FactMR is a market research and consulting firm that provides insights and analysis on various industries, including the pet insurance market. According to FactMR’s report on the global pet insurance market, the market is expected to witness significant growth in the coming years. One of the key drivers of the pet insurance market is the increasing adoption of pets, especially in developed countries. As more people own pets, there is a greater demand for pet insurance to cover the cost of veterinary care. In addition, the rising costs of pet healthcare and the increasing prevalence of pet illnesses are also contributing to the growth of the market.
Another trend in the pet insurance market is the increasing availability of customized and affordable policies. Pet owners can now choose policies that fit their needs and budgets, which has led to greater adoption of pet insurance.
The report also highlights the growing popularity of online sales channels for pet insurance. Many pet insurance providers are now offering their products through online channels, which has made it easier for pet owners to compare policies and purchase insurance.
Based on the type of pet, the report identifies cats and dogs as the most commonly insured pets. In terms of regional analysis, North America and Europe are the largest markets for pet insurance, with Asia Pacific expected to witness significant growth in the coming years.
Overall, the pet insurance market is expected to continue to grow as more pet owners become aware of the benefits of having pet insurance and as insurance providers offer more customized and affordable policies
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Key Segments Covered in the Pet Insurance Industry Survey
- By Coverage Type
- Accident Only
- Accident & Illness
- Other Coverage Types
- By Animal Type
- Cats
- Dogs
- Other Animal Types
- By Sales Channel Type
- Bancassurance
- Direct
- Broker
- Agency
- Other Sales Channels
- By Region
- North America
- Latin America
- Europe
- APAC
- MEA
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.
COVID-19 Impact on Pet Insurance Market
The COVID-19 pandemic presented a number of difficulties for pet owners, veterinarians, veterinary hospitals, and animal health firms, as frequent visits to physical insurance providers were prohibited by the enforcement of lockdowns. Despite this, the sector reacted to the epidemic quickly by putting in place supportive measures to guarantee availability to veterinary treatment and other services. The pandemic also made pet owners realize how crucial it is to have a pet insurance policy in order to lower financial risk.
Petplan, a market leader in the U.K., performed a survey that revealed an increase in pet ownership in 2020. The dog and cat were the two most common pets. Just approximately 26% of pet owners in the U.K. bought pets during the COVID-19 epidemic, and about 47% of respondents reported buying a pet for the first time. Having to work from home, wanting company, and spending more time at home due to lockdown and movement restrictions were the main reasons for getting a pet. The demand for pet insurance is anticipated to nearly double between 2022 and 2032.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the Pet insurance market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of coverage type (accident & illness, accident only and others), animal type (dogs, cats and others) and sales channel (agency, broker, direct, bancassurance and others) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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