Global Pet Insurance Market: Overview
A report by Transparency Market Research offers detailed analysis of the global market for pet insurance. The key insurance types in the market are non-lifetime cover pet insurance, lifetime cover pet insurance, accident-only pet insurance, etc. However, policies for pet insurance differ according to region, age of the pet, coverage of bilateral conditions, and treatment type and frequency. Pet insurances are applicable for dogs, cats, horses, etc.
The overview section of the report on pet insurance contains a thorough analysis of the growth drivers, restraints, trends, and opportunities molding the market. It makes use of popular analytical tools to evaluate the strength and weaknesses of companies. Such tools also help in uncovering opportunities and pitfalls the leading companies in the market may encounter. Based on information sourced through primary and secondary research, the report attempts to predict the course of the market.
Global Pet Insurance Market: Trends and Opportunities
Pet insurance is meant to cover the unforeseen veterinary care costs, including veterinary services such as accidental injuries, surgical procedures, and prescribed veterinary medicines. Some pet insurance plans even cover vaccinations, heartworm testing, and spaying/neutering. Basic coverage provided by pet insurance providers are diagnostic tests, treatment, and surgeries. As in the case for health insurance for us, pet insurance plans exclude any pre-existing disease or injury or disorder from its coverage. Further, routine dental cleaning, particular hereditary and congenital conditions, and preventative flea or parasite treatments are also not covered by pet insurance plans.
Nevertheless, despite so many exclusions, pet insurance market is soaring since veterinary care is typically expensive and many pet owners cannot afford it. One can claim almost 90.0% of the veterinary bill through pet insurance plans. Apart from that, rising pet diseases or injuries are also serving to boost the market. As per veterinary records, one in every three pets require urgent veterinary care every year.
Global Pet Insurance Market: Regional Outlook
From a geographical perspective, Europe at present accounts for a leading position in the global market for pet insurance because of the high rate of penetration of pet insurance, costly veterinary care, improved facilities, and aware pet owners in the region. Europe is trailed by North America in terms of market share. However, the rate of penetration of pet insurance in the U.S. in North America is much less compared to that in the U.K. in Europe.
Vis-à-vis growth rate, on the other hand, the market for pet insurance in Asia Pacific is predicted to surpass most others on the back of the swift building of veterinary infrastructure, increasing spending capacity of people, supportive initiatives by the government, rising knowledge about pet care, and rising number of pet accidents. China, India, and Japan are at the forefront of driving growth in the region. The markets in Africa and Latin America, will however, expand at the sluggish pace in the foreseeable future due to poor veterinary facilities.
Companies Mentioned in the Report
At present, the global market for pet insurance is primed for good growth as it provides real opportunities by offering services in terms of untapped premiums. Some of the key players competing in the global market for pet insurance are Floracopeia Inc., UniKode S.A., Robertet Groupe, Lluch Essence Sl, International Fragrance and Flavor Inc., Fleurchem Inc.,Frager S.A., Ernesto Ventos Sa, and Haiti Essential Oil Co., SA.
Key Segments Covered
By Product Type
- Non-lifetime Cover Pet Insurance
- Lifetime Cover Pet Insurance
- Accident-only Pet Insurance
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.