IMARC Group, a leading market research company, has recently releases report titled, “ Pet Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 “, The study provides a detailed analysis of the industry, including the global pet insurance market size , share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advances in the market.
Report Highlights
The global pet insurance market size reached US$ 7.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.1% during 2023-2028.
Pet insurance refers to a healthcare policy that covers the expenses of veterinary clinic bills. It also helps cover the cost of unexpected medical expenses, chronic illness treatments, and severe injuries caused by accidents. It reduces the financial burden for damages or injuries to third parties and after-death compensations and facilitates pet care for various hereditary conditions, dental care, and behavioral issues. As it also incorporates additional benefits, such as discounts on pet food and access to veterinary telemedicine services, the demand for pet insurance is rising across the globe.
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The increasing number of nuclear families and rising adoption of pets represent one of the major factors positively influencing the market. In addition, the increasing awareness about the proper maintenance and health of pets, along with the increasing costs of animal healthcare and the growing advances in animal treatment procedures, are creating a favorable market. Apart from this, the rising number of non-government organizations (NGOs) rescuing animals that are victims of cruelty and abuse and providing shelter, meals, and healthcare to them is contributing to the market growth. Furthermore, key market players are introducing low fees insurance plans and also covering expenses for physical and material damages caused by pets, which is stimulating the market growth worldwide.
The report has segmented the market into the following categories:
Breakup by Policy:
Breakup by Animal:
Breakup by Provider:
Breakup by Region:
The report covers the major market players including:
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