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Pet Insurance Market to get significant proceeds by 2025

Author : Ronak Bora | Published Date : 2020-11-20 

Pet Insurance Market research report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The industry report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.

The pet insurance market is predicted to witness exponential growth on account of increasing adoption of exotic animals as pets. People prefer to purchase pet insurance as they are comprehensive in nature and provide complete reimbursement in case of pet illness or accidents.

Rising demand for such policies has compelled various service providers to launch novel pet insurance schemes that cover most of the exotic animals and illness related to them. Easy accessibility of comprehensive pet insurance schemes could massively boost product adoption. On this note, GMI, estimates that the pet insurance market may cross USD 10 billion by the year 2025.  

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

Cats and dogs are among the most frequently insured animals owing to their high adoption. Dogs, in particular, are highly adopted across several regions of the world. Nevertheless, with the rising trend of adoption of exotic animal species, increasing interest has been witnessed towards insuring other animals across the globe. Pet insurance industry share from other animals is likely to accrue around $739.9 million by 2025.Countries such as Brazil, Canada, and the U.S. have exhibited noteworthy interest in the adoption of exotic pet animals.

Accident and illness coverage policies are gaining traction among pet owners as they offer reimbursement for numerous illness besides accidents. Accident and illness policies cover various chronic ailments, which can cost a lot if treated without insurance. Several pet insurance market companies are offering policies with various benefits for customers. They cover treatment for a comprehensive range of ailments including broken bones, swallowed objects, burns, urinary tract infections, surgeries, laboratory tests, hospitalization, and X-rays. The accidents and illness policy segment is likely to expand at CAGR of around 8.5% over 2019-2025.

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.

Private insurance providers are likely to account for 93.8% revenue share over 2019-2025. Private insurance providers offer policies with low premium amount and maximum coverage. They provide the latest medical plans to hold customers, which will significantly foster pet insurance industry growth by 2025.

All the pet insurance market participants have been focusing on partnerships, collaborations, mergers & acquisitions to sustain in the competitive landscape. Some of the key companies partaking in pet insurance industry are Embrace, Trupanion, Nationwide, Petplan, Pethealth, Anicom Holdings Inc., and Healthy Paws among others.   

Browse full table of contents (TOC) of this report @ https://www.decresearch.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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