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 global pet insurance industry, including the market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the pet insurance market?

What is pet insurance?

Pet insurance is a healthcare policy designed to provide coverage for veterinary clinic expenses, unexpected medical costs, chronic illness treatments, and severe injuries resulting from accidents. It alleviates the financial burden associated with damages or injuries to third parties, offers compensation for after-death expenses, and supports pet care for hereditary conditions, dental treatments, and behavioral issues. With additional benefits like discounts on pet food and access to veterinary telemedicine services, the demand for pet insurance is growing worldwide, as it provides comprehensive support and peace of mind to pet owners.

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What are the growth prospects and trends in the pet insurance industry?

The market is experiencing growth due to several factors, including the increasing number of nuclear families and the rising adoption of pets. Furthermore, the growing awareness about proper pet maintenance and healthcare, coupled with the rising costs of animal healthcare and advancements in treatment procedures, is driving market expansion. Additionally, the efforts of non-government organizations (NGOs) in rescuing abused animals and providing them with shelter, meals, and healthcare are contributing to market growth. Moreover, key players in the market are introducing affordable insurance plans that cover not only medical expenses but also physical and material damages caused by pets, further fueling market growth on a global scale.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Policy:

• Illnesses and Accidents
• Chronic Conditions
• Others

Breakup by Animal:

• Dog
• Cat
• Others

Breakup by Provider:

• Public
• Private

Breakup by Region:

• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

• Agria Pet Insurance Ltd.
• Anicom Holdings Inc.
• Direct Line Insurance Group plc
• co.za
• Embrace Pet Insurance Agency LLC
• Figo Pet Insurance LLC
• Hartville Group
• Healthy Paws Pet Insurance LLC
• Medibank Private Limited
• MetLife Services and Solutions LLC
• Nationwide Mutual Insurance Company
• Pethealth Inc.
• Petplan (Allianz Insurance plc)
• The Oriental Insurance Company Ltd.

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