Pet Insurance Market Size to Witness Huge Growth by 2025

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Oct 26, 2020 (Market Insight Reports) —
Selbyville, Delaware Global Pet Insurance Market Report added at Market Study Report LLC offers industry size, share, growth, trends and forecast analysis up to 2025. Pet Insurance Market Report also covers top key players, porters five forces analysis and market segmentation in detail. This report examines the global Pet Insurance market and provides information regarding the revenue for the period 2019 to 2025.

The High cost of veterinary services is one of the major factors augmenting pet insurance market growth. Veterinary bills for unexpected surgeries or serious health conditions such as cruciate ligament tears and cancer may go up to USD 10,000 to 20,000. Pet insurance policy covers 80-90% of the treatment cost and also provides additional benefits such as coverage for all sorts of animals irrespective of their age, full coverage for acquired disorders and others. Hence, the high cost of veterinary services along with additional policy benefits will surge pet insurance business growth over the forecast timeline.

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Pet Insurance Market is expected to exceed USD 10.0 billion by 2025. Rising adoption of exotic animals as pets coupled with increasing number of major players introducing novel pet insurance schemes will impel the demand for pet insurance policies.

Some major findings of the pet insurance market report include:

– Increasing adoption of exotic pets is one of the chief factors propelling pet insurance business growth across the projected years

– The demand for accident and illness coverage policies is increasing globally owing to its comprehensive nature, offering reimbursement for maximum number of illnesses along with accidents

– Presence of major private players offering novel insurance plans will drive demand for pet insurance policies

– Dogs coverage policies will dominate the industry due to increasing adoption of dogs and puppies across various regions of the world

– North America will witness lucrative growth in the future owing to high demand for pet insurance policies coupled with the need to lower the overall veterinary medical cost

Increasing adoption of pets across the globe is another major factor propelling industry growth. UK and Sweden are few of the major countries with highest penetration of pet insurance coverage owing to early introduction of the same. Asian countries are at the nascent stage of development but shows tremendous growth potential due to change in trend of pet adoption. Moreover, increasing number of companies offering innovative policy schemes will further boost demand for pet insurance, thereby propelling the market growth.

However, lack of standardized pet health codes for reimbursement will restrict industry growth to a certain extent. Such issues create complications in claim processing, thus leading to consumer attrition. Also, dearth of awareness regarding several pet insurance plans especially in the developing economies will further limit business growth.

Accidents and illness policy segment is expected to witness significant growth of 8.5% across the projected years, owing to increasing number of companies offering policies with maximum benefits. Moreover, accidents and illness schemes cover several chronic ailments that are extremely expensive if treated without insurance. This policy provides reimbursement for treatments of burns, broken bones, swallowed objects, urinary tract infections, poison ingestion, laboratory tests, surgeries, X-rays, and hospitalization. Hence, the comprehensive nature of accidents and illness policies will significantly drive the segmental size in the forthcoming years.

Pet insurance market is further bifurcated on the basis of animal type. Dogs and cats are mostly insured due to its continuous growing demand and the ?others? segment includes horses, rabbits, birds and other exotic pets. The others segment is expected to hold stable revenue size of USD 739.9 million in 2025, owing to rising trend of adopting exotic animals as pets especially in countries such as U.S., Canada and Brazil.

Private insurance providers held maximum revenue shares of about 93.8% across the projected period. High growth is attributable to increasing number of private players operating in the pet medical insurance industry. Private players offer insurance policies with minimum premium amount and maximum coverage. Major insurance providers offer novel medical plans to retain customers, thus fostering segmental growth.

U.S. pet insurance market will witness substantial growth of 12.0% in the foreseeable future. High growth is attributable to expensive cost of veterinary services coupled with growing awareness among the population about several pet insurance policies. The industry in the U.S. is in its growing stage and is determined to grow at a rapid pace compared to other countries. Presence of major industry players offering innovative schemes will further propel the business growth. Also, rising concerns of pet owners pertaining to their pets? health is another major growth stimulating factor.

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