Asia Pacific Pet Insurance Market (2022 to 2027) - Growth, Trends, COVID-19 Impact and Forecasts - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Asia Pacific Pet Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

The Asia Pacific Pet Insurance market studied is anticipated to grow with a CAGR of nearly 6.5%, during the forecast period. certain factors that are driving the market growth include increasing number of pet adoption and rising awareness regarding pet insurance in the region.

The past few years have observed a significant rise in the adoption of animals, including dogs and cats as companion animals, Dogs and cats are not only the most preferred pets but are also known to improve the physical and mental health of humans. As per the Chinese pet industry 2018 white paper, more than 91.49 million dogs and cats were being raised as pets in urban areas of China, which means 9% of urban population (813.47 million) in 2017 had pets. However, low adoption in emerging countries is a significant restraining factor in the region for the pet insurance market growth,

Key Market Trends

Chronic Conditions Shows Lucrative Growth Opportunity in the Asia Pacific Pet Insurance Market

Over the past years, there has been a significant rise in the prevalence of chronic diseases in pets. Hence, the major factor driving growth of the chronic condition segment is the increase in prevalence of various chronic conditions in pet animals. According to Indian Veterinary Research Institute (IVRI), canine cancer cases has more than doubled from 94 to 209 in the period between 2006-07 and 2016-17.

Along with the Increasing prevalence of the chronic diseases in the pets, the growing number of pet owners seeking pet insurance is also a major factor driving the market in Asia Pacific pet insurance market. For instance, According to a 2019 article titled "China's pet insurance market sees bright future", it was found that in between 2015 - 2018 there were only 5,000 pet insurance clients in China but currently it is risen to 1,60,000 pet insurance clients in the country.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Increasing Pet Adoption

4.2.2 Rising Awareness Regarding Pet Insurance

4.3 Market Restraints

4.3.1 Low Adoption in Emerging Countries

4.4 Porter's Five Force Analysis

5 MARKET SEGMENTATION

5.1 By Policy

5.1.1 Accidents

5.1.2 Chronic Conditions

5.1.3 Others

5.2 By Animal

5.2.1 Dog

5.2.2 Cat

5.2.3 Others

5.3 By Provider

5.3.1 Public

5.3.2 Private

5.4 Geography

5.4.1 Asia Pacific

5.4.1.1 China

5.4.1.2 Japan

5.4.1.3 India

5.4.1.4 Australia

5.4.1.5 South Korea

5.4.1.6 Rest of Asia-Pacific

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

6.1.1 The New India Assurance Company Limited

6.1.2 Oriental Insurance

6.1.3 Rakuten Inc

6.1.4 ipet Insurance

6.1.5 Anicom Insurance Inc.

6.1.6 The People's Insurance Company of China

6.1.7 Guide Dogs Pet Insurance Australia

6.1.8 Medibank Private Limited

6.1.9 Pet Insurance Australia

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/avksit