January 11, 2023 / SkyQuest Technology Consulting Pvt. Ltd. / GLOBE NEWSWIRE / Yahoo / / Read Article
The pet insurance market was worth USD 7.1 billion by 2021 and is projected to reach USD 34.3 billion by 2028, with a high CAGR of 17.2% during the forecast period (2022-2028).
One of the primary factors driving the pet insurance market’s growth is the growing customer inclination for pet adoption and humanization worldwide. Pet insurance is health insurance that reimburses you for veterinary bills and treatment costs. It offers partial or complete coverage for veterinary operations. Pet owners get insurance to cover the costs of injuries, accidents, diseases, poisoning, hospitalization, and procedures. Pet insurance also helps to provide access to quality healthcare services and veterinary specialists and to reduce overall pet healthcare costs.
According to SkyQuest’s research insights, over 19 million pets are covered under some form of insurance. By 2021-2022, 70% of US homes, or around 90.5 million families, owned pets. In the United States, 3.9 million pets got insured by 2021, a 28 percent rise from the previous year.
Cancer is emerged as the primary cause of death in 47% of dogs worldwide, especially those over the age of 10, according to the Veterinary Cancer Society. Several dog breeds, including Labrador retrievers, boxers, Bernese Mountain dogs, German shepherds, and Rottweilers, are more prone to acquiring cancer early on and require intensive medical attention and care. The great popularity of dogs as pets and the growing number of pet owners worldwide are the primary drivers for this category. In addition, the increasing knowledge among pet owners about insurance policies that cover the costs of treatment for accidental injuries and medical diseases such as urinary tract infections (UTI), burns, broken bones, and X-rays are boosting the market growth.