United States Pet Insurance Market Segmentation Analysis Report 2021-2026 | United States Pet Insurance Industry Analysis on Size, Share, Growth, Trends, Demand, Competitive Analysis, and Forecast Report 2021-2026

Published: September 2020  |  Report ID:1030  | Pages: 150

United States Pet Insurance Market Outlook and Industry Trends 2019-2026:

United States Pet Insurance Market value is projected to upturn at highest growth rates during the forecast period 2019-2026. The United States pet health insurance market remains to grow at a rapid speed, and it is projected to show healthy expansions through 2026. This market report gives a detailed analysis of the united stated pet insurance market in terms of value, volume. The United States Pet Insurance Market is sustained by different growth drivers, for instance, the younger generation showing more interest on pets and increasing love for dogs and cats, etc. However, the pet insurance market faces few challenges, like chances of risk for a pet insurances companies, difficulties to market entry, and some other challenges. And there are new few industry trends which are also provided newly, those are expansion of distribution networks options, association with competing for payment options.

In addition, the pet insurance market also measures the significant prospects in the industry and shape the aspects that are and will be drive the growth of the pet insurance market. In view of the previous market growth summaries, and market growth drivers, the overall growth of the US pet insurance market has also been forecasted for the year of 2019-2026.

In the United States pets are becoming their family members of many people’s homes. To protect and safeguard their pets, a lot of peoples in the US taking or purchasing pet insurance policies, and this is similar to human life insurance policies. In Pet insurance policy, the policy company delivers many health policies for pets of different breeds and they will provide reimbursement to the pet owners for certain medical expenses. Simply this is a service, from pet insurance, to serve the pet owners will save the money on veterinary cost when pets get an illness, sick or injured or pets suffering from any other health problems. Most of the pet health plans are paid on a monthly basis.

The companies are offering so many types of pet insurance policies where people can able to choose the better, relevant, and appropriate policy that meets their requirements. These policies are in deductible, premium, copay, preexisting conditions, waiting period, and maximum payouts.

In the maximum payout type method, there are other five subtypes, they namely;

  1. Maximum payout per incident
  2. Maximum annual payout
  3. Maximum lifetime payout
  4. Maximum payout per body system,
  5. Maximum payout

Market Growth:

The Growing veterinary expenses and customer cognizance of market products are expected to advantage the Pet Insurance Market over the six years. According to the Data Research Reports, our secondary research analysis, there are the chances of increase in insured pets, driven by predictable evolution in the total number of cats and dogs in the US country. On the other hand, a forecast failure in the homeownership rate could pose a potential threat to this industry, given that homeowners expend nearly three times the amount on pets that renters spend, according to the Bureau of Labor Statistics. However, because of an enormously low market saturation rate compared with the rates observed in other advanced economies, the industry is expected to experience rapid growth, as consumer awareness is increase. 

As an example, pet insurance businesses use social media and their web sites to develop purchaser cognizance in their services by using sharing statistics on pet fitness, dog and cat breeds, and the way pet coverage works. As marketplace penetration stays low, those efforts are essential to endured increase inside the range of regulations in pressure.

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United States Pet Insurance Market Trends Analysis:

According to the company experts, yearly the pet insurance market will grow more than 14%, consumer’s awareness will be key role to increase the market growth, and also growing market and competition these two trends plays a role in the growth of the market.

For Example, to increase number of consumers, company offers, sharing the information on pet health, dog and cat breeds, and to give knowledge that how pet insurance works, their advantage, and to give awareness about the pet insurance to the consumer, the companies are using social mediaplatforms, and the companies use their website. 

According to our secondary research sources, the Data Research Reports found there are five further trends that are important to assisting the Unites States Pet Insurance Market touch its full potential by 2026 and further than.

  1. Boosting End user/distributional channels
  2. Fluctuating consumer perceptions
  3. Coverage transparency growth
  4. Competing payment options by Partnering
  5. Growth efficiency

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As per previous data different types of pets and their numbers in the United  States (million):

 

Market Segmentation of the US Pet Insurance Industry:

By Animal:

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

By Provider:

  • Private
  • Public

By Policy Type:

  • Lifetime Cover
    1. Accidental Cover
    2. Illness Cover
  • Non-lifetime Cover
    1. Accidental Cover
    2. Illness Cover
  • Others

Global Pet Insurance Market Competitive Analysis:

The enterprise is marked via the presence of numerous small and big companies, and the marketplace is competitive. a number of the important major players are Petplan restrained; Trupanion, Inc.; nationwide Mutual coverage enterprise; Hartville institution, Inc.; Pethealth, Inc.; PetFirst Healthcare LLC; Royal & solar Alliance coverage agency of Canada, Inc.; and include Pet insurance Organization, LLC.

Companies have involved in numerous strategies, consisting of the release of recent regulations, mergers & acquisitions, and nearby expansion, to capture a larger share of the market. For example, 

In April 2019, Royal and solar Alliance sponsored coverage technology business enterprise Moreth>n launched health tracker for dogs in partnership with Pitpat, a good way to lessen premiums and help keep the best fitness of puppies. 

In July 2017, VitusVet partnered with national to offer a mobile app-primarily based declare submission function for pet owners. This advanced the claims process for puppy proprietors, that’s predicted to boom pet insurance adoption in the coming years.

In the US pet insurance market report includes, companies that holding the largest market share are;

  1. Trupanion
  2. Nationwide Pet Insurance
  3. Petplan Pet Insurance
  4. ASPCA Pet Health Insurance

US Pet Insurance Market Share by Companies:image

Major Key Players are involved in this market report are:

  1. Petplan Pet Insurance
  2. Embrace Pet Insurance Agency
  3. Royal & Sun Alliance (RSA)
  4. Pethealth Inc.
  5. Agria Pet Insurance
  6. Petfirst Healthcare
  7. Nationwide Pet Insurance
  8. PetSure Pty Ltd
  9. Petsecure Pet Health Insurance
  10. Hartville Group

1. Preface

                1.1 Market Definition and Scope

                1.2 Base Currency, Base Year and Forecast Periods

                1.3 Key Research Objectives

                1.4 Research Highlights

2. General Study Assumptions

3. Research Methodology

                3.1 Introduction

                3.2 Secondary Research

                3.3 Primary Research

                3.4 Analysis Design

                3.5 Study Timeline

4. Market Dynamics

                4.1 Drivers

                4.2 Restraints

                4.3 Opportunities

                4.4 Market Trends

5. Supply Chain Analysis

6. Company Strategy Analysis

                6.1 Merger and Acquisition Analysis

                6.2 Agreements, Collaborations and Joint Ventures

                6.3 Regional Presence

                6.4 New Product Launches

7. Market Outlook

                7.1 Technological Advancement

                7.2 Pricing Analysis

                7.3 Epidemiology

                7.4 Product Landscape Analysis (Brand Tracking Analysis & Pipeline Analysis)

8. Market Segmentation

                8.1 Overview

                8.2 United States Pet Insurance Market, By Animal Type forecast year 2021-2026

                                8.2.1 Dog

                                8.2.2 Cat

                                8.2.3 Rabbit

                                8.2.4 Horse

                                8.2.5 Other Exotic Pets

                                8.2.6 Market Size Estimations & Forecasts (2021-2026)

                                8.2.7 Y-o-Y Growth Analysis

                                8.2.8 Market Investment Opportunities Analysis

                8.3 United States Pet Insurance Market, By Provider forecast year 2021-2026

                                8.3.1 Private

                                8.3.2 Public

                                8.3.6 Market Size Estimations & Forecasts (2021-2026)

                                8.3.7 Y-o-Y Growth Analysis

                                8.3.8 Market Investment Opportunities Analysis

                8.4 United States Pet Insurance Market, By Policy Type, forecast year 2021-2026

                                8.4.1 Lifetime coverage policy

                                8.4.2 No lifetime coverage policy

                                8.4.3 Market Size Estimations & Forecasts (2021-2026)

                                8.4.4 Y-o-Y Growth Analysis

                                8.4.5 Market Investment Opportunities Analysis

9. Global Market Regional and Country Analysis, Forecast 2021-2026

                9.1 Overview

                9.2 Regional Trends

                9.3 Impact Analysis

                9.4 Key Findings

                9.5 United States Pet Insurance Market,  by Region, 2021-2026

                                9.5.1 By Animal Type

                                9.5.2 By Provider

                                9.5.3 By Policy Type

10. Competitive Landscape Analysis

                10.1 Market Player

                                10.1.1 Company Revenue

                                10.1.2 Business unit

                                10.1.3 Product Mapping

                                10.1.4 Geographical Locations

                10.2 Company Share Analysis

11. Strategic Analysis

                11.1 PESTLE analysis

                11.2 Porter’s Five analysis

                                11.2.1 Bargaining Power of Suppliers

                                11.2.2 Bargaining Power of Consumers

                                11.2.3 Threat of New Entrants

                                11.2.4 Threat of Substitute Products and Services

                                11.2.5 Competitive Rivalry within the Industry

12. Company Profiles

                12.1 Petplan

                                12.1.1 Overview

                                12.1.2 Product Portfolio

                                12.1.3 Financial Details

                                12.1.4 SWOT Analysis

                                12.1.5 Market Strategies

                12.2 Embrace Pet Insurance Agency

                12.3 Royal & Sun Alliance (RSA)

                12.4 Pethealth Inc

                12.5 Agria Pet Insurance

                12.6 Petfirst Healthcare

                12.7 Nationwide Pet Insurance

                12.8 PetSure Pty Ltd

                12.9 Petsecure Pet Health Insurance

                12.10 Hartville Group

13. Market Guidance

14. Appendix