Pet Insurance Market Overview
The pet insurance market is expected to register a CAGR of 7.1% during the forecast period (2021-2026). The factors that are driving the market growth include an increasing number of pet adoption, rising disposable incomes, and rising awareness regarding pet insurance. According to the People’s Dispensary for Sick Animals, in the United Kingdom (UK), the pet dog and cat population in 2013 was found to be 7.8 million and 9.5 million, respectively, which increased to 9.9 million and 10.9 million, respectively, in 2019. The pet health insurance coverage is expected to reimburse the diagnostic testing and imaging (e.g. X-rays, ultrasound, and MRI), and it covers every accident and illness under one policy. Some of the most common diagnostic tests covered by pet insurance are radiographs, ultrasounds, CT scans, and MRIs.
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Pet Insurance Market – Geographical Overview
North America dominates the global pet insurance market
In the North American region, the United States accounted for the largest market share. High pet ownership, awareness, increasing pet insurance, and technological advancements in the diagnostics field are the major driving factors in the US region. In the United States, 67% of US households, or about 85 million families, own a pet, according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA). In 2018, the data published by APPA stated that the total pet healthcare expenditure was USD 75.38 billion by 2019, while the expenditure in 2017 was USD 69.51 billion.
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Key Highlights of the Pet Insurance Market
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List of Key Players in the Pet Insurance Market
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Mordor Intelligence has segmented the global pet insurance market on the basis of policy, animal, provider, and geography:
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