Pet Insurance Market: Increase in Pet Injuries and Diseases as well as Rise in the Pet Accidents to Drive the Market
Wilmington, Delaware, United States, Transparency Market Research Inc.: The corporate survey study offers a detailed account of various inter-connected factors that may instigate significant growth in the global pet insurance market over the forecast period of 2021 to 2031. It details the current scenario of the industry and predicts certain elements and components of the global pet insurance market that may influence the development trajectory of the industry during 2021 to 2031 i.e. the forecast period.
It also features comprehensive overview of existing as well as emerging trends and drivers that hold the potential to instill substantial growth in the global pet insurance market over the forecast years. The business intelligence study carefully charts the future trajectory of the global pet insurance market by utilizing extensive amount of research data acquired through meticulous survey of historic as well as base years.
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Products in the global pet insurance market are used to cover unexpected veterinary care costs, such as paying for services like accidental injuries, prescribed veterinary medicines, and surgical procedures. Vendors in the global pet insurance market offer various types of products to their consumers, such as non-life time cover pet insurance, accident only pet insurance, and life time cover pet insurance.
However, policies as well as premiums for products in the global pet insurance market differ greatly based on the region, coverage of bilateral conditions, type as well as frequency of treatment, and age of the pet. Products in the global pet insurance market are applicable for most common pets such as dogs, horses, and cats.
Global Pet Insurance Market: Major Trends and Drivers
Increase in pet injuries and diseases as well as rise in the pet accidents are some of the leading drivers for the expansion of the global pet insurance market. According to veterinary records, at least one in three pets need serious veterinary care every year. The products in the global pet insurance market are being widely preferred by pet owners around the world as one can pay almost 90 % of veterinary bills through pet insurance.
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The expensive nature of veterinary care is also compelling pet owners to opt for services and products in the global pet insurance market. Even the basic coverage plans in the global pet insurance market cover expensive treatments, diagnostic tests, and surgical procedures. This trend is bolstering the growth in the global pet insurance market.
Global Pet Insurance Market: Key Players and Manufacturers
Some of the major and leading players and manufacturers assessed in the business intelligence report on the global pet insurance market include Floracopeia Inc., Robertet Groupe, International Fragrance and Flavour Inc., Frager S. A., Haiti Essential Oil Co., S. A., UniKode S. A., Lluch Essence SI, Fleurchem Inc., and Ernesto Ventos S. A., among others. Players and service providers in the global pet insurance market are gaining lucrative growth opportunities by offering services in terms of untapped premiums.
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Global Pet Insurance Market: Regional Assessment
Key regions operational within the global pet insurance market include North America, Europe, Middle East and Africa, Latin America, and Asia Pacific. Regionally, Europe dominates the global pet insurance market owing to high rate of penetration and high adoption of pet insurance among pet owners. Other major drivers for the expansion of the global pet insurance market in Europe region include high cost associated with veterinary care, rising number of aware pet owners in the region, and improved veterinary care facilities in the region.
Furthermore, Asia Pacific is expected to expand at a leading growth rate in the global pet insurance market in coming years, owing to rising building of enhanced veterinary infrastructure, increase in the number of pet accidents, and rising spending capacity of regional population. Moreover, additional motivators for the growth of global pet insurance market in Asia Pacific region include increase in the knowledge about effective pet care and presence of supportive government initiatives.
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