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Pulished Date April, 2021
ID: 7906
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North America Pet Insurance Market Research Report - By Policy Type, Policy and Country (United States, Canada and Rest of North America) - Industry Analysis, Size, Share, Growth, Trends & Forecast (2021 to 2026)

Pulished: April, 2021
ID: 7906
Pages: 145

North American Pet Insurance Market Size (2021 to 2026)

The size of the Pet Insurance market in North America was valued at USD 1.13 billion in 2021. This market is expected to grow at a CAGR of 13.3% from 2021 to 2026, to reach USD 2.12 billion by 2026.

The expenditure on pets in the United States has been on a continuous rise in recent times. This expenditure includes food, supplies, counter medicine, veterinarian care, live animal purchases, and grooming and boarding, which is majorly driving growth in the region.

Year

Expenditure in the US pet industry (USD Billion)

2009

45.5

2010

48.4

2011

51.0

2012

53.3

2013

55.7

2014

58.0

2015

60.3

2016

66.8

2017

69.4

 

The pet population in the United States has also been on a continuous rise, which has given ample scope for the pet insurance market in this region to thrive. The United States has the most significant global population of pet animals, which has aided North America in becoming the most extensive market shareholder of the worldwide pet insurance market.

Pet

Numbers in the US (millions,2017-18)

Freshwater fish

139.3

Cat

94.2

Dog

89.7

Bird

20.3

Saltwater Fish

18.8

Small Animal

14.0

Reptile

9.4

Horse

7.6

 

The significant factors that are boosting the North America pet insurance market are increasing rate in adoption of pets with every passing year, growing awareness among people about pet insurance, an increase in several health-related concerns in animals, and expensive healthcare.

The market is likely to expand during the forecast period owing to growth opportunities like availability of significant vital players in the region, insufficient coverage of pet insurance in the U.S, reformations of insurance policies, adoption of technology to process claims, which makes it a more natural way to claim insurance. The emergence of different types of insurance policies for pets based on the pets' health conditions and the collaborations between the pet insurance companies and hospitals, an increasing number of veterinary clinics are expected to boost growth opportunities for the North America pet insurance market.

The significant challenges limiting the growth of the pet insurance market are severe rules and regulations by the government, potential threat from fraud, and people from developing nations may not afford to have pet insurance due to the expensive nature of premiums.

This research report on the North America Pet Insurance Market has been segmented and sub-segmented into the following categories:

North America Pet Insurance Market – By Policy:

  • Cat Insurance
  • Dog Insurance
  • Horse Insurance
  • Rabbit Insurance
  • Exotic Pet Insurance
  • Others

North America Pet Insurance Market – By Policy Type:

  • Lifetime Cover
    • Accidental Cover
    • Illness Cover
  • Non-lifetime Cover
    • Accidental Cover
    • Illness Cover
  • Others

North America Pet Insurance Market – By Country:

  • United States
  • Canada
  • Mexico
  • Rest of North America

Regionally, the availability of a variety of pet insurance policies due to the presence of several market players and the willingness to spend on pet owners' pets are the major factors responsible for the largest share of North America in the global pet insurance market.

The North American pet insurance market is currently leading the global market due to the existence of many key players. A considerable amount spent on the pets of pet owners is responsible for the regional growth during the period.

The United States Pet Insurance Market is estimated to hold the largest share in the North American market, followed by Canada. A growing number of pet lovers is majorly propelling the demand of the market in the United States. The Canadian Pet Insurance Market is witnessed to have a robust CAGR during the forecast period.

Key market participants involved in the North American Pet Insurance Market profiled in this report are Petplan Pet Insurance, Embrace Pet Insurance Agency, Royal & Sun Alliance (RSA), Pethealth Inc., Agria Pet Insurance, Pet first Healthcare, Nationwide Pet Insurance, PetSure Pty Ltd., Petsecure Pet Health Insurance and Hartville Group.

1.Introduction                                  

                1.1 Market Definition                    

                1.2 Study Deliverables                  

                1.3 Base Currency, Base Year and Forecast Periods                          

                1.4 General Study Assumptions                

2. Research Methodology                                           

                2.1 Introduction                               

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Econometric Modelling      

                                2.2.4 Expert Validation  

                2.3 Analysis Design                         

                2.4 Study Timeline                          

3. Overview                                       

                3.1 Executive Summary                

                3.2 Key Inferences                         

                3.3 Epidemology                              

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)                                    

                4.1 Market Drivers                          

                4.2 Market Restraints                    

                4.3 Key Challenges                         

                4.4 Current Opportunities in the Market                              

5. Market Segmentation                                              

                5.1 Policy                            

                                5.1.1 Introduction           

                                5.1.2 Dog Insurace          

                                5.1.3 Cat Insurance         

                                5.1.4 Rabbit Insurance  

                                5.1.5 Horse Insurance   

                                5.1.6 Exotic Pet Insurance           

                                5.1.7 Others      

                                5.1.8  Y-o-Y Growth Analysis, By Policy   

                                5.1.9  Market Attractiveness Analysis, By Policy 

                                5.1.10 Market Share Analysis, By Policy 

                5.2 Policy Type                 

                                5.2.1 Introduction           

                                5.2.2 Lifetime Cover       

                                                5.2.2.1 Accident Cover

                                                5.2.2.2 Illness Cover

                                5.2.3 Non-lifetime Cover             

                                                5.2.3.1 Accident Cover

                                                5.2.3.2 Illness Cover

                                5.2.4 Others      

                                5.2.5 Y-o-Y Growth Analysis, By Policy Type         

                                5.2.6 Market Attractiveness Analysis, By Policy Type       

                                5.2.7 Market Share Analysis, By Policy Type        

6. Geographical Analysis                                              

                6.1 Introduction                               

                                6.1.1 Regional Trends    

                                6.1.2 Impact Analysis     

                                6.1.3 Y-o-Y Growth Analysis        

                                                6.1.3.1 By Geographical Area

                                                6.1.3.2 By Policy

                                                6.1.3.3 By Policy Type

                                6.1.4  Market Attractiveness Analysis     

                                                6.1.4.1 By Geographical Area

                                                6.1.4.2 By Policy

                                                6.1.4.3 By Policy Type

                                6.1.5  Market Share Analysis      

                                                6.1.5.1 By Geographical Area

                                                6.1.5.2 By Policy

                                                6.1.5.3 By Policy Type

                6.2 United States                            

                6.3 Canada                         

7. Strategic Analysis                                       

                7.1 PESTLE analysis                         

                                7.1.1 Political     

                                7.1.2 Economic 

                                7.1.3 Social         

                                7.1.4 Technological         

                                7.1.5 Legal          

                                7.1.6 Environmental       

                7.2 Porter’s Five analysis                              

                                7.2.1 Bargaining Power of Suppliers        

                                7.2.2 Bargaining Power of Consumers    

                                7.2.3 Threat of New Entrants     

                                7.2.4 Threat of Substitute Products and Services              

                                7.2.5 Competitive Rivalry within the Industry     

8. Market Leaders' Analysis                                        

                8.1 Petplan Pet Insurance                           

                                8.1.1 Overview 

                                8.1.2 Product Analysis   

                                8.1.3 Financial analysis  

                                8.1.4 Recent Developments       

                                8.1.5 SWOT analysis       

                                8.1.6 Analyst View          

                8.2 Embrace Pet Insurance Agency                         

                8.3 Royal & Sun Alliance (RSA)                   

                8.4 Pethealth Inc.                            

                8.5 Agria Pet Insurance                 

                8.6 Petfirst Healthcare                  

                8.7 Nationwide Pet Insurance                   

                8.8 PetSure Pty Ltd.                       

                8.9 Petsecure Pet Health Insurance                        

                8.10 Hartville Group                       

9. Competitive Landscape                                           

                9.1 Market share analysis                            

                9.2 Merger and Acquisition Analysis                       

                9.3 Agreements, collaborations and Joint Ventures                         

                9.4 New Product Launches                         

10. Market Outlook and Investment Opportunities                                         

Appendix                                           

                a) List of Tables                

                b) List of Figures                              

  • Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of Policy Type, by  Non-Lifetime Cover along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

                                                                                                                          

  1. North America Pet Insurance Market, By Policy, From 2021 to 2026 (USD Billion)
  2. North America Cat Insurance Market, By Region, From 2021 to 2026 (USD Billion)
  3. North America Dog Insurance Market, By Region, From 2021 to 2026 (USD Billion)
  4. North America Horse Insurance Market, By Region, From 2021 to 2026 (USD Billion)
  5. North America Rabbit Insurance Market, By Region, From 2021 to 2026 (USD Billion)
  6. North America Exotic Pet Insurance Market, By Region, From 2021 to 2026 (USD Billion)
  7. North America Others Market, By Region, From 2021 to 2026 (USD Billion)
  8. North America Pet Insurance Market, By Policy Type, From 2021 to 2026 (USD Billion)
  9. North America Lifetime Cover Market, By Region, From 2021 to 2026 (USD Billion)
  10. North America Non-lifetime Cover Market, By Region, From 2021 to 2026 (USD Billion)
  11. North America Others Market, By Region, From 2021 to 2026 (USD Billion)
  12. United States Pet Insurance Market, By Policy, From 2021 to 2026 (USD Billion)
  13. United States Pet Insurance Market, By Policy Type, From 2021 to 2026 (USD Billion)
  14. Canada Pet Insurance Market, By Policy, From 2021 to 2026 (USD Billion)
  15. Canada Pet Insurance Market, By Policy Type, From 2021 to 2026 (USD Billion)

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