Pet Insurance Market to Upsurge At 3.71% CAGR From 2017 to 2028

Radiant Insights, Inc.

SAN FRANCISCO, April 22, 2019 /PRNewswire/ -- Global pet insurance market is expected to grow at a significant CAGR of 3.71% between 2017 and 2028 as the scope and its applications are rising enormously across the globe. Pet insurance is also termed as pet health insurance, an insurance mainly designed to help cover the veterinary expenses of cats and dogs. This insurance plan covers repayment for wellness procedures like spaying/neutering, vaccinations, and heartworm testing. The pet owners purchase the policy, mainly to cover the unplanned costs that arise in providing care for a pet.

The factors that are playing a major role in the growth of the market are the growing awareness regarding pet insurance plan in the developing regions and the rising number of pet owners. However, lack of awareness among consumers may restrain overall market growth in the years to come. Pet insurance market is segmented based on type, application, and region. Accident-only, time-limited, maximum benefit, lifetime cover, and other types could be explored in the market in the forecast period. The market could be categorized based on end users like a cat, dog, exotic pet, horse, and others that could be explored in the market in the forecast period. Pet insurance market is segmented geographically into Americas (North America, South America), Europe (Eastern Europe, Western Europe), Asia Pacific (India, China, Japan, New Zealand, and Australia), Middle East (UAE, Saudi, and Qatar) and Africa (South Africa).

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Globally, North America accounts for the substantial share of pet insurance market and is estimated to lead the overall market in the years to come. The United States is the major consumer of pet insurance in this region. The reason being the growing demand from end-users is the presence of key manufacturers in the region. Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The developing countries like India and China are the major consumers of pet insurance in this region.