Pet Insurance Market Rising in United States | Emerging Technologies, Future Scope
The global pet insurance market size is projected to reach USD 11.25 billion by 2026. The increasing pet adoption in leading countries across the world will have a direct impact on the growth of the market. According to a report published by Fortune Business Insights, titled “Pet Insurance Market Size, Share & Industry Analysis, By Policy Coverage Type (Accident & Illness, Accident Only, Others), By Animal Type (Dog, Cat, Others), By Provider (Public, Private) and Regional Forecast, 2022-2026,” the market was worth USD 6.05 billion in 2018. Driven by flexibility in product offerings, the market will exhibit a CAGR of 8.0% during the forecast period, 2022-2026.
The pet insurance market will benefit from the increasing pet adoption
in leading countries across the world. Pet insurance refers to a policy that
covers medical as well as accidental factors that is associated with the pets.
The emphasis on the well-being and health of pets, by private as well as
government organizations will create several growth opportunities. The presence
of several private organizations offering premium insurance policies will have
a positive impact on the growth of the market in the forthcoming years. Several
companies are focused on offering novel services as well as concessions in a
bid to establishing a stronghold in the market. These factors will aid the
growth of the market in the coming years.
The report provides an in-depth analysis of the global pet insurance
market. It highlights the latest product launches and recent innovations in the
market and states their impact on the growth of the market. The competitive
landscape has been discussed in detail and predictions are made with respect to
leading companies and products in the coming years. Forecast values have been
provided for the market for the period of 2019-2026. The factual figures have
been obtained through trusted sources. Moreover, these predictions are made on
the basis of extensive research analysis methods, coupled with the opinions of
experienced market research professionals.
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Pet insurance is a policy that is normally
purchased by pet owners as it covers medical and other insurances for their
pets. These policies cover either partial or full medical expenses. The
increasing pet adoption in several countries across the world will create
several growth opportunities for the companies operating in the market.
Moreover, increasing emphasis on pet health and well-being will aid the growth
of the market in the coming years. The increasing veterinary service costs will
encourage pet owners to buy pet insurance policies. The presence of renowned
pet organizations that promote animal health and well-being will also
contribute to the growth of the market in the forthcoming years. The presence
of several companies will ultimately emerge in favor of market growth.
Increasing Number of Company Mergers and
Collaborations to Aid Market Growth
The report encompasses several factors that have contributed to the
growth of the market in recent years. It highlights a few of the leading market
drivers and analyzes their impact on the market. Among all factors, the
increasing number of company mergers and collaborations have had a positive
impact on market growth. In October 2019, Petplan, a leading pet insurance
provider, announced that it has been acquired by Warnbug Pincus. Warnbug is a
leading private equity firm that mainly focuses on growth-oriented investing.
With this acquisition, the company will look to outperform its counterparts and
in doing so, establish a strong presence in the market. The report highlights a
few of the other company mergers that have graced the market in recent years and
gauges their impact on the market.
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