The global pet insurance market size is expected to reach USD 14.9 billion by 2028, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 16.3%. Rapidly growing consumer awareness and product acceptance has benefited the market. According to Department of Clinical Veterinary Science (CVS) and Pet Food Institute (PFI), 30.0% of the pets in Sweden and almost 23.0% of the pets in the U.K. are covered by these insurance policies. However, less than 1.0% of the pets in the U.S. are insured.
Industry operators or players in pet insurance primarily compete with consumers who choose to self-fund pet medications and veterinary costs. However, with increasing availability of advanced technology and growing usage of veterinary services, costs are expected to increase. This increase in costs and with marketing efforts by players, the adoption of pet insurance has increased.
The market is growing as veterinary care is expensive and many owners cannot afford it; however, with insurance, they can claim around 90.0% of veterinary bills. Besides, rise in number of pet injuries and prevalence of diseases is also aiding growth. As per veterinary records, 2017, almost one in every three pets need urgent veterinary care every year. Furthermore, new strategies being undertaken by players are expected to aid further growth. For instance, MoreThan, a pet insurance company, in 2019, formed a partnership with PitPat, the dog activity monitor manufacturer, offering cash rewards of up to USD 112 to owners who exercised their pets regularly.
Read Full Content Copy @ https://www.grandviewresearch.com/industry-analysis/pet-insurance-market/request/rs1
Further key findings from the study suggest:
Make an Inquiry to Our Experts @ https://www.grandviewresearch.com/inquiry/6575/ibb
Grand View Research has segmented the pet insurance market on the basis of the product, animal type, sales channel and region:
Pet Insurance Product Outlook (Revenue, USD Million, 2014 – 2028)
Pet Insurance Animal Type Outlook (Revenue, USD Million, 2014 – 2028)
Pet Insurance Sales Channel Outlook (Revenue, USD Million, 2014 – 2028)
Key Topics Covered
Chapter 1 Research Methodology & Scope
1.1 Market Segmentation & Scope
1.1.1 Estimates And Forecast Timeline
1.2 Research Methodology
1.3 Information Procurement
1.3.1 Purchased Database:
1.3.2 GVR’s Internal Database
1.3.3 Secondary Sources
1.3.4 Primary Research:
1.3.5 Details Of Primary Research
1.3.5.1 Data for primary interviews in North America
1.3.5.2 Data for primary interviews in Europe
1.3.5.3 Data for primary interviews in Asia Pacific
1.3.5.4 Data for primary interviews in Middle East and Africa
1.4 Information or Data Analysis
1.4.1 Data Analysis Models
1.5 Market Formulation & Validation
1.6 Model Details
1.6.1 Commodity Flow Analysis (Model 1)
1.6.1.1 Approach 1: Commodity Flow Approach
1.7 List of Secondary Sources
1.8 List of Primary Sources
1.9 Report Objectives
Chapter 2 Executive Summary
2.1 Market Outlook
2.1.1 Pet Insurance Market Outlook, 2014-2028 (USD Million)
2.2 Segment Outlook
2.3 Competitive Outlook
2.4 Pet Insurance Market Summary, 2018
Chapter 3 Pet Insurance Market Variables, Trends, & Scope
3.1 Market Lineage Outlook
3.1.1 Parent Market Analysis
3.1.2 Ancillary Market Analysis
3.2 Penetration & Growth Prospect Mapping
3.3 Regulatory Framework
3.3.1 List Of Regulatory Bodies
3.4 Pet Insurance Market Dynamics
3.4.1 Market Driver Analysis
3.4.2 Market Restraint Analysis
3.5 Pet Insurance Market Analysis Tools: Porters
3.5.1 Supplier Power
3.5.2 Buyer Power
3.5.3 Threat Of Substitutes
3.5.4 Threat Of New Entrants
3.5.5 Competitive Rivalary
Continue…
Browse Related Reports:
Veterinary Software Market Analysis By Product (Practice Management Software, Imaging Software), By Delivery Mode, By Practice Type, By End Use, And Segment Forecasts, 2018 – 2025
https://www.grandviewresearch.com/industry-analysis/veterinary-software-market
Pet Obesity Management Market Size, Share & Trends Analysis Report By Product (Drugs, Food Supplements), By Animal Type (Dogs, Cats), By End Use (Pet Specialty Stores, E-commerce), And Segment Forecasts, 2019 – 2026
https://www.grandviewresearch.com/industry-analysis/pet-obesity-management-market
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1-415-349-0058, Toll Free: 1-888-202-9519Address:201, Spear Street, 1100 City: San FranciscoState: CaliforniaCountry: United StatesWebsite: https://www.grandviewresearch.com/industry-analysis/pet-insurance-market