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Global Pet Insurance Market Size & CAGR (2021 to 2026)
The global pet insurance market is estimated to be worth USD 3.62 billion in 2021. This market size is predicted to be growing at a CAGR of 12.92% and worth USD 6.65 billion by 2026.
Impact of COVID-19 on the global pet insurance market:
The COVID-19 outbreak caused governments worldwide to impose entire and partial lockdowns, disrupting the import, export, and distribution of products and services. Furthermore, industrialized countries in Europe, the Americas, and Asia declared a total border closure to combat the virus. Several companies are taking precautions to ensure that pets receive exceptional care during the COVID-19 epidemic. Also, to improve their policy practice, the companies are developing various solutions for pet owners. For example, in July 2020, Alipay will debut its new pet insurance service, which will use open-source noseprint identification technology. The technology may generate a unique electronic file for each pet based on its noseprint and use it to authenticate a pet’s identity before finishing a claim. As a result, the industry has thrived in recent years, and the COVID-19 had minimal impact.
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KEY DRIVING FACTORS:
Increasing pet/companion ownership is expected to drive the growth rate of the global pet insurance market during the forecast period.
Pet ownership has been associated with increased social interaction. Dogs are the most popular pets globally. The unprecedented growth of pet populations in recent years can be attributed to a decline in rural attitudes towards animals and an increasing need to compensate for the fragmentation of traditional social support networks, both of which are associated with the process of urbanization. For example, more than two-thirds of households in the United States own a pet, according to the American Pet Products Association. The scenario is also changing in developing countries.
Due to growing awareness about pet health and wellness, pet owners take adequate steps to provide good care for their pets. As with humans, the increasing lifespan of animals is directly causing an increase in age-related diseases, raising the costs of veterinary care. Technological advancements are also leading to early and rapid diagnosis of diseases in animals, and more pets are being treated for cancer, cardiovascular, and other such disorders. Hence, the increasing number of pets globally is expected to drive the growth of the global Pet Insurance market.
Growing zoonotic and food-borne diseases is likely to boost pet insurance’s market growth.
Zoonoses are infections or diseases spread directly or indirectly between animals and people, such as through contaminated food or contact with infected animals. Zoonotic diseases pose a substantial and pervasive hazard to worldwide public health. Seventy-five percent of newly emerging diseases are zoonotic. It is estimated that the global cost of these diseases was $80 billion between 1997 and 2009. Over 320,000 human cases are recorded each year in the European Union (EU). The Pet Travel Scheme introduced in the EU in 2001 allows animals to travel freely from one member country to another as long as the correct procedures are followed. This scheme is another factor for increasing the chances of pets contracting exotic diseases. While it is required for the pet to be vaccinated against rabies, several other conditions are overlooked. The transnational trade in exotic animals from birds to non-traditional companion animals (e.g., prairie dogs that carry monkeypox) is growing and creating new challenges for both human and animal health professionals and demands closer collaboration. This is, in turn, driving the growth of the global pet insurance market.
RESTRAINING FACTORS:
Price hikes are acting as a major restrain for the growth of the global pet insurance market.
Most purchasers buy insurance for their pets when they are young when the lowest monthly rates. However, four or five years later, most companies’ recommendations begin to climb – merely due to the pets’ aging. As a result, the price may become expensive sooner or later. And those age-based premium hikes do not account for future veterinary price inflation, which will very certainly boost the monthly payment even further. Unfortunately, policy owners do not often expect this and are likely to cancel the policy when this occurs. Furthermore, Insurance details vary by company and policy. Still, premiums for pet insurance typically depend on factors like the cost of veterinary care where one lives and the age and breed of the pet. When years of payments are taken into account, buying insurance could end up being more expensive for some pet owners than going without it if their animal doesn’t require much care.
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KEY MARKET INSIGHTS:
- Based on policy, the dog insurance segment dominated with a revenue share of around 48.45% of the overall market in 2020. The increasing popularity of dog ownership is related to the growth of this sector; a substantial percentage of the dog insurance segment is not only for bonding purposes but also as a status symbol. In addition, the expanding relevance of animal health and the high cost of veterinary treatment drive market expansion.
- The lifetime cover segment is predicted to grow at the highest CAGR during the forecasted period based on the policy type. This is because high veterinarian treatment and diagnostic expenses increased the companion animal population and increased awareness of pet insurance.
- Asia Pacific is expected to increase at the fastest rate, registering a CAGR of around 13.74% from 2021 to 2026. This can be attributed to increased acceptance of Pet Insurance in customized medicine and investment from various potential players, which are driving market expansion in this region.
- The global pet insurance market is dominated by a few major competitors, including Trupanion, Inc., Direct Line Insurance Group plc, Hartville Group Inc., Pethealth Inc., PetFirst Healthcare LLC, Royal & Sun Alliance Insurance Company of Canada, Inc., Petplan Limited, Embrace Pet Insurance Agency, LLC, and Petsecure.
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RECENT MARKET DEVELOPMENTS:
- In February 2021, Walmart, an American multinational retailer, will partner on Nationwide Pet Rx Express. As a result of the strategic relationship, clients of Nationwide will be able to fill their pet prescription drugs at Walmart’s 4,700 pharmacies.
- In October 2021, Embrace announced a collaboration with PawSupport for the Pet Help Line, which will provide online mail, chat, and video chat services. Policyholders will benefit from new services as a result of this relocation. In addition, this will help the company grow its activities.
SEGMENTS COVERED IN THIS REPORT:
By Policy:
- Cat Insurance
- Dog Insurance
- Horse Insurance
- Rabbit Insurance
- Exotic Pet Insurance
- Others
By Policy Type:
- Lifetime Cover
- Accidental Cover
- Illness Cover
- Non-lifetime Cover
- Accidental Cover
- Illness Cover
- Others
By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- Petplan Pet Insurance
- Embrace Pet Insurance Agency
- Royal & Sun Alliance (RSA)
- Pethealth Inc.
- Agria Pet Insurance
- Petfirst Healthcare
- Nationwide Pet Insurance
- PetSure Pty Ltd.
- Petsecure Pet Health Insurance
- Hartville Group
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