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    Home»General»Health»Pet Insurance Market Report 2022, Growth, Share, Size, Trends and Forecast 2027
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    Pet Insurance Market Report 2022, Growth, Share, Size, Trends and Forecast 2027

    scarletBy scarletJanuary 11, 2023No Comments5 Mins Read
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    Pet Insurance Market
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    According to the latest report by IMARC Group, titled, “Pet Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global pet insurance market reached a value of US$ 6.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 12.6 Billion by 2027, exhibiting a CAGR of 12.5% during 2022-2027.

    Pet insurance is a policy acquired by pet parents that provides reimbursement against veterinary bills and treatment expenditures. It commonly covers poisoning, hospitalization, surgeries, emergencies, illnesses, and injuries due to accidents. It comprises the expenditure of monthly premiums as per the species, age, breed, and medical condition of the pet. It assists in providing easy access to premium healthcare services, veterinary professionals and reducing the overall expenses of pet healthcare. Nowadays, key players are covering services for routine care, like general checkups, regular preventative care, teeth cleaning, and deworming to vaccinations.

    Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

    Get a PDF Sample for more detailed market insights: https://www.imarcgroup.com/pet-insurance-market/requestsample

    Pet Insurance Market Trends and Drivers:

    The increasing pet ownership and rising concerns among pet parents about the health of their pets are among the major factors driving the demand for pet insurance around the world. The emerging pet humanization trend wherein pet parents treat their pets as family members is also favoring the market growth. Moreover, the growing prevalence of chronic conditions among pets, such as cancer, obesity, and diabetes, and inflating costs of healthcare services are influencing the market positively. In addition, there is an increase in awareness among pet owners about the pet insurance policies that cover treatment expenses for accidental injuries, including burns, broken bones, and X-rays, which is contributing to the market growth. Apart from this, leading players are introducing multi-pet insurance policies that cover numerous pets in a single plan. These players are also offering customization in pet insurance policies to meet the requirements of the buyers. In addition, they are focusing on integrating insurance fraud detection systems to detect suspicious events made by an insurance adjuster, agent, and consumer for unauthorized gains during the selling, buying, and underwriting of insurance. Furthermore, the launch of activity monitors for monitoring exercise levels and the weight of the pets is offering lucrative growth opportunities to key players operating in the industry. Besides this, the expanding number of pet insurance applications that are incorporated with artificial intelligence (AI), the internet of things (IoT), and big data to digitize the claim process and policy management is providing a thrust to the growth of the market. There is a rise in the adoption of cloud-based services that have facilitated real-time consultations with experienced industry experts and help provide insightful recommendations to pet owners. Additionally, governing agencies of numerous countries are undertaking initiatives about pet insurance regulations. This, coupled with the growing number of veterinary diagnostic centers and the increasing need for financial security in case of contingent liabilities and uncertain situations, is creating a positive outlook for the market.

    Competitive Landscape:

    The competitive landscape of the industry has also been examined along with the profiles of the key players.

    • 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.

    Pet Insurance Market 2022-2027 Competitive Analysis and Segmentation:

    The report has segmented the market based on policy, animal and provider.

    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

    Ask Customization and Browse full report with TOC & List of Figure: https://www.imarcgroup.com/pet-insurance-market

    Note: We are updating our reports, if you want the report with the latest primary and secondary data (2023-2028) including industry trends, market size and competitive landscape, etc. click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours.

    If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

    About Us

    IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

    IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

    Contact us:

    IMARC Group
    30 N Gould St, Ste R
    Sheridan, WY (Wyoming) 82801 USA
    Website: https://www.imarcgroup.com
    Email: Sales@imarcgroup.com
    Tel No:(D) +91 120 433 0800
    Americas: – +1 631 791 1145 | Africa and Europe: – +44-702-409-7331 | Asia: +91-120-433-0800

    Pet Insurance Market
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    scarlet

    Read Also: mlb scores, pinay flix, pinoyflix, What Space Movie Came Out in 1992 , xnxx. Oliver James is a UK based professional blogger, content writer and content marketer who writes about travel and tourism, finance, real estate and other topics on his blog. Passionate about writing, travelling and getting the best deal on everything he buys, Oliver also writes for customers and helps them publicize their products, services in the US and UK market. He is a traveler who has visited over 35 countries and loves his job because it gives him the opportunity to find stories, experiences, and places which he can share with his readers. Oliver James is a professional blogger, content marketer, traveler and electronics enthusiast. He started blogging in 2016 and has become a contributing writer for several blogs, including Android Authority and Elecpros. Oliver has also published his own informational books with Kindle Direct Publishing on subjects like Flappy Bird and Google Cardboard. You May I also Like This: CAD Drafting Services >> Residential solar Systems Installation Services Cheap Holidays UK >> Professional Engineering Company >> Construction Estimation Services >> Construction Estimating Services >> Construction Estimating Company

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