Pet Insurance Market Size To Reach USD 11.25 Billion By 2026; Increasing Pet Adoption in Major Countries to Aid Growth

The global pet insurance market size is projected to reach USD 11.25 billion by 2026. The increasing pet adoption in leading countries across the world will have a direct impact on the growth of the market. According to a report published by Fortune Business Insights, titled “Pet Insurance Market Size, Share & Industry Analysis, By Policy Coverage Type (Accident & Illness, Accident Only, Others), By Animal Type (Dog, Cat, Others), By Provider (Public, Private) and Regional Forecast, 2019-2026,” the market was worth USD 6.05 billion in 2018. Driven by flexibility in product offerings, the market is anticipated to rise at a CAGR of 8.0% during the forecast period, 2019-2026.

Pet insurance is a policy that is normally purchased by pet owners as it covers medical and other insurances for their pets. These policies cover either partial or full medical expenses. The increasing pet adoption in several countries across the world will create several growth opportunities for the companies operating in the market. Moreover, increasing emphasis on pet health and well-being will aid the growth of the market in the coming years. The increasing veterinary service costs will encourage pet owners to buy pet insurance policies. The presence of renowned pet organizations that promote animal health and well-being will also contribute to the growth of the market in the forthcoming years. The presence of several companies will ultimately emerge in favor of market growth.

To get a detailed report summary and research scope of this market, click here: https://www.fortunebusinessinsights.com/industry-reports/pet-insurance-market-101956

Key Segments in the Pet Insurance Market

By Policy Coverage Type:  

On the basis of policy coverage, the market is segmented into accident and illness, accident only, and others. Among these, the accident and illness segment will dominate the market in the coming years. These policies offer flexible insurance coverages. They cover several accidental insurances such as injuries, hospitalization, surgeries, and medications. The presence of such policies in several countries across the world will contribute to the growth of this segment. Furthermore, these policies also cover normal incidents such as illness and minor injuries, as a result of which they are projected to witness high adoption in the coming years. Besides this segment, the accident only segment will witness considerable growth in the coming years, owing to the use of lifelong policy coverage. The accident only segment accounted for 4.6% of the overall pet insurance market share in 2018 and this value is likely to rise considerably in the coming years.

By Animal:

Based on animal type, the market is segmented into dog, cats, and others. The cat segment will witness considerable growth in the coming years. The increasing adoption of cats as indoor pets will create several growth opportunities. According to statistics provided by the American Society of Cruelty to Animals, over 85 million cats were owned in the United States. As of 2018, the dogs segment dominated the market due to the constantly rising adoption of dogs as pets in several countries across the world. The high costs of medication and other veterinary services associated with dogs will aid the growth of this segment.

By Service Providers:

On the basis of service providers, the market is segmented into private and public insurance providers. The increasing number of private insurance companies affording schemes at affordable rates will aid the growth of this segment. Private insurance companies offer wider policies and cover flexible accidents. Variations in service offerings will emerge in favor of market growth. Besides service providers, public insurance segment will witness considerable growth in the coming years driven by the increasing penetration of pet adoption across several countries.

By Region:

The report analyzes the ongoing pet insurance market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in Europe generated the highest market revenue in 2018. Europe is projected to dominate the market in the coming years driven by the increasing number of start-ups in several countries across this region. Besides Europe, the market in North America will witness considerable growth. As of 2018, the market in North America was worth USD 1.42 billion and this value is likely to increase further in the coming years.

Nationwide Pet Insurance and Anicom Holdings to Emerge as Leading Companies

The market benefits from the presence of several companies in countries across the globe. Anicom Holding holds over 60% share of Japan’s overall market. Besides these companies, a few of the other companies that are operating in the global market include:

• Trupanion


• Nationwide Mutual Insurance Company


• ASPCA


• Healthy Paws Pet Insurance, LLC.


• Embrace Pet Insurance Agency, LLC


• Figo Pet Insurance LLC.


• Agria Pet Insurance Ltd


• 24PetWatch


• Pets Best Insurance Services, LLC.

The global pet insurance market is segmented on the basis of: