Global Pet Insurance Market - 2021-2028
|出版日期||內容資訊||英文 180 Pages
|全球寵物保險市場:2021∼2028年 Global Pet Insurance Market - 2021-2028|
|出版日期: 2021年08月12日||內容資訊: 英文 180 Pages||
Pet Insurance Market Overview
The global pet insurance market size was valued US$ XX billion in 2019 and is estimated to reach US$ XX billion by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).
Pet insurance, a type of specialty property and casualty insurance policy bought by a pet owner, helps lessen the overall costs of expensive veterinary bills. Such coverage is more or less similar to health insurance policies for humans. Pet insurance usually covers the often-expensive veterinary procedures, either entirely or partly.
Pet Insurance Market Dynamics
The pet insurance market growth is driven by the increasing awareness about pet insurance, rise in the number of companion animals, increasing number of pet adoption and companies offering innovative pet insurance coverage driving the growth of the market.
Increasing number of pet adoption is expected to drive the growth in the forecast period
The number of pet animals adopted widely for companionship has increased significantly in the past few years. People largely adopt pets for companionship, and there has been a shift in trend from pet owners to pet parents, which indicates that pets are considered a part of the family these days. According to the European Pet Food Industry statistics, around 85 million pet-owning homes in Europe in 2019. This number involves various pet insurance policy coverage, thereby augmenting the market value. As per the People's Dispensary for Sick Animals, in the United Kingdom (UK), the pet dog and cat population in 2013 was 7.8 million and 9.5 million, respectively, which increased to 9.9 million 10.9 million, respectively, in 2019.
In addition, as per the report "Pets in Australia: A national survey of pets and people" in 2019, pets' expenditure has increased tremendously due to increasing pet adoption. This report estimates that people spent over AUD 13 billion per year to keep pets fed, healthy, and well-accessorized, with the food and veterinary services accounting for half of all ongoing expenditures. Growing social acceptance of pets has stimulated pet adoption. Pet acceptance is also perceived to assist in low blood pressure, depression and loneliness, thus creating a growth opportunity for the market during the forecast timeframe.
Growing adoption of pet health insurance among pet owners is expected to drive the growth in the forecast period
Adopting pet health insurance is exploding in popularity because of a strong economy, improved consumer awareness, high disposable income, and easier claims processing worldwide. The pet health insurance coverage is expected to reimburse the diagnostic testing and imaging (e.g., X-rays, ultrasound, and MRI), it covers every accident and illness under one policy and the most common diagnostic tests covered by pet insurance include radiographs, ultrasounds, CT scans, and MRIs.
Moreover, as per the North American Pet Health Insurance Association (NAPHIA), in 2019, the adoption rates of pet health insurance in the United States were observed to be about around 2.3% among dogs compared to 1.7% in 2017 and about 0.4% in cats compared to 0.3% in the year 2017. This number indicates the increasing adoption of pet health insurance among pet owners, which is expected to impact the market positively.
Lack of standardized pet health codes or reimbursement may hamper the overall market demand
Standard diagnosis coding system has evolved to maintain human medical records in developed nations such as the U.S. and Canada. This will simplify the overall process of claiming reimbursement and availing the insurance benefits offered by federal governments of respected countries. But there is a lack of standardized pet health codes. Most of the veterinary records are free text and do not have a standard diagnosis coding. This one is the major barrier in using veterinary records for claiming pet insurance, thus hampering the industry growth. Although, due to the lack of standardized pet health codes, many companies and government associations are working with the veterinary professionals to create a framework for standard pet health codes. This will ensure simplicity in the claiming process and help the insurance companies improve the pre-authorization procedure, thereby enhancing the market expansion.
COVID-19 Impact Analysis
The pandemic of 2020, COVID-19, has badly impacted the instrument industry; there was no manufacturing, shipping of the existing orders, and half manufactured products, which resulted in huge capital loss and labor force due to strict regulations lockdowns all over the world. According to+ the American Veterinary Medical Association 2020, there was a survey conducted for practice owners. It was concluded that a rising number of veterinary practices are using telemedicine services, and precautionary lockdown measures are being carried out with only critical cases being attended to. But, COVID-19 has a slightly negative impact on the pet insurance market as the diagnosis and treatment procedures are witnessing decreasing rates.
Pet Insurance Market Segment Analysis
The accident & illness policy segment is expected to hold largest share in this market segment
The pet insurance market's accident & illness policy segment accounted for the largest share, led by the comprehensive nature of these insurance policies. Also, most of the illnesses and accidents are both covered in these insurance policies. The customers tend to prefer accident & illness policy coverage for their pets. Therefore, the accident & illness policy is the most favorable policy for young animals, driving the market revenue. Moreover, high veterinary treatment and diagnostic costs and increased awareness regarding accident & illness insurance will further foster the market value of pet insurance.
The dogs segment is expected to hold largest share in this market segment
The past few years have observed a significant rise in the adoption of animals, especially dogs, as they are among the favorite companions of human beings. According to "The Federation Cynologique Internationale," the approximate total number of dogs (PURE-BRED OR NOT) registered in 2019 is found to be 9,950,000 as compared to 9,000,000 in 2017.Therefore, with the high number and demand for dogs, there is a corresponding increase in the number of insurances for dogs.
Furthermore, the prevalence of several diseases among dogs coupled with high prices of treatments is the major contributor to adopting pet insurance among dogs. Dogs get cancer almost at the same rate as humans, while cats get affected by cancer in fewer numbers. For instance, according to the Veterinary Cancer Society, cancer is the leading cause of death in 47% of dogs, especially those over the age of 10, globally. Even though in most cases, cancer is a disease found in aging animals, however, some families or breeds of dogs, such as Rottweiler, Bernese Mountain Dog, and Bouvier des Flandres, German Shepherd, Great Dane, Labrador Retriever, Bichon Frise, Boxer, and Golden Retriever have a higher incidence or tendency for developing cancer at a young age.
A report published by the Association of British Insurers in 2019 reported that 4.8 million pets in the United Kingdom are insured, of which 2.8 million are dogs. This data indicates a huge adoption of pet insurance among dogs due to the huge burden of diseases among dogs. All these factors mentioned above are expected to propel market growth.
The private provider segment is expected to hold largest share in this market segment
The private provider segment accounted for the largest share. Usage of various strategies such as digital marketing and competitive pricing of the monthly premiums are the major factors leading to the market growth. Also, the development of innovative insurance schemes coupled with various efforts to increase customer awareness and satisfaction will further boost the segment expansion in the future. Thus, private providers offer maximum coverage with minimum premiums that will further impel the industry revenue.
Pet Insurance Market Geographical Analysis
North America region holds the largest market share of global pet insurance market
In the North American region, the United States accounted for the largest market share. High pet ownership, awareness, increasing pet insurance, and technological advancements in the diagnostics field are the major driving factors in the US region. The country's socio-economic conditions are good enough to give economic support to the market on the production and at the end-user level. In the United States, 67% of US households, or about 85 million families, own a pet, according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA). According to the American Pet Products Association's 2017-2018 National Pet Owners Survey, the total number of dogs owned was 89.7 million, and cats were 94.2 million in the United States. In 2018, the data published by APPA stated that the total pet healthcare expenditure was USD 75.38 billion by 2019, while the expenditure in 2017 was USD 69.51 billion.
Moreover, in October 2019, Embrace entered into a partnership with PawSupport for a 24/7 Pet Help Line for assistance through online chat, email, and video chat. This strategy is expected to provide new services to policyholders. This strategy enabled the company to expand its operations, thereby strengthening its market presence. Hence, all these market development strategies in this region are expected to propel market growth.
Pet Insurance Market Competitive Landscape
The global pet insurance market is moderately competitive with presence of global companies. Some of the key players which are contributing to the growth of the market include Anicom Holdings Inc, Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC, Hartville Group, Healthy Paws Pet Insurance, LLC, Hollard, Oneplan, Petfirst Healthcare LLC, Petplan, The Oriental Insurance Company Ltd. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the market globally. For instance, In September 2019, Anicom launched its new pet insurance scheme called Animal Kenshoku ni, in Japan. This insurance scheme is aimed to provide cover to pets that are more than 8 years old. This new product launch strategy helped company to expand its existing customer base and strengthen its hold in the Japanese market.
Pet Insurance Market Key Companies to Watch
Embrace Pet Insurance Agency, LLC
Overview: Founded in 2003, Embrace has grown in leaps and bounds. Embrace was only just a pet insurance concept when it won the 2003 Wharton Business Plan Competition - a concept that has blossomed into the amazing company that we all know and love. September 2019 - Embrace partnered with PawSupport to give policyholders 24/7 access to a pet help line for guidance on pet-related issues including behavioral, dietary, and wellness concerns.
Key developments: In October 2019, Embrace announced a partnership with PawSupport for a 24/7 Pet Help Line for assistance through online chat, email, and a video chat. This move will provide new services to policyholders. This strategy enabled company to expand their operations, thereby strengthening their market presence.
The global pet insurance market report would provide an access to an approx. 61 market data table, 51 figures and 200 pages.
Global Pet Insurance Market - By Policy
Global Pet Insurance Market - By Animal
Global Pet Insurance Market - By Provider
Global Pet Insurance Market - By Region
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