United States Pet Insurance Market
United States Pet Insurance Market Size Set to More than Double at CAGR of 10.6% to Reach Size of USD 3.85 Billion by 2028
Published | 15 September 2022
United States Pet Insurance Market is flourishing at a significant growth rate mainly due to the increasing veterinary medical costs, growing consumer awareness, and the widespread use of expensive medical procedures and medications in the country.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the size of United States Pet Insurance Market at USD 1.94 billion in 2021. Also, BlueWeave forecasts United States Pet Insurance Market to expand at a double-digit CAGR of 10.6% between 2022 and 2028 to reach a size of USD 3.85 billion by 2028. Major growth factors for United States Pet Insurance Market include an increase in pet ownership, growing need to lower financial risk, and the high cost of veterinary treatment. According to the American Society for the Prevention of Cruelty to Animals, up to 6.5 million companion animals enter animal shelters in the United States each year. Most of those are dogs, numbering over 3.3 million.
United State Pet Insurance Market - Technology Advancements
Insurance plans with the highest levels of coverage and the lowest costs are typically available from private carriers. Numerous innovative pet retention programs are made possible by top insurance. As a result, the market for pet insurance in the US will grow. During the projected period, the United States pet insurance market is forecast to rise because of the rising demand for pet insurance policies and the growing need for financial security in the event of a surge in uncertainties. Additionally, the growth of the pet insurance market is being positively impacted by the rise in the number of veterinary clinics throughout the course of the forecast period. Furthermore, it is expected that increased government activities related to pet insurance as well as the integration of technology into current service lines and product lines would present substantial prospects for expanding market growth over the course of the projection period.
Warburg Pincus Company completed the acquisition of the pet plan insurance firm in 2019. Through this acquisition, Warburg's assets and finances are now available to the pet plan. The titan of investment has invested a sizable sum in the pet plan, which is expected to aid in business expansion, the creation of new products, and enhanced customer support. In order to give policyholders access to pet professionals in real-time, the Embrace Pet Insurance Company teamed up with the paw support firm in October 2021. The veterinary specialists advise pet owners on the best ways to utilize the resources available for veterinary treatment. Paw Support provides email, video chat, and online chat services that are available around-the-clock to assist pet owners with a range of pet-related questions. Growing adoption of companion animals is expected to drive market growth. Because there is a rising concern for animal healthcare, the market for pet insurance is developing. Pets are increasingly bought for companionship and are commonly looked at as family members, with the trend changing from being a pet owner to being a pet parent.
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United States Pet Insurance Market
According to animal type, the United States Pet Insurance Market is split into three categories: dogs, cats, and other animals. Due to their popularity across the country, higher care costs and greater risk of accidents, the dogs segment accounts for the majority of the market share for pet insurance. Businesses provide dog insurance plans that can cover a variety of dog breeds. The cats segment is could grow significantly in the coming years. By policy coverage, the market is segmented into accident-only, accident and illness, and others. The accident and illness insurance segment is expected to hold the highest market share during the forecast period, mainly due to the factors that enable the insurance to cover the biggest number of illnesses and mishaps.
Impact of COVID-19 on United States Pet Insurance Market
During Covid-19 pandemic, the majority of sectors across the world including the United States witnessed significant losses. It can be ascribed to the enormous disruptions that various precautionary lockdowns and other limitations that were imposed by governments across the country caused in their respective production and supply-chain operations. The US pet insurance industry was also affected by Covid-19 pandemic and subsequent lockdowns. Additionally, consumer demand has now decreased as people have been more intent on cutting down non-essential expenses from their individual budgets, as the general economic condition of the majority of people has been adversely impacted by Covid outbreak. During the forecast period, the aforementioned factors are also anticipated to have a negative impact on the profit line of the United States pet insurance companies. However, it is projected that the United States pet insurance market would recover post Covid-19 pandemic era.
Pet insurance is not as generally known as other forms of insurance, as it is a fairly new form of insurance, with the first policy issued in 1982. With an emphasis on the US request and some of the major players, such as ASPCA Pet Insurance, FigoPet Insurance, Pet Plan Insurance, TrupanionInc., Progressive Casualty Insurance Company, Embrace Pet Insurance, EnviroServ Waste Management Ltd., Healthy Paws Pet Insurance, and PetFirst. For cats and dogs, the American Society for the Prevention of Cruelty to creatures (ASPCA) provides accident only, accident and illness, and preventative care. Major pet insurance companies in the United States provide innovative insurance plans to expand their product base and market reach.
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