[November 15, 2022]

$8.3 Billion Worldwide Pet Insurance Industry to 2027 - Featuring Hartville, Healthy Paws Pet Insurance, Medibank and MetLife Among Others - ResearchAndMarkets.com

The "Global Pet Insurance Market (2022-2027) by Products, Animal Type, End-Users, and Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.

The Global Pet Insurance Market is estimated to be USD 5.58 Bn in 2022 and is expected to reach USD 8.31 Bn by 2027, growing at a CAGR of 8.29%

Market dynamics are forces that impact the prices and behaviors of the stakeholders. These forces create pricing signals which result from the changes in the supply and demand curves for a given product or service. Forces of Market Dynamics may be related to macro-economic and micro-economic factors. There are dynamic market forces other than price, demand, and supply. Human emotions can also drive decisions, influence the market, and create price signals.

As the market dynamics impact the supply and demand curves, decision-makers aim to determine the best way to use various financial tools to stem various strategies for speeding growth and reducing risks.

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

The report presents a detailed Ansoff matrix analysis for the Global Pet Insurance Market. Ansoff Matrix, also known as the Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetratio, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.

The analyst analyses the Global Pet Insurance Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.

Based on the SWOT analysis conducted on the industry and industry players, the analyst has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Pet Insurance Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter's 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.
• The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report also contains a competitive analysis using Positioning Quadrants, the analyst's competitive positioning tool.

Market Dynamics

Drivers

• Growing Healthcare Expenditure for Pets and Increasing Adoption of Pet Insurance by Owners
• Increasing Pet Veterinary Costs
• Rising Companies Offering Innovative Pet Insurance Coverage

Restraints

• Dearth of Reimbursement Policies

Opportunities

• Continued Initiatives to Increase Consumer Awareness Attributed to Several Policies
• Growing Number of Mergers and Acquisition for Pet Insurance Companies

Challenges

• Lack of Awareness Associated to Pet Insurance

Market Segmentation

The Global Pet Insurance Market is segmented based on Products, Animal Type, End-Users, and Geography.

• By Products, the market is classified into Accident and Illness and Accident Only.
• By Animal Type, the market is classified into Cats and Dogs.
• By End-Users, the market is classified into Agency, Bancassurance, Broker, and Direct Writing.
• By Geography, the market is classified into Americas, Europe, Middle-East & Africa, and Asia-Pacific.

Companies Mentioned

• Allianz Insurance, PLC
• Anicom Holdings, Inc.
• Bajaj Allianz General Insurance
• Direct Line Insurance Group, PLC
• Embrace Pet Insurance Agency, LLC
• Figo Pet Insurance, LLC
• Future Generali India Insurance Co., Ltd.
• Hartville Group
• Healthy Paws Pet Insurance, LLC
• Lansforsakringar
• Medibank Pvt., Ltd.
• MetLife, Inc.
• Nationwide Building Society
• PetSure (Australia) Pty Ltd.
• Policybazaar (PB Fintech Ltd.)
• Royal Bank of Scotland, PLC
• RSA Insurance Group, Ltd.
• The Oriental Insurance, Co., Ltd.
• Trupanion
• Warburg Pincus,LLC

For more information about this report visit https://www.researchandmarkets.com/r/q4wemt

View source version on businesswire.com: https://www.businesswire.com/news/home/20221115006396/en/

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