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Pet Insurance Market 2020 By Revenue, Top Trend & Regional Growth Forecast

Author : Ronak Bora | Published Date : 2020-09-09 

Pet Insurance Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

Increasing pet ownership and demand for better care of pets will impel pet insurance market size in the ensuing years. The growth of pet insurance industry is stemmed from the cognizance among pet owners about pet insurance policies and efforts made by market players to satisfy customers’ pet needs. Many countries, such as Sweden and the U.K. have been witnessing huge pet adoption and introduction of various insurance coverage policies.

According to a comprehensive research report compiled by GMI, pet insurance industry share is likely to surpass $10 billion by 2025.

Request for a sample copy of this report @ https://www.gminsights.com/request-sample/detail/4284

Over the years, a significant number of insurance companies have begun to offer maximum benefits on pet insurance policies that cover both animal illness as well as accidents. Estimates suggest that the accidents and illness policies segment is projected to observe substantial growth of 8.5% throughout the predicted timeframe.

Accidents and illness schemes take care of multiple chronic ailments that could account for huge bills if treated without insurance. Generally, these policies offer reimbursement for treatments of broken bones, burns, urinary tract infections, accidentally swallowed objects, laboratory tests, poison ingestion, X-rays, hospitalization, and surgeries.

North America is anticipated to emerge as a lucrative business sphere for pet insurance industry due to the need for reducing veterinary medical expenses and high demand for pet insurance policies. Pet insurance market forecast report estimates that the U.S. pet insurance market will expand at a CAGR of 12% over 2019-2025. The growth can be accredited to the high costs of veterinary services and intensifying awareness regarding pet insurance policies. The U.S. pet insurance industry size is expanding at a considerable pace and will grow rapidly as compared to other countries. The U.S. houses several key market participants providing advanced schemes, which provides unprecedented opportunities for market expansion.

Companies operating in the pet insurance market are constantly focusing on implementing strategies like partnerships, strategic collaborations, mergers & acquisitions to gain a competitive edge over rivals. Citing an instance, in May 2020, State Farm joined forces with Trupanion to launch new pet insurance that offers animal owners the option to buy medical coverage for their pets.

Browse full table of contents (TOC) of this report @ https://www.gminsights.com/toc/detail/pet-insurance-market

Partial Chapter of the Table of Content 

Chapter 4.  Pet Insurance Market, By Policy

4.1. Pet insurance market share by policy, 2018 & 2025

4.2. Accident only

4.2.1.  Market size, 2014 – 2025 (USD Million)

4.3. Accident & illness

4.3.1.  Market size, 2014 – 2025 (USD Million)

4.4. Others

4.4.1.  Market size, 2014 – 2025 (USD Million)

Chapter 5.  Pet Insurance Market, By Animal

5.1. Pet insurance market share by animal, 2018 & 2025

5.2. Cat

5.2.1.  Market size, 2014 – 2025 (USD Million)

5.3. Dog

5.3.1.  Market size, 2014 – 2025 (USD Million)

5.4. Others

5.4.1.  Market size, 2014 – 2025 (USD Million)

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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