U.S. pet insurance market is estimated to witness 12% growth during the forecast period owing to increasing awareness regarding the benefits of pet insurance policies and high cost of veterinary services.
SELBYVILLE, Del., Oct. 7, 2020 /PRNewswire/ — According to the latest report “Pet Insurance Market by Policy Coverage (Accident Only, Accident & Illness), Animal (Cat, Dog), Provider (Public, Private), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2025”, by Global Market Insights, Inc., the market valuation of pet insurance will reach $10 billion by 2025.
The high cost associated with veterinary services has encouraged customers to purchase pet insurance policy. Expenditure on unexpected veterinary surgeries as well as on treating critical animal health conditions like cancer and cruciate ligament tears can cost owners between USD 10,000 to USD 20,000. Pet insurance provides multiple benefits such as coverage for all animals irrespective of their age, and full coverage for acquired disorders. Added benefits like 80-90% coverage on treatment costs could boost the demand for pet insurance policies, stimulating market growth.
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The accidents and illness policy segment in the pet insurance market is projected to garner 8.5% growth through 2025. There has been a considerable rise in the number of companies offering pet insurance policies with maximum benefits. These policy offers reimbursement for the treatment of urinary tract infections, broken bones, burns, poison ingestion, X-rays, surgeries, swallowed objects, hospitalization, and laboratory tests. Accidents and illness schemes provide coverage for many chronic illnesses, the treatment cost for which is exorbitant without insurance.
The U.S. pet insurance market is estimated to witness 12% growth during the forecast period owing to increasing awareness regarding the benefits of pet insurance policies and high cost of veterinary services. The region’s pet insurance industry is in its initial growth stage and is expected to develop rapidly compared to other countries. Major service providers in the region are coming up with innovative schemes that tackle the growing concerns among owners regarding their pet’s health.
Private insurance providers held maximum revenue pet insurance market share of about 93.8% during 2019-2025 attributed to an increasing number of private players operating in the pet medical insurance industry. Private players offer insurance policies with the minimum premium amount and maximum coverage. Major insurance providers offer novel medical plans to retain customers, thus fostering segmental growth.
On a global landscape, the competitive landscape of the pet insurance market is comprised of companies such as Embrace, Healthy Paws, Trupanion, Nationwide, Petplan, Anicom Holdings Inc., and Pethealth. These firms are enhancing their market position through various tried and tested strategies such as partnerships, collaborations and mergers and acquisitions, among others.
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Table of Contents (ToC) of the report:
Chapter 3. Pet Insurance Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2014 – 2025
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.2. Industry pitfalls & challenges
3.4. Growth potential analysis
3.4.1. By policy
3.4.2. By animal
3.4.3. By application
3.4.4. By provider
3.5. Porter’s analysis
3.6. Pricing analysis of top 10 insurers, by animals
3.6.1. Costs by popular cat breed
3.6.2. Costs by popular dog breed
3.7. Common conditions/illness
3.8. Competitive landscape, 2018
3.8.1. Company market share analysis, 2018
3.8.2. Strategy dashboard
3.9. PESTEL analysis
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Pet Insurance Market growth predicted at 8.4% through 2025: GMI
The competitive landscape of pet insurance market comprises of companies such as Embrace, Healthy Paws, Trupanion, Nationwide, Petplan, Anicom Holdings Inc., and Pethealth.
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SOURCE Global Market Insights, Inc.