Pet Insurance Market Market Size and Growth Rate:
The market was valued at USD 3200 million in 2019 and it is estimated to reach USD 7171.0 million by 2024, registering at a CAGR of 14.4% during the forecast period. Pet insurance will pay in total or partly for the pets treated in veterinary hospitals if a person is claimed with the policy. The advantage of these policies is that we need not invest huge amounts at the time of treatment for the pet animals.
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Pet Insurance market Growth Drivers and Restraints:
Increasing incidences of surgical procedures for pet animals is mainly propelling the demand for the market. Growing care towards pets is additionally fueling the demand of the market. The rise in the awareness of the policies and its benefits is lavishing the growth of the market.
However, the rise in the number of fraud cases is slightly limiting the demand of the market. Lack of standardization is also impacting negatively on the growth of the market.
The collaboration of insurance companies and hospitals is also extraordinarily setting up growth opportunities for the market. Increasing disposable income in urbanized areas is likely to prompt the demand of the market further.
Geographical Segmentation:
Regionally, the market is segmented into Asia Pacific, North America, Europe, the Middle East, and Africa. North America is witnessing to lead the highest shares of the market from the past few years by owing to the rise in the number of pet lovers and also growing incidents of accidental cases. The Asia Pacific and Europe are following North America in holding the highest shares of the market with the increasing support from the government and also the rise in the insurance companies across the regions. The Middle East and Africa are anticipated to have the highest growth rate in the coming years.
Key players of Pet Insurance Market:
Some of the players in the pet insurance market are Petplan UK (Allianz), Nationwide, Trupanion, Petplan NorthAmerica(Allianz), Hartville Group, Pethealth, Pet first, Embrace, Royal & Sun Alliance (RSA), Direct Line Group, Agria, Petsecure, PetSure, Anicom Holding, pet Insurance, and Japan Animal Club.
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Research Cosmos is a provider of standard and customized market research, business intelligence and consulting services across more than 100 domains in different industries of the world. We host the trending market reports of the world’s top-notch publishing companies, offering services to a wide range of customers from students to fortune 500 companies and discloses the hidden opportunities in every leading industry of the world.
Contact:
Kevin Stewart
Global Sales Manager
Research Cosmos
www.researchcosmos.com
Blog: https://acutemarketinsights.com
Blog: https://marketreportsweb.com/
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