Pet Insurance Market to Expand with Significant CAGR by 2025

Posted by Aman Jaiswar on May 14th, 2019

A report by Transparency Market Research offers detailed analysis of the global Pet Insurance Market. The key insurance types in the market are non-lifetime cover pet insurance, lifetime cover pet insurance, accident-only pet insurance, etc. However, policies for pet insurance differ according to region, age of the pet, coverage of bilateral conditions, and treatment type and frequency. Pet insurances are applicable for dogs, cats, horses, etc.

The overview section of the report on pet insurance contains a thorough analysis of the growth drivers, restraints, trends, and opportunities molding the market. It makes use of popular analytical tools to evaluate the strength and weaknesses of companies. Such tools also help in uncovering opportunities and pitfalls the leading companies in the market may encounter. Based on information sourced through primary and secondary research, the report attempts to predict the course of the market.

Pet insurance is meant to cover the unforeseen veterinary care costs, including veterinary services such as accidental injuries, surgical procedures, and prescribed veterinary medicines. Some pet insurance plans even cover vaccinations, heartworm testing, and spaying/neutering. Basic coverage provided by pet insurance providers are diagnostic tests, treatment, and surgeries. As in the case for health insurance for us, pet insurance plans exclude any pre-existing disease or injury or disorder from its coverage. Further, routine dental cleaning, particular hereditary and congenital conditions, and preventative flea or parasite treatments are also not covered by pet insurance plans.

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Nevertheless, despite so many exclusions, pet insurance market is soaring since veterinary care is typically expensive and many pet owners cannot afford it. One can claim almost 90.0% of the veterinary bill through pet insurance plans. Apart from that, rising pet diseases or injuries are also serving to boost the market. As per veterinary records, one in every three pets require urgent veterinary care every year.

From a geographical perspective, Europe at present accounts for a leading position in the global market for pet insurance because of the high rate of penetration of pet insurance, costly veterinary care, improved facilities, and aware pet owners in the region. Europe is trailed by North America in terms of market share. However, the rate of penetration of pet insurance in the U.S. in North America is much less compared to that in the U.K. in Europe.

Vis-à-vis growth rate, on the other hand, the market for pet insurance in Asia Pacific is predicted to surpass most others on the back of the swift building of veterinary infrastructure, increasing spending capacity of people, supportive initiatives by the government, rising knowledge about pet care, and rising number of pet accidents. China, India, and Japan are at the forefront of driving growth in the region. The markets in Africa and Latin America, will however, expand at the sluggish pace in the foreseeable future due to poor veterinary facilities..