Premiums for pet insurance policies range widely by company - by more than $150 extra a year to insure a cat and upwards of $350 a year for a dog, we found when we examined pet insurance costs.
And as when insuring the humans in your home, it pays to shop around if you decide you want health coverage for your dog or cat. Laura Wood, Senior E.S.Pet insurance works a lot like health insurance for people. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. is the world's leading source for international market research reports and market data. For instance, in June 2022, JAB Holding Company acquired Fairfax Financial Holdings Limited including all of their worldwide operations.Ĥ.2.2 Rising Awareness Regarding Pet InsuranceĤ.3.1 Lack of Standardized Pet Health Codes for Reimbursementĥ MARKET SEGMENTATION (Market Size by Value - USD million)įor more information about this report visit In addition, the companies are engaging themselves in merger, acquisition and launch activities in order to expand their business. Thus, the rise in pet expenditure increases the demand for care products such as insurance. APPA estimates that expenditures in 2021 will reach USD 109.6 billion. Pet industry expenditures in the United States totaled USD 103 billion, up 6.7% from USD 97.1 billion in 2019. Thus, the rise in the adoption of pet animals is expected to increase the spending on the healthcare needs of these animals, which, in turn, is expected to boost the growth of the market over the forecast period.Īccording to the American Pet Products Association (APPA) 2021-2022, there is an increase in expenditure on the pet industry in the United States. There are approximately 3.9 million dogs and 3.4 million cats among them. Millennials were also discovered to be the greatest cohort of pet owners, accounting for 32%, followed by Boomers (27%) and Gen X (24%). The country's socio-economic conditions are good enough to give economic support to the market on the production and at the end-user level.Īccording to the 2021-2022 National Pet Owners Survey conducted by American Pet Products Association (APPA), pet ownership increased from 67 % to 70% of households in the United States. High pet ownership, awareness, increasing pet insurance, and technological advancements in the diagnostics field are the major driving factors in the US region. In the North American region, the United States accounted for the largest market share. North America is Expected to Dominate the Pet Insurance Market during the Forecast Period Therefore, the above-mentioned factors are expected to drive segmental growth in the market during the forecast period. Even though cancer is a disease found in ageing animals, some families or breeds of dogs, such as Rottweiler, Bernese Mountain Dog, Bouvier des Flandres, German Shepherd, Great Dane, Labrador Retriever, Bichon Frise, Boxer, and Golden Retriever, have a higher incidence or tendency for developing cancer at a young age. Cancer strikes dogs at a rate that is nearly identical to that of humans.Īccording to the Veterinary Cancer Society in June 2020, cancer is the leading cause of death in 47% of dogs, especially those over the age of 10, globally. Moreover, the prevalence of several diseases among dogs and the high prices of treatments are the major contributor to the adoption of pet insurance among dogs.
In the total pet population, dogs accounted for 34.0%, and cats accounted for 20.0% in 2019.? Therefore, with the high number and demand for dogs, there is a corresponding increase in the number of insurances for dogs. Increasing pet adoption is also a significant reason for the segment's growth. households (90.5 million homes) owned a pet, of which 69 million have a pet dog. Dogs are preferred more than any other pet animals globally.įor instance, according to the Pet Ownership Statistics in 2022, 70% of U.S. The past few years have observed a significant rise in the adoption of animals, especially dogs, as they are among the favourite companions of human beings. The Dogs Segment is Expected to Show Lucrative Growth Opportunities in the Pet Insurance Market Metlife Services and Solutions LLC (Petfirst Healthcare LLC) The pet insurance market is expected to register a CAGR of 7.1% during the forecast period.
0 kommentar(er)
