Pet Insurance Market 2020: Growth Analysis, Benefits, Coverage Types, Policies & Services by Major Key Players till 2028
Pet insurance market is still in a nascent stage in several parts of the world. Furthermore, certain regions only have a limited players.
Dallas, United States – March 31, 2021 /MarketersMedia/ —
The global market report on pet insurance assesses the demand, market size and future status of the pet insurance industry for the period ranging from 2018 to 2028. The report considers 2018 as historical year, 2019, as the base year of estimation and 2020 to 2028 as the forecast period. This market for the purpose of assessment, is segmented on the basis of policy types, end users, and regions. This report also analyzes the global pet insurance industry on parameters such as PEST factors, and other qualitative parameters such as market drivers, restraints and opportunities. The overall prevalence of market competition is performed through Porter’s five forces analysis. Furthermore, the report also provides an in-depth analysis of the competitive landscape by profiling the major market players.
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In the U.S. marketplace, consumers are focusing more on taking care of pets and providing the needful things to avoid any major illness and injury. Looping into the environment and lifestyle of consumer U.S. holds an increasing demand of pet, however, the consumer is keeping an eye on the benefits of pet insurance plans.
Rise in maximum number of companion animals, increase in awareness about pet insurance, and growth in pet ownership propels the growth of the pet insurance market share. However, high cost of pet insurance policies, government regulation, and lack of awareness among consumers limits the growth of the market. Market with an extremely low penetration rates is expected to provide several opportunities for the global pet insurance market.
Geographically, Europe is accounted as one of a leading position in the global pet insurance market due to high rate of penetration of pet insurance, improved facilities, and aware pet owners in the region. Australian pet insurance industry demands the high growth rate in the market.
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The pet insurance market is dominated by key players such as Petplan Limited, Trupanion, Inc., Nationwide Mutual Insurance Company., Hartville Group Inc., Pethealth Inc., PetFirst Healthcare LLC, Royal & Sun Alliance Insurance Company of Canada, Inc., Embrace Pet Insurance Agency, LLC, Direct Line Insurance Group plc, and Petsecure.
The pet insurance market analysis is segmented on the basis of end user, region, and policy type. On the basis of end user segment, the market is categorized by dog, cat, horse, exotic pet, and others. Based on policy type, the market is classified into Lifetime Cover, and Non-Lifetime cover. Based on the region, it is analyzed across North America, Asia-Pacific, Europe, and LAMEA.
Pet insurance is to cover the unforeseen veterinary care costs, including surgical procedures, accidental injuries, and prescribed veterinary medicines. Pet insurance industry analysis also holds the services of heartworm testing, spaying/neutering, and vaccinations. The coverage provided by pet insurance are treatment, diagnostic tests, and surgeries.
Key Segments of the Global Pet Insurance Market 2019-2025:
By End User
· Dog
· Cat
· Horse
· Exotic Pet
· Others
By Policy Type
· Lifetime Cover
· Illness Cover
· Accident Cover
· Non-Lifetime Cover
· Illness Cover
· Accident Cover
By Region
· North America
· U.S.
· Canada
· Mexico
· Europe
· UK
· Germany
· France
· Russia
· Rest of Europe
· Asia-Pacific
· China
· India
· Japan
· Australia
· Rest of Asia-Pacific
· LAMEA
· Latin America
· Middle East
· Africa
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What to expect from the upcoming report on ‘Global Pet Insurance Market’:
· Future prospects and current trends of the global pet insurance market by the end of forecast period (2018-2025)
· Information regarding technological progressions as well as innovations taking place in developing economies
· Supportive initiatives by government likely to influence the market dynamics
· Trends, drivers, opportunities, restraints, challenges and key developments in the market
· In-depth analysis of different market segmentations including regional segmentations, applications and types
· Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market
Who should buy this report?
Venture capitalists, Investors, financial institutions, Analysts, Government organizations, regulatory authorities, policymakers ,researchers, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
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