DUBLIN--(BUSINESS WIRE)--The "Pet Insurance Market by Policy Coverage, by Animal Type, by Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
According to the survey in 2019 North American Pet Health Insurance Association (NAPHIA), the average cost for pet insurance in the U.S. in 2019 was $585.40 per year for dogs and $349.93 for cats.
The total value of the U.S. pet insurance market was $1.56 billion. In addition, this will directly create an opportunity for the players to grab the untouched customers and offers different products to increase their sales and customer satisfaction. Furthermore, it also helps reduce the financial risk of unexpected veterinary costs by covering injuries caused by accident and illness such as cancer, hip dysplasia, glaucoma, parvovirus and others, medication and surgery.
Increased demand for pet insurance policies and rise in need for financial safety in case of surge in uncertainties boost the growth of the global pet insurance market. In addition, surge in number of veterinary centers positively impacts the growth of the market. However, lack of awareness regarding pet insurance policy and high premium cost hampers the market growth. On the contrary implementation of technologies in existing products and service lines, and government initiatives regarding pet insurance policies are expected to offer remunerative opportunities for expansion of the market during the forecast period.
The pet insurance market is segmented on the basis of policy coverage, animal type, sales channel and region. By policy coverage, the market is divided into accident only, accident & illness, and other. By animal type, it is bifurcated into dogs, cats, and others. By sales channel, the market is divided into agency, broker and other. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the pet insurance market analysis are Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC., Hartville Group, Nationwide, Pet Assure Corp., PetFirst, Ipet Insurance, Pets Best Insurance Services, LLC, Royal & Sun Alliance (RSA), and Trupanion. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits
- The study provides an in-depth analysis of the global pet insurance market forecast along with the current & future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, & opportunities and their impact analysis on global pet insurance market trends is provided in the report.
- Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2020 to 2030 is provided to determine the market potential.
Market Dynamics
Drivers
- Increased demand for pet insurance policies
- Rise in need for financial safety in case of increasing uncertainties
- Surge in number of veterinary centers
Restraints
- Lack of awareness regarding pet insurance policy
- High premium cost
Opportunities
- Implementation of technologies in existing products and service lines
- Government initiatives regarding pet insurance policies
Companies Mentioned
- Embrace Pet Insurance Agency LLC
- Figo Pet Insurance LLC.
- Hartville Group
- Nationwide
- Pet Assure Corp.
- PetFirst
- Ipet Insurance
- Pets Best Insurance Services LLC
- Royal & Sun Alliance (RSA)
- Trupanion
For more information about this report visit https://www.researchandmarkets.com/r/uw2uer
