Market Research Report
Pet Insurance Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||925383|
|Published||Content info||120 Pages
Delivery time: 2-3 business days
|Pet Insurance Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: February 1, 2020||Content info: 120 Pages||
The Pet Insurance market studied is anticipated to grow with a CAGR of nearly 8.1%, during the forecast period. certain factors that are driving the market growth include increasing number of pet adoption and rising awareness regarding pet insurance. According to ASPCA (American Society for the Prevention of Cruelty to Animals), every year, around 6.5 million companion animals enter animal shelters in the United States.
Out of those animals, approximately 3.3 million are dogs. Furthermore, it is estimated that 3.2 million shelter animals are adopted as pets, each year. Among which, 1.6 million are dogs. According to the 2017-2018 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 68% of the US households, or about 85 million families, own a pet. The survey also revealed that the total expenditure on pets was approximately USD 69,400 million, in 2017.
Approximately, 90 million dogs are owned in the United States, as per the aforementioned report. APPA also reported that 34% of dogs are purchased from breeders, while 23% of dogs and 31% of cats are obtained from an animal shelter or Humane Society. As per the Humane Society of the United States, even the country's most underserved communities that lack affordable, accessible pet care, have a huge number of pets, which has been approximated to be around 23 million. Thus, the rise in adoption of pet animals is expected boost the growth of the market over the forecast period.
Chronic Conditions Shows Lucrative Growth Opportunity in the Global Pet Insurance Market
Over the past years, there has been a significant rise in the prevalence of diabetes and obesity in pet animals. Hence, the major factor driving growth of the chronic condition segment is the increase in prevalence of diabetes in pet animals. Insulin therapy is required for the treatment of Type-1 diabetes mellitus, which is insulin-dependent diabetes mellitus. Those dogs and cats suffering from diabetes mellitus typically require two daily insulin injections, along with dietary modification. The main treatment for regulating blood glucose is giving insulin by injection.
The three common types of insulin that pets use, when they are diagnosed with diabetes are, short acting (regular crystalline insulin), intermediate acting (lente insulin), and long acting (ultralente insulin). Many such therapies are covered under the pet insurance policies, across the world.
North America Dominates the Global Pet Insurance Market
In the North American region, the United States accounted for the largest market share. The rising dog adoption and increasing per capita animal healthcare expenditure are the factors, owing to which, the United States is expected to retain its significant market share. In addition, the rise in prevalence of many diverse canine diseases have been identified as the major driving factor for the market growth. According to the Centers for Disease Control and Prevention, during the 13 years, from 2004 through 2016, seven new germs, spreading through the bite of an infected tick, were discovered in the United States alone. These germs are also able to infect people alongside dogs and cause zoonotic diseases.
Similarly, the American Animal Hospital Association (AAHA) estimated 40% to 50% of dogs to be overweight and 25% of dogs to be obese in 2017. In 2016, the Association for Pet Obesity Prevention (APOP) classified 54% of dogs as overweight or obese in the United States.
The data published by the American Pet Products Association, in 2018, stated that the total pet healthcare expenditure is estimated to be USD 72.13 billion by the end of the year, while the expenditure in 2017 was USD 69.51 billion.
The global pet insurance market is competitive and consists of a number of major players. Companies like Anicom Holdings Inc, Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC, Hartville Group, Healthy Paws Pet Insurance, LLC, Hollard, Oneplan, Petfirst Healthcare LLC, Petplan, The Oriental Insurance Company Ltd, among others, hold the substantial market share in the market.