The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Pet Insurance market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Pet Insurance
The report offers actionable and valuable market insights of Pet Insurance. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Pet Insurance Market across various industries and regions.
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The global market for pet insurance was valued at US$ 8.5 Bn in 2021, and is expected to increase at a steady CAGR rate of 16.5% during the forecast period. As per this growth rate, this industry can be projected to reach a market size of worth US$ 45.6 Bn by 2032.
| Report Attributes | Details |
| Market Value for 2021 | US$ 8.5 Bn |
| Expected Market Size in 2022 | US$ 9.90 Bn |
| Projected Market Valued in 2032 | US$ 45.60 Bn |
| Growth Rate (2022-2032) | 16.5% CAGR |
This newly published and insightful report sheds light on Market Insights of Pet Insurance, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Pet Insurance Market.
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Key Segments Covered in the Pet Insurance Industry Survey
-
By Coverage Type
- Pet Insurance for Accident Only
- Pet Insurance for Accident & Illness
- Pet Insurance for Other Coverage Types
-
By Animal Type
- Pet Insurance for Cats
- Pet Insurance for Dogs
- Pet Insurance for Other Animal Types
-
By Sales Channel Type
- Pet Insurance via Bancassurance
- Direct Pet Insurance
- Pet Insurance via Broker
- Pet Insurance via Agency
- Pet Insurance via Other Sales Channels
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Key Takeaways from the Market Study
- Global pet insurance market revenue to reach US$ 9.9 Bn by the end of 2022
- Europe to hold a revenue share of over 44% of the pet insurance market by 2022
- Asia Pacific region is projected to grow at the fastest rate of over 18% during the forecast period, 2022-2032.
- It is estimated that the accident and illness segment will hold the largest revenue share in 2022 at 85%.
- In 2022, the dogs segment will account for more than 50% of the market’s revenue.
- Direct sales dominated the market in 2021, projected to hold 34% of market revenue by 2022.
“Growth in pet ownership, a rise in the number of companion animals, and increased awareness of pet insurance all contribute to the growth of the pet insurance market. However, strict government regulations and the increased premium costs of pet insurance threaten to undermine the players’ market share,” reports a Fact.MR analyst.
Competitive Landscape
Players implement various strategic strategies, such as launching new policies, forming partnerships and collaborations, and expanding regionally, in order to increase their market share.
- In June 2020, Veter Software, a provider of technology solutions for animals, signed an agreement with Trupanion. In this partnership, Vetter Software’s cloud-based veterinary practice management platform software was integrated with Trupanion’s software, enabling direct payments to veterinarians.
- AXIS Capital Holdings Limited entered the specialty insurance market in November 2021 by partnering with Managing General Underwriter Petplan. To gain steady growth in the market, its Accident and Health unit partnered up with Petplan.
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Key Question answered in the survey of Pet Insurance market report:
- Sales and Demand of Pet Insurance
- Growth of Pet Insurance Market
- Market Analysis of Pet Insurance
- Market Insights of Pet Insurance
- Key Drivers Impacting the Pet Insurance market
- Which are the Key drivers impacted by Pet Insurance market
- Restraints Shaping Market Growth
- Market Survey of Pet Insurance
More Valuable Insights on Pet Insurance Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Pet Insurance, Sales and Demand of Pet Insurance, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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