Pet insurance provides financial protection and security for pets against unforeseen healthcare expenses and surgical procedures. It covers veterinary care costs associated with diseases, illnesses and injuries during emergency care or hospitalization. There is a substantial growth in pet owners across the world, especially in developed nations. The increasing humanization of pets is driving demand for better healthcare facilities and timely medical assistance for pets. Furthermore, rising pet ownership in developing countries and growing awareness regarding pet health insurance is boosting the adoption of pet insurance policies.
The global pet insurance market is estimated to be valued at US$ 9.59 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity

The expanding pet population globally presents lucrative growth opportunities for pet insurance market. Growing affection for pets and increasing expenditure on pet health is prompting more pet owners to consider insurance coverage for their pets. According to the latest estimates, there are nearly 600 million pet dogs and cats in the world today. Advancements in veterinary care have increased pet life expectancy, further driving requirements for pet insurance. Insurance providers are introducing customized insurance products for different pets to cater to their varied needs. This will aid penetration and uptake of pet insurance over the forecast period.

Porter's Analysis

Threat of new entrants: The pet insurance market requires significant capital investment and it is dominated by few well established players making the threat of new entrants moderate.

Bargaining power of buyers: Individual pet owners have moderate bargaining power as there are few choice available to choose from and switching costs are low.

Bargaining power of suppliers: Since the pet insurance market relies on veterinary services and suppliers of pet food/products, their bargaining power over insurers is moderate.

Threat of new substitutes: There is no direct substitute available for pet insurance however out of pocket expenses is an alternative with low threat from substitutes.

Competitive rivalry: The market is growing at steady pace with focus on product differentiation and customer service resulting in high competitive rivalry.

SWOT Analysis
Strength: Pet insurance offers financial protection against unexpectedly high vet bills. Premiums are affordable and coverage includes most treatments.
Weakness: Lack of awareness about pet insurance in developing countries. Deductibles and co-pays can be costly for major claims.
Opportunity: Growing pet ownership and humanization of pets present potential for insurers. Tailor made wellness plans and alternative options can boost market.
Threats: Economic slowdowns may reduce discretionary spending on pet care. Over-regulation can increase compliance burden on insurers.

Key Takeaways

The Global Pet Insurance Market Size is expected to witness high growth. The global Pet Insurance Market is estimated to be valued at US$ 9.59 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
The Asia Pacific region is witnessing fastest growth in pet insurance adoption driven by rapid increase in pet ownership in countries like India and China with growing urban population and higher disposable income Asia Pacific comprises growing middle class population, rising awareness about benefits of pet insurance, increasing spending on pet care and wellness due to humanization of pets are major factors driving the market.

Key players operating in the Pet Insurance market are Medibank Private Limited, Petplan, Oneplan Insurance, Dotsure.co.za (Hollard), Healthy Paws Pet Insurance LLC, Figo Pet Insurance LLC, Embrace Pet Insurance Agency LLC, Anicom Holdings Inc., Oriental Insurance Company Ltd., MetLife Services and Solutions LLC (PetFirst Healthcare LLC), and Crum & Forster Pet Insurance Group (Hartville Pet Insurance Group), among others.
For More Insights, Read: https://www.trendingwebwire.com/pet-insurance-market-trends-growth-and-regional-outlook-2023-2030/
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