Pet Insurance Market – Growth, Trends, and Forecast (2020 – 2025)
The Pet Insurance Market research report 2020 provides a basic overview of the industry including definitions, classifications, applications, and industry chain structure. The Pet Insurance market report provides information regarding market size, share, trends, growth, cost structure, Pet Insurance market competition landscape, market drivers, challenges and opportunity, capacity, revenue, and forecast 2025.
The report delivers a comprehensive overview of the crucial elements of the market and elements such as drivers, current trends of the past and present times, supervisory scenario & technological growth. This report also includes the overall and comprehensive study of the Pet Insurance market with all its aspects influencing the growth of the market. This report is exhaustive quantitative analyses of the Pet Insurance industry and provides data for making strategies to increase market growth and effectiveness.
The Pet Insurance market studied is anticipated to grow with a CAGR of nearly 8.1%, during the forecast period.
Scope of the report:
The report evaluates the growth rate and the Market value based on Market dynamics, growth inducing factors. The complete knowledge is based on the latest industry news, opportunities, and trends. The report contains a comprehensive Market analysis and vendor landscape in addition to a SWOT analysis of the key vendors.
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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Pet Insurance Market: Anicom Holdings Inc, Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC., Hartville Group, Healthy Paws Pet Insurance, LLC, Hollard, Oneplan, Petfirst Healthcare LLC, Petplan, The Oriental Insurance Company Ltd., and others.
Key Market Trends
Chronic Conditions Shows Lucrative Growth Opportunity in the Global Pet Insurance Market
Over the past years, there has been a significant rise in the prevalence of diabetes and obesity in pet animals. Hence, the major factor driving growth of the chronic condition segment is the increase in prevalence of diabetes in pet animals. Insulin therapy is required for the treatment of Type-1 diabetes mellitus, which is insulin-dependent diabetes mellitus. Those dogs and cats suffering from diabetes mellitus typically require two daily insulin injections, along with dietary modification. The main treatment for regulating blood glucose is giving insulin by injection.
The three common types of insulin that pets use, when they are diagnosed with diabetes are, short acting (regular crystalline insulin), intermediate acting (lente insulin), and long acting (ultralente insulin). Many such therapies are covered under the pet insurance policies, across the world.
North America Dominates the Global Pet Insurance Market
In the North American region, the United States accounted for the largest market share. The rising dog adoption and increasing per capita animal healthcare expenditure are the factors, owing to which, the United States is expected to retain its significant market share. In addition, the rise in prevalence of many diverse canine diseases have been identified as the major driving factor for the market growth. According to the Centers for Disease Control and Prevention, during the 13 years, from 2004 through 2016, seven new germs, spreading through the bite of an infected tick, were discovered in the United States alone. These germs are also able to infect people alongside dogs and cause zoonotic diseases.
Similarly, the American Animal Hospital Association (AAHA) estimated 40% to 50% of dogs to be overweight and 25% of dogs to be obese in 2017. In 2016, the Association for Pet Obesity Prevention (APOP) classified 54% of dogs as overweight or obese in the United States.
The data published by the American Pet Products Association, in 2018, stated that the total pet healthcare expenditure is estimated to be USD 72.13 billion by the end of the year, while the expenditure in 2017 was USD 69.51 billion.
Influence of the Pet Insurance market report
– Comprehensive assessment of all opportunities and risks in the Pet Insurance market.
– Pet Insurance market recent innovations and major events.
– A Detailed study of business strategies for the growth of the Pet Insurance market-leading players.
– Conclusive study about the growth plot of the Pet Insurance market for forthcoming years.
– In-depth understanding of Pet Insurance market-particular drivers, constraints, and major micro markets.
– Favorable impression inside vital technological and market latest trends striking the market report.
What are the market factors that are explained in the report?
– Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
– Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
– Analytical Tools: The Pet Insurance Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.
- Pet Insurance Market: Where are the opportunities? What does the future look like for the Pet Insurance Market? What will be the market size in the next 5 years?
- Market trends: What is driving the market? Where are the key players? What are their strategies? What is holding the market behind? Where is the industry heading for in the short and long-term? How are new developments expected to change the market?
- Technology: How are RO and new brine concentration technologies shaping the market? What are the new revenue channels which companies can explore for growth?
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