Pet Insurance Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2029
Pet Insurance Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2029
Report Digest
Global Pet Insurance Market: Overview
The growing adoption of companion animals has played an integral role in driving sales across the pet insurance market. The inclination of the masses towards pampering their pets with the best services for grooming and healthcare is at the helm of market maturity. It was observed over the past decade that majority of pet owners spend a substantial amount of their income on pet grooming. Furthermore, a large population of people prefers to live with their companion animals rather than human mates. Therefore, inclusion of pet animals in the family structure has led to the emergence of several distinct services such as pet insurance.
A syndicate review on the global pet insurance market looks into the leading factors responsible for market expansion. The global pet insurance market can be segmented on the basis of product, animal type, sales channel, and segment. Adoption of cats and dogs is amongst the most common adoption trends. Availability of multiple breeds of these animals have prompted several people to keep them as companion animals. It is worthwhile to look into the various channels that help people in adoption of pets.
Global Pet Insurance Market: Notable Developments
Insurance companies are making ardent efforts to reconcile the dynamics of pet insurance. Several developments have lately ensued across this market.
- A new bill pending in South Korean legislature seeks to give equal status to companion animals and humans in terms of insurance policies. The bill proposed to cover injury, illness, and nursing services under pet insurance, and has become a matter of widespread debate in the region. The introduction of this bill is suggestive of the seriousness of decision makers towards pet insurance.
- Nationwide is an established pet insurance provider across the US, and it offers tailored solutions for dogs and cats. Several employers in the US are tying up with Nationwide in order to provide pet insurance to workers. This trend shall usher an era of expansion across the pet insurance territory.
Global Pet Insurance Market: Growth Drivers
- Improvements in Veterinary Health Services
The total volume of revenues within the global pet insurance market is set to touch new heights in the years to follow. Need to provide timely medical treatment to pets in case of a disease outbreak has played a crucial role in market growth. Special breeds of dogs and cats require premium treatment facilities at veterinary health centers. Therefore, pet insurance has emerged as a viable option for owners looking to ensure seamless healthcare services for their pets. Besides, petting of animals has become a global trend that originated across European nations. As this trend gathers momentum, services associated with pet management shall also gain popularity.
- Insurance Cover for Loss of Pet
Pet insurance is a multifaceted service that has several clauses and covers. Healthcare and medical cover is the most important component of pet insurance. Most people claim their pet insurance to be able to afford the best treatment for their companion animals. Besides, a number of companies also offer pet insurance services that cover loss of a pet. This clause is meant to help individuals in buying a similar pet in order to recover from the emotional and mental toll of losing a pet. Therefore, the demand within the global pet insurance market is set to rise as new services become a part of the insurance schemes.
The global pet insurance market can be segmented on the basis of:
Product
- Accident and Illness
- Accident Only
Animal Type
- Dogs
- Cats
Sales Channel
- Broker
- Agency
The study presents a granular assessment and quantitative evaluation of:
- Key growth factors and prominent trends
- Size and share of key segments in overall market
- Key challenges and winning imperatives
- Factors shaping competitive landscape
- Insights into how contours of market will change in coming years
- Technological advances
- New avenues and imminent investment pockets
- Regulatory landscape shaping current and future strategies of companies
The region-wise assessment includes market dynamics in:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
- Which key factors will shape the competitive landscape?
- Which trends will stimulate research and development activities in different geographies?
- Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
- Which disruptions in market growth are likely to come with the new business models?
- Which are some of the recent overhauls in policies that may change the course of the market significantly?
- Which are the geographies that will form sizable sources of new streams to new and established players alike?
- How are top players likely to realign their strategy to counter the forces of competition?
- Which key strategies emerging players are likely to focus on to consolidate their position?
- Which changes in end-user preferences might affect the status quo held by the leading players?
- Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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