Growing rate of pet adoption along with rising awareness of the benefits of — pet insurance is expected to offer commendable strides to pet insurance service providers. Multiple new schemes are being offered by private providers to retain consumers. Rising per capita animal health expenditure along with rising concerns of clients towards getting insurance for their pets is expected to augment business expansion. According to a report published by Global Market Insights, the pet insurance market size is expected to exceed USD 11.6 billion by 2027 is expected to reach a growth rate of 7.7% during the analysis timeframe.
Stated below are certain trends thriving market share:
1) Rising demand for dog insurance
Rising awareness among dog owners regarding the advantages of insurance services could boosting the growth of the market. For instance, the research conducted by American Pet Products Association (APPA) on the National Pet Owners Survey, stated that nearly 70 million families own a dog as a pet. It was also revealed in the survey that the total expenditure on pets was around USD 69.4 billion in 2017.
Likewise, according to the ASPCA (American Society for the Prevention of Cruelty to Animals), nearly 6.5 million companion animals enter animal shelters in the U.S. every year, among those, around 3.3 million are dogs. Hence, mounting adoption of dogs in emerging countries could enhance pet insurance development.
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2) Surging demand across APAC
Increasing awareness and concerns regarding the health of pets will foster the growth of the pet insurance industry in the region. Along with this, growing pet adoption in the region is expected to propel the market expansion in the coming years. As per a report, the pet insurance market in the Asia Pacific region is expected to grow at a steady pace of 8.1% during the forecast timeframe.
Rising per capita animal health expenditure and the rising number of pet insurance clients in developing countries like India and China could have an influence on the Asia Pacific pet insurance. It was found that in 2015, there were only 5,000 pet insurance clients in China, but in 2019 the number rose to 1,60,000 pet insurance clients in the country. Rising number of pet owners opting for insurance add up to market growth.
3) Emerging players operating in the market
The companies operating in the pet insurance market include Pethealth, Crum & Forster, Health for Pet, Pet first, Nationwide, Trupanion, Embrace Pet Insurance Agency, and Petplan among others. Industry players are focusing on strategic initiatives like novel product launches and business expansion for strengthening their market presence.
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