The Middle East and Africa Pet Insurance market size is predicted to value USD 350.26 million in 2023. It is expected to grow at a CAGR of 9.9% to reach USD 561.54 million by 2028.
The growing adoption of pets across the region after the Pandemic is majorly contributing to the regional market growth. The high adoption rate of pets demands pet insurance, which covers veterinarian care, surgical procedures, injuries, and death. Some pet insurances cover congenital, hereditary, and chronic illnesses such as cancer, which benefits the pet owners. All these factors majorly account for the region's significant market revenue in pet insurance. The growing costs of the procedures in the healthcare industry can be supported by pet insurance for the tests like MRI, CAT Scanning, and ultrasound imaging used in diagnosing chronic illness. The increasing demand by pet owners for comprehensive coverage of medical bills is enhancing the adoption of pet insurance as it covers various tests and treatment methods. The increasing awareness among pet owners and the movement towards preventive care for pets is estimated to fuel regional market growth. The rising adoption of advancements in the therapeutical care of pets and heightened focus on pet well-being by pet owners is enhancing medical options like pet insurance, which drives the regional market.
The growing trend of adoption of pets and humanization is expected to create lucrative market growth in the upcoming years. The rising technological advancements the insurance providers are adopting to streamline the process and enhance the customer experience by offering customizable coverage options will boost the market share during the forecast period. The increasing partnerships between the insurance and veterinary service providers and the incorporation of wellness programs in insurance offerings are projected to reflect on the adoption of insurance policies during the forecast period.
The need for more standardizations for pet health on which reimbursement policies depend is hindering the growth of pet insurance in the Middle East and Africa. The need for more awareness among the population regarding insurance and refund policies is expected to impede the regional market. The low availability of pet insurance providers in the region compared to other developed countries is hampering the adoption rate of insurance in the region.
The regulatory authorities challenge the pet insurance market in the region, which is complex and time-consuming. Compared to other developed countries, there is a slothful increase in the Middle East and Africa region, which is challenging to compete with the developed countries.
Impact of Covid-19 on the Middle East and Africa Pet Insurance Market:
The Pandemic had a mixed impact on the Middle East, and Africa Pet Insurance Market was mostly negative. Due to COVID-19, the regional countries are under crisis economically, where most of the expenditure is limited, and pet insurance is also included. The adoption rate of pets increased post-pandemic, and it is expected to increase during the forecast period. However, during the Pandemic, most pets abounded due to the spread of COVID-19 through the animals, which impacted the regional market growth.
The MEA Pet Insurance Market has been categorized based on Policy, Policy Type & Region.
MEA Pet Insurance Market – By Policy
MEA Pet Insurance Market – By Policy Type
MEA Pet Insurance Market – By Region
The South African region held the largest share of the regional market due to the increasing trend of pet adoption and humanization across the country, boosting the market. Most private players supply insurance policies with maximum coverage and minimum premium offers, which fuels the market growth in the region. Various leading players are permitting various schemes of insurance to gain a consumer base and allowing them to customize, which is majorly contributing to regional market growth.
Saudi Arabia and UAE are expected to have steady growth during the forecast period as these countries need more major players and have low awareness regarding insurance policies. These countries are contributing steadily to the market growth due to the presence of millennials who are anticipated to spend more on pets.
Key Market Players:
In the developed pet insurance markets of the world, pet insurance companies are increasingly offering pet owners the ability to customizing the coverage provided by allowing them for choosing their levels of deductibles or co-insurances. It has resulted in the pet owner getting access to more control over the monthly premium and selecting the level of coverage that is best suited for their needs. However, the pet insurance market in the Middle East and Africa remains majorly untapped due to low penetration of pet insurance providers in the region.
Overall, the pet insurance market in the Middle East and Africa shows potential for growth if the market is tapped in a constructive manner that provides services to pet owners, and increases awareness about pet insurance in the region. The key players operating in the Middle East and Africa pet insurance market include
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