Categories: Healthcare

Pet Insurance Market Key Trends And Forecast Report 2024-2033

The pet insurance global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Pet Insurance Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –

The pet insurance market size has grown rapidly in recent years. It will grow from $7.92 billion in 2023 to $9.22 billion in 2024 at a compound annual growth rate (CAGR) of 16.5%. The growth in the historic period can be attributed to increased pet ownership, rising veterinary care costs, growing awareness of pet health and wellness, humanization of pets, advances in veterinary medical treatments.

The pet insurance market size is expected to see rapid growth in the next few years. It will grow to $17.35 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to expansion of customized pet insurance plans, rising pet adoption rates, increasing prevalence of pet-related regulations, rising urbanization, increasing number of companies offering innovative pet insurance schemes. Major trends in the forecast period include technological advancements in claims processing, telemedicine and virtual vet consultations, inclusion of alternative therapies in pet insurance coverage, emergence of bundled pet insurance and wellness packages, collaborations between pet insurance providers and pet care businesses.

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Scope Of Pet Insurance Market

The Business Research Company’s reports encompass a wide range of information, including:

Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
Drivers: Examination of the key factors propelling market growth.
Trends: Identification of emerging trends and patterns shaping the market landscape.
Key Segments: Breakdown of the market into its primary segments and their respective performance.
Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
Macro Economic Factors: Assessment of broader economic elements impacting the market.

Market Drivers –

The increase in number of pet adoption is expected to continue during the forecast period driving pet insurance market. During the COVID-19 pandemic demand for adopting or fostering pets, rose worldwide, from Canada to India. Adopting pets help people by providing health benefits such as from lowering blood pressure to reducing stress, anxiety. For instance, in July 2022, according to the American Society for the Prevention of Cruelty to Animals, a US-based non-profit organization, only 3.2 million of the roughly 6.5 million animals that enter shelters each year are adopted. Further, in July 2022, according to the Humane Society, an India-based animal protection organization, every year, 31% of cats and 28% of dogs are adopted from shelters. Thus increasing number of pet adoption will boost the growth of pet insurance market.

Market Trends –

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

The pet insurance market covered in this report is segmented –

1) By Policy Coverage: Accident And Illness, Accident Only

2) By Animal Type: Dog, Cat

3) By Provider: Public, Private

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Regional Insights –

North America was the largest region in the pet insurance market in 2023. The regions covered in the pet insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Key Companies –

Major companies operating in the pet insurance market report are Trupanion Inc., DFV Deutsche Familienversicherung AG, Pet Plan Limited, Animal Friends Insurance Ltd., Figo Pet Insurance LLC, 24Petwatch Pet Insurance, Allstate Property and Casualty Insurance Company, American Society for the Prevention of Cruelty to Animals, Embrace Mobile Inc., Fetch Pet Insurance, Berkshire Hathaway Inc., Healthy Paws Pet Insurance LLC, Lemonade Inc., Nationwide Mutual Insurance Company, PetFirst Healthcare LLC, Pets Best Insurance services LLC, Prudent Pet Insurance Agency LLC, Team Pumpkin Ltd., Spot AI Inc., American Kennel Club Inc., American Modern Insurance Group Inc., Bivvy LLC, C&F Insurance Agency Inc., Hartville Group Inc., PetPartners Inc., PetPremium Inc., Amica Mutual Insurance Company, ASPCA Pet Health Insurance, Farmers Insurance Exchange, Erie Insurance Group

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