Pet Insurance Market Predicted to Hit $28,377.8 Million and Grow at a Healthy CAGR of 15.3% in the 2021–2028 Timeframe

The pet insurance market is anticipated to register a revenue of $28,377.8 million by 2028, growing at a CAGR of 15.3% during the forecast period 2021–2028.

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Dynamics of the Market

Drivers: Increase in the adoption of pets in the leading countries is the main factor predicted to drive the growth of the global pet insurance market by 2028. In addition, the growing popularity of the pet humanization concept among people these days and benefits of pet adoption in people’s physical and mental wellbeing is further estimated to boost the market growth during the analysis timeframe.

Opportunities: Attractive benefits of pet adoption as well as pet insurance policies are the main factors projected to offer abundant growth opportunities for the global pet insurance market by 2028. In addition, growing government initiatives to standardize pet health codes to promote efficient payment procedures is also anticipated to boost the market enhancement during the forecast period.

Restraints: Lack of awareness among people about pet insurance policies is the primary factor estimated to hamper the global pet insurance market.

Impact of COVID-19 on the Market

The outbreak of the Covid-19 pandemic has had a negative impact on the global pet insurance market due to closure of several diagnostic and veterinary centers because of government-led lockdowns and mobility restrictions. However, the pandemic later significantly affected the market’s economy and growth and people’s mental well-being. Moreover, various pet-related businesses are presently offering exceptional care for pets during the pandemic. Also, the rising health complications in animals these days have made insurance firms innovate and adjust policy coverage plans.

Segments of the Market

The report has fragmented the market into different segments based on animal type, coverage type, sales channel, and region.

By animal type, the dogs sub-segment is expected to have the fastest market growth and register a revenue of $13,796.7 million by 2028. Better dog insurance coverage plans are offered by various companies for a wide range of dog breeds. Also, the rising occurrences of disorders in dogs is greatly boosting the sub-segment’s growth. In addition, the high cost of veterinary expenditures is expected to drive the growth of pet insurance market and further bolster the sub-segment’s growth during the forecast years.

By coverage type, the accidents sub-segment is anticipated to hold a dominating market share and gather a revenue of $11,293.1 million during the forecast period. Accident insurances offer flexible coverage plans for injuries, hospitalization costs, surgeries, and drugs. Moreover, these insurances provide maximum compensations and cover a wide array of claims. These factors are estimated to propel the growth of the sub-segment by 2028.

By sales channel, the indirect sub-segment is expected to be the fastest growing sub-segment and garner a revenue of $10,923.1 million by 2028. Rising investments by agents and brokers in digital technology are helping to better serve the customers online while improving sales; this is projected to accelerate the sub-segment’s growth during the analysis years. Moreover, web portals and several mobile platforms are also aiming to enhance corporate workflow efficiency while reducing costs. This factor is also expected to propel the sub-segment’s growth by 2028.

By region, the pet insurance market in the North America region is predicted to produce the highest revenue of $9,296.6 million by 2028 due to growing awareness about unique pet insurance policies among people as well as the existence of major market participants in the region.

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Significant Market Players

Some significant players of the pet insurance market include Anicom Holdings, Pets Best Insurance Services, LLC, Figo Pet Insurance LLC., Embrace Pet Insurance Agency, LLC, Pet Assure Corp., PetFirst, Ipet Insurance, Hartville Group, Trupanion, Nationwide Mutual Insurance Company, and many more. These players are constantly working on building strategies for product development, mergers and acquisitions, partnerships, and collaborations to assist market enhancement.

For instance, in January 2022, Lemonade, one of the America’s top-level insurance companies, announced its decision to redesign their original app to cover car, life, and pet insurance, to allow their existing clients to toggle between various insurances easily.

The report also sums up several crucial facets of the pet insurance market including financial performance of the players, SWOT analysis, product portfolio, and newest strategic developments.

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