
    14.3.7.2 Product Portfolio
  14.3.8 Healthy Paws Pet Insurance LLC
    14.3.8.1 Company Overview
    14.3.8.2 Product Portfolio
  14.3.9 Medibank Private Limited
    14.3.9.1 Company Overview
    14.3.9.2 Product Portfolio
    14.3.9.3 Financials
    14.3.9.4 SWOT Analysis
  14.3.10 MetLife Services and Solutions LLC
    14.3.10.1 Company Overview
    14.3.10.2 Product Portfolio
    14.3.10.3 Financials
    14.3.10.4 SWOT Analysis
  14.3.11 Nationwide Mutual Insurance Company
    14.3.11.1 Company Overview
    14.3.11.2 Product Portfolio
    14.3.11.3 SWOT Analysis
  14.3.12 Pethealth Inc.
    14.3.12.1 Company Overview
    14.3.12.2 Product Portfolio
  14.3.13 Petplan (Allianz Insurance plc)
    14.3.13.1 Company Overview
    14.3.13.2 Product Portfolio
  14.3.14 The Oriental Insurance Company Ltd.
    14.3.14.1 Company Overview
    14.3.14.2 Product Portfolio
  14.3.15 Trupanion
    14.3.15.1 Company Overview
    14.3.15.2 Product Portfolio
    14.3.15.3 Financials

LIST OF TABLES

Table 1: Global: Pet Insurance Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Pet Insurance Market Forecast: Breakup by Policy (in Million US$), 2022-2027
Table 3: Global: Pet Insurance Market Forecast: Breakup by Animal (in Million US$), 2022-2027
Table 4: Global: Pet Insurance Market Forecast: Breakup by Provider (in Million US$), 2022-2027
Table 5: Global: Pet Insurance Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Pet Insurance Market: Competitive Structure
Table 7: Global: Pet Insurance Market: Key Players

LIST OF FIGURES

Figure 1: Global: Pet Insurance Market: Major Drivers and Challenges
Figure 2: Global: Pet Insurance Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Pet Insurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Pet Insurance Market: Breakup by Policy (in %), 2021
Figure 5: Global: Pet Insurance Market: Breakup by Animal (in %), 2021
Figure 6: Global: Pet Insurance Market: Breakup by Provider (in %), 2021
Figure 7: Global: Pet Insurance Market: Breakup by Region (in %), 2021
Figure 8: Global: Pet Insurance (Illnesses and Accidents) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Pet Insurance (Illnesses and Accidents) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Pet Insurance (Chronic Conditions) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Pet Insurance (Chronic Conditions) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Pet Insurance (Other Policies) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Pet Insurance (Other Policies) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Pet Insurance (Dog) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Pet Insurance (Dog) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Pet Insurance (Cat) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Pet Insurance (Cat) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Pet Insurance (Other Animals) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Pet Insurance (Other Animals) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Pet Insurance (Public) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Pet Insurance (Public) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Pet Insurance (Private) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Pet Insurance (Private) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: North America: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: North America: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: United States: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: United States: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Canada: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Canada: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Asia-Pacific: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Asia-Pacific: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: China: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: China: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Japan: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Japan: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: India: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: India: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: South Korea: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: South Korea: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: Australia: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: Australia: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: Indonesia: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: Indonesia: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Others: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Others: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Europe: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Europe: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Germany: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Germany: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: France: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: France: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: United Kingdom: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: United Kingdom: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: Italy: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: Italy: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: Spain: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: Spain: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: Russia: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: Russia: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Others: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Others: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Latin America: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Latin America: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Brazil: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Brazil: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Mexico: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Mexico: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Others: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Others: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Middle East and Africa: Pet Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Middle East and Africa: Pet Insurance Market: Breakup by Country (in %), 2021
Figure 72: Middle East and Africa: Pet Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 73: Global: Pet Insurance Industry: SWOT Analysis
Figure 74: Global: Pet Insurance Industry: Value Chain Analysis
Figure 75: Global: Pet Insurance Industry: Porter's Five Forces Analysis


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