Pet Insurance Market Size, Trends, Growth Key Factors, Demand, Share, and Forecast to 2026

[Nita Sonwane]

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, 2019-2026,” 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, 2019-2026.

For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/pet-insura...

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.

Europe to Emerge Dominant; Influx of Start-ups to Aid Growth

The report analyzes the ongoing pet insurance market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in Europe generated the highest market revenue in 2018. Europe is projected to dominate the market in the coming years driven by the increasing number of start-ups in several countries across this region. The increasing number of government initiatives to promote animal wellness and health, coupled with encouragement for pet adoption, will aid the growth of the market in this region. Besides Europe, the market in North America will exhibit considerable CAGR. As of 2018, the market in North America was worth USD 1.42 billion and this value is likely to increase further in the coming years.